Thursday, July 17, 2014

Dick Durbin sends Walgreens and Other Corporations Seeking Lower Corporate Taxes Outside U.S. A Message: You Will Not Sell to Federal Government

Crain's Chicago Business reports on Dick Durbin: economic nationalist:
A key U.S. Senate committee today moved to send a message to Walgreen Co., AbbVie Inc. and other companies that are considering moving their headquarters abroad to cut their tax liability.

The message: Think twice, or you may lose your right to sell to the federal government.

The message came in a $600 billion military and intelligence spending bill that was approved today by the Senate Appropriations Committee. At the request of Sen. Dick Durbin, an Illinoisan who is the body's second-ranking Democrat, a clause was added that bans defense contracts to companies that move their headquarters abroad but still keep the bulk of their executive staff and their customer base in the U.S., or most of whose stockholders are Americans.

"I want to get the message out to the sharpie investment bankers who think they can avoid paying taxes that they have another thing coming," Mr. Durbin told me.
No word yet on whether Walgreen's is thinking about "hiring" Dick's wife ,Loretta Durbin, in a "sharpie" move to curry favor with Chuck Schumer's roommate.