CRANSTON, RI – U.S. Senator Jack Reed (D-RI) today released this statement following a decision by Walgreens to remain headquartered in the United States.  A company announcement Wednesday morning confirmed it will purchase the remaining stake of Swiss-based Alliance Boots GmbH, but that it will continue to be based in the Chicago area, easing concerns that the company was considering a move to an overseas domicile to avoid U.S. corporate taxes.

“I applaud the decision by Walgreens, a company based in the United States for more than 110 years, to remain headquartered here at home.  The average American is right to be deeply upset when U.S. businesses go shopping for new citizenship at tax season.  As we work to close loopholes and restore fairness in the tax code, I hope other American companies take notice of this example and take similar proactive steps to do right by their customers, their employees, and their country just like everyone else should.”

On Tuesday, Reed was joined by Senators Dick Durbin (D-IL) and Elizabeth Warren (D-MA) in urging President Obama to use his executive authority to reduce or eliminate tax breaks for companies that shift their headquarters overseas to avoid paying U.S. taxes.  As Congress considers legislative solutions to the problem, the lawmakers emphasized the need for immediate action, considering the growing trend in corporate tax avoidance known as “inversions.”

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