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Yup. But if they remain a US corporation the IRS will continue to tax ALL OF THEIR WORLD WIDE INCOME.|If they become a Swiss corporation, or a Bahamas corporation, or a Chinese corporation, or a Zimbabwe corporation the IRS will only tax them on USA income.
Do the math!

You do the math! The IRS wants Walgreens to pay the difference between the US tax and lets say the Luxemburg tax. If Luxemburg is only taxing Walgrerens operations at 4% then the IRS wants the difference. I have no problem with this..... Walgreens can keep those earnings out of the US for all I care. Then the IRS gets no tax from them

So if the tax rate in Luxemburg is 4% and the US tax is 25% you have no problem with them paying 4% to Luxemburg and 21% to the USofA?

Let's see, that's a 21% penalty over what any Luxemburg company pays, isn't it?

That means to sell in Luxemburg they would have to charge 21% more than a company headquartered anywhere else on earth than the USA.

If you were a citizen of Luxemburg would you pay 21% more to buy the same product from a foreign company as from a native company?

Would you buy Exxon gas at $9.68/gallon or pay $8.00/gallon for essentially the same product from Royal Dutch Shell?

Is it remotely possible that this creates a world wide disadvantage for American headquartered companies?

Also, what exactly are they getting for the taxes paid on Luxemburg income? Do the local affiliates get better local roads? Reliable power? EPA regulation of Luxemburg operations? Access to Congress? Schools for their children? National Parks? What?