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Sunday, July 6, 2014

Unpatriotic US Corporations Becoming Hot Political Issue That Unites Right and Left

Senator Carl Levin's (D-Mich.) recent statement: "Average taxpayers are fed up with profitable U.S. corporations using tax haven gimmicks to dodge their tax obligation, while still benefiting from this country's laws, infrastructure and workforce."
"CEO Greg Wasson of the giant Walgreen drugstore chain may be thinking of other things than patriotism this 4th of July. He confirmed last month that, to save on taxes, he and his Board of Directors may be renouncing the company's U.S. citizenship and moving its incorporation to Switzerland or some nearby tax haven. Were Mr. Wasson to quit America, where the company rose to great profits and where it receives one quarter of its annual $72 billion in sales from Medicaid and Medicare reimbursements, he would be grossly underestimating the reaction of many Americans. [...]

(Senator Levin) could easily have added more grist for the "fed-up" mill. These include U.S. companies shipping jobs and whole industries, encouraged by our tax laws, to fascist and communist regimes abroad that know how to keep their workers in their serfdom. Or very profitable drug companies, lathered with U.S. tax credits and U.S. taxpayer-funded research and development of new drugs, still going to China and India to make 80 percent of the ingredients in medicines that Americans buy so as to make even more profits and avoid tougher safety regulations here. "