Letter: U.S. companies should pay share
The news story "Census: Wealth gap widened" [Business, Aug. 25] provides the best response to the letter writer who supported Walgreen Co.'s attempt to move to a foreign country for tax advantages, a move it later aborted ["Walgreen met with official intimidation," Aug. 25].
According to this census report, the median household net worth of the richest one-fifth of our population -- possibly the majority of the stockholders for whom the writer seems to believe companies have a fiduciary duty to maximize profits -- rose to $630,754 between 2000 and 2011. The net worth of the bottom 20 percent was a negative $6,029 -- and increase in indebtedness from negative $905 in 2000.
So much for the benefits to employees that the letter writer claims.
Companies that operate in the United States benefit from much that is supported by all of us -- for example, roads, the Internet, water supply, power grids. Companies have a responsibility to support these resources by paying their fair share instead of retreating to foreign tax havens.
Murray Wilkow, Old Bethpage