Spencetology

No More Whoppers For This Dude

Have you heard of tax inversion? Here’s the deal. Large American corporations figure they can screw over the country where their fortunes were made by moving their headquarters to a smaller country with a more friendly corporate tax. They purchase a smaller company in a foreign country and basically give up their U.S. corporate citizenship and abandon America. Well, not abandon per se, they’re still happy to take American’s hard earned money.

Walgreens had plans of doing the same thing with a purchase of a Swiss company and a planned move to Switzerland. However, backlash forced the corporation to re-think its’ position.

Burger King is doing just this. To avoid paying corporate taxes at home, they purchased Canadian doughnut chain Tim Horton’s and is moving north of the border. Yes, as it deceptively points out on its’ Facebook page, they will still be paying federal, state and local taxes for operations in the U.S. However, by moving the company to Canada it skirts paying $4 billion in corporate taxes here in the U.S. Instead those billions will be infused into Canada’s economy.

Next time you decide to get fast food, perhaps you should rethink where you go. Using the Canadian national anthem, here’s a song about it.