The king is a traitor and no one cares

[liberty]

Burger king moves to Canada to avoid US taxes. I have been waiting for someone post this, but evidently no one cares. How much longer can we have poor people pour into the country and money leave before we become a third world country?

I once ate Burger King, but it will be cold day in before I will do it again.

http://www.usatoday.com/story/money/bus ... /14608907/

The U.S.-based restaurant chain made it official Tuesday announcing that it agreed to merge with the Canada-based Tim Hortons restaurant chain. The deal, valued at about $11 billion, will create the world's third-largest fast-food company, with about $23 billion in annual sales and more than 18,000 restaurants in 100 countries.

The new global company will be headquartered in Canada, but each brand will be managed independently, with Burger King retaining its U.S. offices in Miami, the two companies said in a joint statement.

With a new base in Canada, the Burger King merger quickly was lumped into the growing public outcry over tax inversions, which allow U.S. companies to lower their tax bills by reincorporating in a country with lower corporate tax rates through a merger with a foreign firm.

By midday several thousand comments had flooded Burger King's Facebook page. On Twitter, #TimHortons was a trending topic with #BoycottBurgerKing and similar tweets numbering in the hundreds.

Burger King CEO Daniel Schwartz, who will become group CEO of the new company and handle day-to-day management, said that "the company is going to continue to be managed out of our Miami office." "We are going to continue to pay U.S. taxes as we have been doing," he said in a conference call with media after the deal's announcement.

The deal was not about taxes, Schwartz said, noting that the corporate tax rate paid by Tim Hortons in Canada is in the mid-20s percentage-wise and Burger King's "blended" tax rate it pays globally, including U.S. taxes, is also in the mid-20s. "So when we look at the combined company we don't expect there to be meaningful lower or higher tax rates than we had before," he said.

Instead, he said, "What is going to add value and drive growth for the long run is ... more restaurants around the world and growing sales and profits."

Tax and business planning attorney Paul Gilman of Chicago-based law firm Aronberg Goldgehn Davis & Garmisa expects that Burger King's U.S. tax rate won't change much "because they derive most of their income from franchisees, and (those in the U.S.) are still going to be subject to tax," he said.

Burger King has "to get out in front" of any possible public boycott. "All of a sudden people on my Twitter and Facebook feeds are saying 'Boycott Burger King,' but don't boycott (them) because these are small businesses that need the revenue, and Burger King is going to pay U.S. tax on those. They can't shift those dollars out of the country."

Regardless, Burger King may have a public affairs brouhaha cooking. Several members of Congress, including Sen. Dick Durbin, D-Ill., decried Burger King's Canadian business move. In recent months, as more companies have used inversions, President Obama and Congress have publicly criticized the moves because they cut into U.S. tax revenue.

"Burger King's decision to abandon the United States means consumers should turn to Wendy's Old Fashioned Hamburgers or White Castle sliders," said Sen. Sherrod Brown, D-Ohio. Wendy's and White Castle are based in Ohio.

For the two companies, the merger made good business sense, says Matt Porzio, vice president of strategy and product marketing at Intralinks, which provides online deal-sourcing tools for mergers and acquisitions. "These big companies have got to grow," he said, "and the best way to grow right now is to acquire and grow inorganically. It just so happens Tim Hortons is in Canada, which might have a tax benefit to them. But if Dunkin' Donuts brand group was in their wheelhouse ... they probably would have considered that."

Warren Buffett's investment firm, Berkshire Hathaway, committed $3 billion of preferred equity financing for the deal, but will not have any participation in the management and operation of the business, the companies said.


USATODAY

Can Tim Hortons win over U.S. market?


Tim Hortons' stock surged 8.5% to close at $81.05, and Burger

[Gob]

One in five of Britain’s large businesses paid no corporation tax last year, while more than half paid less than £10m, according to an official report into the mounting cost of tax reliefs.

The National Audit Office calculated that the cost of tax reliefs had increased from 16 per cent to 21 per cent of gross domestic product since 2005.

The government’s spending watchdog also found that 21 per cent of all corporate tax in 2011-12 was paid by only 35 of the UK’s 975,000 companies. It said its figures showed the un­even distribution of corporation tax and the impact of trading conditions on individual companies.


Patrick Stevens, of the Chartered Institute of Tax­ation, said companies often paid no corporation tax because of trading losses – a factor noted after the 2008 recession – and incentives such as capital allowances.

The proportion of big companies not paying tax has fallen since a similar NAO exercise in 2007 found that a third of the 700 biggest companies paid no corporation tax in 2005-6.

[rubato]

It's all part of our evil plan. first Burger King, then Popeyes and "all you can eat" pastashops. In 20 years they will all be as fat as Beach balls and we will march in and take over without resistance.

Canadia! the 51st state.haha!




Yrs,
Rubato

[liberty]

Well Gob, it doesn't make me feel better to know that Brittan has the same problem. That just means that we both could go down together. And I don't know that Britain is in the same financial situation as my country.

If we are to have a first world society and take care of those people that can't take care of themselves someone has to pay the taxes needed to make it happen. And the more uneven the taxes are the more people will resist paying. I thought that Obama said that he would fix this problem; what has he done?

I am worried about the future and I am doing what I can to help my grandchildren face it, but what I can do is limited.

[Sue U]

It's all part of our evil plan. first Burger King, then Popeyes and "all you can eat" pastashops. In 20 years they will all be as fat as Beach balls and we will march in and take over without resistance.

Canadia! the 51st state.haha!




Yrs,
Rubato

I don't want Canadia! Canadia is responsible for poutine, geese, Celine Dionne, Justin Bieber and Ted Cruz, to name just a few crimes against humanity.

[Beer Sponge]

Burger King is Brazilian owned. Primarily, anyway. At least, 3G Capital is a Brazilian owned 'American' company.
Y'all may want to look south for your overlords.

[Econoline]

You are an old man who thinks in terms of nations and peoples. There are no nations; there are no peoples. There are no Russians. There are no Arabs. There are no third worlds. There is no West. There is only one holistic system of systems; one vast, interwoven, interacting, multivaried, multinational dominion of dollars.

Am I getting through to you, Mr. Beale? You get up on your little 21-inch screen and howl about America, and democracy. There is no America; there is no democracy. There is only IBM, and ITT, and AT&T, and DuPont, Dow, Union Carbide, and Exxon. Those are the nations of the world today.

-- Network (1976)

[liberty]

How about this as a solution: If you make money in the US, individual or corporation, you pay taxes on it, no exceptions.

[Big RR]

Lib--while there may be deductions and exceptions available, I think that is the law right now. Foreign corporations pay taxes to the US on profits earned in the US, but not on profits earned outside the US. However, US corporations (and individuals) are required to pay US income taxes on profits (and wages) earned abroad. Hence the rush to become a corporation in a country that has a lower tax rate or does not levy a tax on profits earned abroad.

[rubato]

...

I don't want Canadia! Canadia is responsible for poutine, geese, Celine Dionne, Justin Bieber and Ted Cruz, to name just a few crimes against humanity.

Celine Dionne, *shudder*, good for us she's safely shut up in Las Vegas like a bit of nasty toxin enveloped by a macrophage.

The worst sense of rhythm I've ever heard from a white girl.

yrs,
rubato

[liberty]

Good, better than nothing:

Burger King Worldwide Inc. (BKW)'s deal to buy Tim Hortons Inc. (THI) and move its address to Canada will proceed, a day after the U.S. Treasury Department announced plans to crack down on corporate inversions.
Scott Bonikowsky, a Tim Hortons spokesman, said the deal is "moving forward as planned" and is driven by long-term growth and not tax benefits. The actions to curb inversions announced yesterday by Treasury Secretary Jacob J. Lew are getting an immediate test as eight U.S. companies with pending deals decide whether to move forward.

[Scooter]

So Elmer Fudd, without looking up:

(1) What is a corporate inversion?

(2) What will be the criteria the Treasury Department will use to determine whether a corporate inversion is being done to avoid tax?

(3) Did the Burger King deal with Tim Horton's meet any of those criteria?