Reportedly to avoid high corporate taxes, Burger King (a claim they deny) has decided to come to Canada where rates are more accommodating as they entered an agreement with Tim Horton's.
BK currently pays 40% corporate taxes whereas in Canada the Federal rate rests at 15%. It's good for Canada but our income taxes are just too high. We have less disposable income than Americans, and this to me is the crux of the problem.
Problem is, they still have to pay the IRS since American are forced to pay taxes on money they earn abroad.
***
Speculating, much will be made about the move in the U.S. I'm sure. Already the White House has voiced displeasure about companies who 'escape to pay their fair share.'
They don't realize their tone and rhetoric scares the living crap of not just corporations but small businesses as well.
It's not surprising companies are looking to move before Obama's policies take effect including the business mandate portion of Obamacare. For example, Chiquita split for Ireland.
The U.S. has a crushingly complicated tax code as well as being the only nation on earth that taxes citizens who don't live or work in the country. Obama has only worked to crack down on this further.
He's the worst economic and war time leader in my life time. Hands down.
He's so tone deaf he doesn't seem to realize people vote with their feet and wallet. They don't give a shit about his visions on what 'fair' is. And clearly, they don't think it's all what it's cracked up to be.
BK currently pays 40% corporate taxes whereas in Canada the Federal rate rests at 15%. It's good for Canada but our income taxes are just too high. We have less disposable income than Americans, and this to me is the crux of the problem.
Problem is, they still have to pay the IRS since American are forced to pay taxes on money they earn abroad.
***
Speculating, much will be made about the move in the U.S. I'm sure. Already the White House has voiced displeasure about companies who 'escape to pay their fair share.'
They don't realize their tone and rhetoric scares the living crap of not just corporations but small businesses as well.
It's not surprising companies are looking to move before Obama's policies take effect including the business mandate portion of Obamacare. For example, Chiquita split for Ireland.
The U.S. has a crushingly complicated tax code as well as being the only nation on earth that taxes citizens who don't live or work in the country. Obama has only worked to crack down on this further.
He's the worst economic and war time leader in my life time. Hands down.
He's so tone deaf he doesn't seem to realize people vote with their feet and wallet. They don't give a shit about his visions on what 'fair' is. And clearly, they don't think it's all what it's cracked up to be.
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