If you haven’t heard of the term “inversion,” let me try to simplify it for you. It’s a trick some companies use to claim that their profits are mostly made overseas so they can avoid paying taxes here in the United States. Granted, it’s slightly more complicated than that, but that’s generally what the process boils down to.
It’s something Walgreens considered doing, but ultimately they decided against it. Good for them, right?
Well, not if you’re Fox Business host Charles Payne, who called Walgreens decision to not cheat the tax code “shameful.”
“I think he [President Obama] scored a huge victory today,” Payne said, “when the CEO of Walgreens, they made an acquisition of a company, they had an opportunity to do inversion. Instead they said no, we won’t.”
“So essentially, the CEO of Walgreens destroyed capitalism, shareholder rights,” Payne continued. “He not only blinked, he gave the president so much ammunition. It was one of the most shameful moves I’ve seen a CEO do in a long time.”
Yes, that’s a Fox Business host calling a company that decided not to use tax loopholes to avoid paying taxes “shameful.” I’m sure Charles Payne considers himself a true “patriot” as well.
But we all know why this was so shameful – because Walgreens reversed course and did what President Obama supports. That is, they didn’t use loopholes in our tax code to avoid paying taxes.
Amazing, isn’t it?
It’s just baffling. This man is essentially saying that cheating the United States government out of millions of dollars in tax revenue is just “good business.”
I guess had they chose to play the system, and avoid paying millions in taxes, that would make them more patriotic? Is that the “logic” Payne is using?
So true “capitalism” means allowing companies to exploit our tax system to avoid paying taxes. That’s the “greatness” of capitalism, legalized tax evasion? Because that’s pretty much the message I’m getting from Payne.
But like I said before, this really has nothing to do with Walgreens or capitalism. It’s all about President Obama opposing inversion, and Walgreens ultimately being on the side of the president.
Watch Payne’s comments below via Fox News: