CHICAGO (AP) — U.S. Sen. Dick Durbin says he is pleased by Walgreen Co.’s apparent decision to keep its headquarters in Illinois. But the Democrat said Tuesday pressure should be put on other businesses considering a move overseas to lower their tax burdens.
Media reports have the nation’s largest drugstore chain deciding against reincorporating in the United Kingdom.
Walgreen owns a 45 percent stake in Alliance Boots, the U.K’s largest drugstore chain. Walgreen has said it will soon announce whether it will acquire the company’s remaining outstanding shares.
Walgreen executives have considered using an organizational technique called an inversion to take advantage of the U.K’s lower corporate tax rate.
Durbin calls it wrong for U.S. companies to reap the benefits of being created in the U.S. and then move their corporate offices overseas.
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