Moving to Canada, eh?
Obama Pal Warren Buffett Helping Burger King Exercise ‘Unpatriotic Tax Loophole
So, Warren Buffett, who has been championing King Hussein’s “Rape the Rich” tax plan, is putting together, and partially financing (25%) the $10 billion deal between Burger King and Tim Horton’s Canadian doughnut/coffee chain.
The motive driving the deal – Burger King gains a foreign domicile to take advantage of perfectly legal “tax inversion,” thus saving millions in egregious US corporate taxes.
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From The Wall Street Journal:
The White House might need a new poster child for its “tax fairness” campaign.
Famed billionaire investor Warren Buffett, who President Barack Obama has lauded and named a signature proposal after, is helping finance a deal that would allow Burger King WorldwideInc. to reincorporate in Canada and potentially reduce its U.S. tax bill through a so-called inversion, the Journal reported late Monday.
One of the White House’s top economic priorities this fall is to deter companies from pursuing inversions, and Treasury Department officials are designing plans that would remove some of the incentives for these deals.
Mr. Obama and Treasury Secretary Jacob Lew have spoken disparagingly about companies that use inversions. Mr. Obama in July called inversions an “unpatriotic tax loophole” and said “my attitude is I don’t care if it’s legal, it’s wrong.”
It even published a blog post titled “what are inversions and why should you care.”
Now that Mr. Buffett’s involvement in a possible inversion has been made public, will Mr. Obama and other Democrats take him to task? That might be awkward, given how the Obama administration has named one of their top tax proposals after the “Oracle of Omaha” himself.
The White House in 2011 proposed the “Buffett Rule,” which White House officials described as a new policy that would essentially prohibit wealthy Americans from claiming so many tax breaks and deductions that they were able claim sharp reductions in their effective tax rate. Mr. Buffett’s point, in helping pitch the rule, is that he shouldn’t be able to claim a lower tax rate than his secretary, who presumably isn’t a billionaire.
Buffett is now officially off the plantation and off the White House Christmas card list, showing his true capitalist, “greed is good” stripes, Burger King joins the exodus of many other former American corporations escaping the highest corporate tax system on the planet, and Obama loses another revenue source for his incredibly expensive and much-too-frequent and lavish vacations.
Liberal weenies are taking the news hardest….
Now Burger King is trying to duck US taxes by merging with Canadian company? When will Congress put a stop to this? http://t.co/774K2VGtot
— Steven Rattner (@SteveRattner) August 25, 2014