Burger King Announces Move To Canada; Tax-and-Spenders Up In Arms

ValuJet

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http://cleveland.cbslocal.com/2014/...ells-consumers-to-eat-at-wendys-white-castle/

Burger King says it struck a deal to buy Tim Hortons Inc. for about $11 billion, a move that would give the fast-food company a stronger foothold in the coffee and breakfast market.
The corporate headquarters of the new company will be in Canada, which stands to help lower Burger King’s corporate taxes. Such tax inversions have been criticized by President Barack Obama and Congress because they mean a loss of revenue for the U.S. government. Burger King and Tim Hortons said the chains will continue to be run independently and that Burger King will still operate out of Miami.

Sen. Sherrod Brown, D-Ohio, is calling for a boycott of Burger King.
“Burger King’s decision to abandon the United States means consumers should turn to Wendy’s Old Fashioned Hamburgers or White Castle sliders.
Burger King has always said ‘Have it Your Way’; well my way is to support two Ohio companies that haven’t abandoned their country or customers,” Brown said in a statement. “To help business grow in America, taxpayers have funded public infrastructure, workforce training, and incentives to encourage R&D and capital investment. Runaway corporations benefited from those policies but want U.S. companies to pay their share of the tab.”

Brown called for a creation of a global minimum tax rate.


This comes as no surprise. The escalating corporate tax rate and overreach of agencies such as the IRS and EPA will continue to drive U.S. businesses out of the country.

I'm particularly amused by Sen. Brown telling people which fast food restaurants they should be going to. I don't think Mrs. Obama will be very happy with this.
 

bamachile

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Interesting on many levels. Warren Buffet is very much financially involved, despite his allegiance to the POTUS, who has been very vocally opposed to these inversions. BK publicly leans a little left as evidenced by their recent Rainbow Whopper gimmick, yet is going into a full go-hang-your-socialism-we're-still-capitalist rebellion against the central/left crowd it has been courting.

Entertaining. With apologies to McDonald's, I'm lovin' it.

:pDT_popc1:
 

seebell

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Thanks for the post VJ. I will boycott BK. Later I will post arguments that will demolish your thinly veiled derision of our leadership.

Right now I have to go do some productive labor.:)
 

ValuJet

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Thanks for the post VJ. I will boycott BK. Later I will post arguments that will demolish your thinly veiled derision of our leadership.

Right now I have to go do some productive labor.:)
Yah....I'm holding my breath waiting for that! When you start your arguments, be sure and preface it with some facts from Think Progress about the fraud and waste that's being heaped on the taxpayers.
 

Bodhisattva

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Such tax inversions have been criticized by President Barack Obama and Congress because they mean a loss of revenue for the U.S. government.
That says all you need to know about the leftest mentality. Don't respond to incentives. Don't be economically smart. Don't do what's good for your company and your investors - you know, the people who actually "built that." One should focus on giving money to the government so they can create more waste. Morons! :rolleyes:
 

seebell

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By popular demand: http://thinkprogress.org/economy/2013/12/04/3017571/corporate-taxes-jobs/

Despite that fuzziness, the report’s findings align with previous research on the linkage between corporate tax rates and economic success. There is no association between lower rates and higher growth.

http://thinkprogress.org/economy/2014/08/25/3475124/burger-king-inversion/
Yet despite the nominally high 35 percent American corporate tax rate, most multinational companies based here don’t pay that rate — the average is 12.6 percentthanks to a variety of ways they can lower their bills.

As an added bonus from the daily Kos: A very reasonable article VJ
http://www.dailykos.com/story/2014/08/25/1324434/-If-You-Think-Immigration-Is-A-Problem-Wait-ll-You-Get-A-Load-Of-Corporate-Emigration

So. Why is this happening all of a sudden? Mostly because America's corporate tax structure is an outdated mess. As Harvard-based economist, N. Gregory Mankiw wrote yesterday, in The New York Times:
The most obvious problem is that the corporate tax rate in the United States is about twice the average rate in Europe.


Most nations recognize this principle by adopting a territorial corporate tax. They tax economic activity that occurs within their borders and exclude from taxation income earned abroad. (That foreign-source income, however, is usually taxed by the nation where it is earned.) Six of the Group of 7 nations have territorial tax systems.
The exception is the United States, which has a worldwide corporate tax. For companies incorporated in the United States, the tax is based on all income, regardless of where it is earned. Again, moving our tax code toward international norms would help slow corporate inversions.


VJ i'll post some more after the Rachel Maddow show!:)
 

ValuJet

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Why wait for the net installment of Rachel Maddow when you have the writings of Karl Marx to reference?
 

bamachile

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I tried to put you in for a Meritorious order of Lenin, seebell, but my party standing got revoked when I got a haircut and started wearing shirts with buttons.
 

GreatDanish

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Is this the stance?
"Companies should do what benefits the central government whether they want to or not, and whether it is most advantageous to them or not."

I don't care where they do business. Give me a good product that I want at the most competitive price and I'll buy it. Unfortunately for BK, their product is horrible. Moving to Canada won't make their food good.
 

Bama Reb

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I'm no big fan of BK either, but they did pay $33.6Million in domestic sales taxes last year.
(http://www.marketwatch.com/investing/stock/bkw/financials)
The corporate community in this country, of which BK is a large contributor, has been vilified, bashed, harassed and overtaxed by the liberal taxandspenders in this country. It's no wonder the economy of this nation has crawled and stumbled ever since Obama took office.
It's also no wonder that BK is preparing to move to Canada. I'm sure they'll find that the Canadians are much more business-friendly.
 
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Bamabuzzard

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I think our tax code should offer incentives to keep companies in the states and disincentives for those who decide to relocate. Especially for companies that have plants (i.e. manufacturing). The middle class is quickly fading and much of that middle class is made up of people that work in factories of companies that actually make something.
 

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