Political Quotes

On the recordJuly 23, 2014
more than a century ago, a small drugstore opened for business in Barrett's Hotel in Chicago, IL. The pharmacist, not yet 30 years old, and a veteran of the Spanish-American War, borrowed $6,000 to open this drugstore. His name was Charles Walgreen. This was his first store but certainly not his last. As his chain grew, the pharmacies became a fixture in American culture--you know, the vintage image of a soda fountain, milk shakes, a drugstore counter. They would mix their own drugs to give pain medication and other products to people who came in that drugstore. This is how Walgreen's started. Now, 113 years later, the Walgreen family no longer heads the company. But there are over 8,200 Walgreen's drugstores around the country. They still bear the Walgreen name. That company Charles Walgreen started is reportedly strongly considering a renunciation of its American citizenship and a move to Switzerland. Why? To avoid paying their fair share of taxes. Reestablished as a foreign corporation, Walgreen's would pay a smaller share of taxes. This practice is called ``inversion.'' It is a tax trick, a loophole. Of course, Walgreen's will not actually move to Switzerland. Instead, they plan to acquire a European company and officially make Switzerland home to their new headquarters, but in reality they will stay in Chicago right where they are now. That is because Walgreen's does not want to actually leave America. Why would they? Why would they want to leave America?…
Said by
Harry Reid
Democratic · Nevada
Source
govinfo.gov
Jul 23, 2014

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