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| Burger King is one of the companies using the inversion tax loophole to purchase fast food restaurant Tim Horton's in Canada. |
Pfizer, Chiquita, AbbVie, and Burger King are the most recent corporations that are utilizing inversion to avoid paying taxes. Inversions are "deals in which U.S. companies buy smaller foreign firms in countries with lower taxes, then renounce their U.S. corporate citizenship and re-incorporate in that country." There have been 47 companies in the past decade. Inversion is unpatriotic.
Taxes are 35% for companies in the U.S and there are complaints that it is one of the highest rates in the world. "The chief executive of Mylan recently told a New York Times columnist that she had no choice but to invert as part of a buyout of a company in the Netherlands. But this argument isn't especially convincing. That's because the U.S. tax code is so riddled with loopholes that very few companies pay anything near 35 percent. Companies like General Electric, Google and Apple have whiz-bang tax departments that have mastered the art of tax avoidance, often by routing income through low- or no-tax jurisdictions, like Bermuda". (Huffington Post) Although it looks like they are paying 35% on paper, in reality, they are paying much less due to loopholes. Corporations like Burger King and others need to pay their share. Leaving America after profiting from the benefits here is not an option. The companies sure seem American until it's time to pay taxes. It's unpatriotic and greedy.
Taxes are 35% for companies in the U.S and there are complaints that it is one of the highest rates in the world. "The chief executive of Mylan recently told a New York Times columnist that she had no choice but to invert as part of a buyout of a company in the Netherlands. But this argument isn't especially convincing. That's because the U.S. tax code is so riddled with loopholes that very few companies pay anything near 35 percent. Companies like General Electric, Google and Apple have whiz-bang tax departments that have mastered the art of tax avoidance, often by routing income through low- or no-tax jurisdictions, like Bermuda". (Huffington Post) Although it looks like they are paying 35% on paper, in reality, they are paying much less due to loopholes. Corporations like Burger King and others need to pay their share. Leaving America after profiting from the benefits here is not an option. The companies sure seem American until it's time to pay taxes. It's unpatriotic and greedy.
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