Top Democrat Tries to Stop Burger King From Fleeing the Country to Avoid Taxes
Burger King is on the run. Perhaps they got a look at Mitt Romney’s ability to avoid paying taxes and they wanted to get themselves some of that patriotic action.
Upon news that Burger King is fleeing the country to merge with Canadian Tim Hortons, Ways and Means Committee Ranking Member Sander Levin (D-MI) called on Congress to pass that inversion legislation (Stop Corporate Inversions Act of 2014) already:
“The reported deal with Burger King, an American company, highlights the need for Congress to act with urgency to keep companies in the U.S. rather than moving abroad. We need to seriously examine the reasons behind this reported deal and take steps in the immediate future to prevent further erosion of the U.S. tax base.”
By “inversions”, Democrats basically mean corporations that flee the country to avoid paying taxes. They say this is an increasing problem, and reality agrees as U.S. companies are renouncing their citizenship and going overseas in order to avoid paying taxes to cover their fair share of usage of all things public. Since 2013, 19 companies got the idea to cut and run while still taking advantage of things our tax dollars pay for. Where did they ever get that idea?
Link to blog posted above
the simple solution is to cut the Corporate tax rate to compete with other country's. burger king paid 88.5 million last year in taxes. so what are we gaining by keeping the tax rate as high as it is? nothing, we are loosing.
and of those 10 companys you listed. how many people do they employ? a lot more than you will if they cut your taxes.
The best way to insure that it's shareholders and owners who actually pay the corporate income tax is to make it a tax on capital gains enjoyed by shareholders and owners rather than a tax on corporate income. Call it a "corporate income surcharge" and eliminate the corporate income tax.
Burger Kind made 275.1 million in profits in the third quarter alone!!!!88.5 is nothing for them to pay over a years time...
Burger King reported $275.1 million in third quarter revenue, a 40% decrease over this time last year but beating analyst predictions of $267 million. Despite this decrease, profit increased 32.7% to $81.1 million, or 23 cents per share, beating the Street consensus of 21 cents per share. A sharp drop in operating expenses, which fell over 64% due to cost management and a global refranchising effort, the company said.
But what about party politics?
There is no discernible difference between the two major parties.
Both promote big government over the individual. We can use history as our guide. Candidates from both parties constantly run on promises of “change.”
But the only change we see is a rearranging of which special interest gets the best seat at the table.
Regardless of the party in charge, government grows and liberty is lost. The two major parties control the process and will never allow another party to invade their turf, hence the mistreatment of Ron Paul and his supporters and Tea Party Republicans during the 2012 election cycle, and since.
88.5 million may seem like nothing compared to what they pulled in, but if was your company and you could pay about 8 to 9 million less you would. because that what business is about, making money. if our tax rate was better we could have gained the money that Tim Horton's pays in taxes. if nothing is done to make big businesses want to stay here they wont. read the post i did about 10 people going to dinner to explain taxes. now the 10th man left the group. do we really want to tax another one away?
here's the numbers for 2013 as reported by Organization for Economic Cooperation and Development (OECD)
We may as well finance the "GOP" tax agenda as we all continue to pay though the nose for the DEM answer.
The United States tax code is a joke. There are 73,954 pages as of 2013 in the Tax code. This is out of control and both parties have there share of revisions and edits to the code.
To say one party or the other has the answer is.. well wrong neither party has the answer. Since 1913 the tax code has never shrank. More and more laws and loopholes have been added.
@Shannalat--you may want to go back and do your homework on this one. The GOP has blocked the Dems. when they have taken measures to revise or eliminate outdated code. Your feel good quotes sounds good but this one requires more research.
The dems bring only quick fixes. The "blocking" of the fixes was done because (well more than likely as part of political grandstanding too) so that a dialogue can be opened to actually fix the tax code. The quick fixes would add more pages to the broken system and more than likely not make the code smaller.
The last time the tax code was made more simple was 1986, so I do stand corrected in that however this was done by a republican president, a republican senate and a democratic house.