Illinois-based Walgreen’s will keep its corporate headquarters in the U.S…. abandoning plans to declare itself a foreign company to lower its corporate tax bill.
The drug store chain could have made the move as it acquires a major Swiss pharmaceutical company… but it had come under intense political heat for considering the strategy, known as “inversion.”
U.S. Senator Dick Durbin says he’s glad that Walgreen’s is staying… but still wants President Obama to take steps to make it harder for American companies to use inversion to avoid taxes.
Durbin’s GOP opponent Jim Oberweis says it’s troubling that Durbin is using his power to, quote, “attack Illinois job creators.”