"I hate to say I told you so, but . . .A few months ago I warned that if Congress didn’t lower corporate taxes, U.S. businesses would start moving their headquarters abroad.
Lo and behold, two major U.S. businesses now are looking to pack their bags for Europe.
Pfizer is trying to acquire AstraZeneca, a U.K.-based pharmaceutical company.
If it does, the newly merged company will be based in the U.K.
Walgreens, the pharmacy and convenience-store chain, bought a similar company in Switzerland, and now its shareholders are putting intense pressure on it to move its headquarters there.
These well-known U.S. businesses are looking to pull up stakes because the U.S. taxes their foreign earnings at the highest rate in the industrialized world.
Indeed, we are the only country that taxes the foreign earnings of our businesses."
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