Burger King deal could be a tax dodge whopper

[OhioChick]

24 Mins Ago

Burger King's move to acquire the Canadian restaurant chain Tim Hortons would give the U.S. fast food giant a major presence north of the border.

It would also save the company a whopper of a tax bill.

The deal would be the latest in a once-obscure tax dodge known as a corporate "inversion" that is turning the debate over U.S. tax reform upside down.

As the pace of these deals picks up, the White House is scrambling to find a way to close this corporate tax loophole, which the Treasury estimates could eventually take a $20 billion bite out of corporate tax receipts. But unless, and until, Congress gets down to a long-overdue overhaul of the tax code, companies like Burger King with big overseas profits will likely continue to pursue these deals.

More: http://www.cnbc.com/id/101944945

[rock]

1. In case there's someone who hasn't noticed

In the last few decades the Republicans have run out of legitimate ideas and turned to non-Democratic means to achieve their political goals. In a similar way the businesses during that period have also been bereft of legitimate ideas and turned to various ways of making a profit, prominent are avoiding taxes, cutting wages, and dumping quality. When one runs out of legitimate ideas you look for sneaky, under-handed means.

[BlueEye]

2. Burger King can pay 40% in the United States and know that it's money is funding endless war...

and corporate welfare. Or it can pay 15% in Canada where the vast majority of the tax revenue supports single-payer health care, social services, and a government that actually gives a shit about its citizens.

[Hell Hath No Fury]

3. Show me a large American corp. -

that actually PAYS 40%. Corporatist talking point.

[BlueEye]

4. ExxonMobil.

Paid over $24 billion in taxes on almost $58 billion in net income, or roughly 42%.

http://cdn.exxonmobil.com/~/media/Reports/Summary%20Annual%20Report/2013_ExxonMobil_Summary_Annual_Report.pdf

Now, this is taxes to all countries that ExxonMobil operates in, but I'd imagine a fair share of that money went to the United States government.