CRANSTON, R.I. — Sen. Jack Reed, D-R.I., on Wednesday applauded the decision by Walgreens, a company based in the United States for more than 110 years, to remain headquartered in the Chicago area.
"The average American is right to be deeply upset when U.S. businesses go shopping for new citizenship at tax season," he said. "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 Sens. Dick Durbin, D-Ill., and Elizabeth Warren, D-Mass., in urging the president 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.”