By Steve Rhodes
“A little less than two years ago, Gregory D. Wasson, the chief executive of Walgreen, sought a series of tax breaks from Illinois, where his company is based,” the New York Times reports.
“We are proud of our Illinois heritage,” he said at the time. “Just as our stores and pharmacies are health and daily living anchors for the communities we serve, we as a company are now recommitted to serving as an economic anchor for northeastern Illinois.”
“The state gave Walgreen $46 million in corporate income tax credits over 10 years in exchange for a pledge to create 500 jobs and invest in upgrading its offices. The state also provided $625,000 in training money and $875,000 in other tax incentives.
“Mr. Wasson’s actions, however, could soon run counter to his words. The same chief executive who said he was so ‘proud of our Illinois heritage’ is now considering moving the company’s headquarters to Switzerland as part of a merger with Alliance Boots, a European drugstore chain.
“Why? To lower Walgreens tax bill even further.”
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Posted on July 1, 2014