Burger King tax savings from Canada move could be whopper ($1.2 billion in taxes 3 years)

Also: Now it's Burger King That Plans to Screw US Taxpayers by Moving its Headquarters out of the Country http://www.thomhartmann.com/forum/2014/08/now-its-burger-king-plans-screw-us-taxpayers-moving-its-headquarters-out-country


Burger King tax savings from Canada move could be whopper
http://www.omaha.com/money/burger-king-tax-savings-from-canada-move-could-be-whopper/article_23551fe5-b112-588c-8357-c557c306e7c0.html

POSTED: SUNDAY, DECEMBER 14, 2014 1:00 AM
The Washington Post

Burger King stands to save as much as $1.2 billion in taxes over the next three years by moving its headquarters from the United States to Canada, according to a report by Americans for Tax Fairness, a tax watchdog often critical of corporate tax maneuvers.

The bulk of the savings will come from forgone capital gains taxes, which would amount to as much as $820 million between now and 2018 for the company’s shareholders if Burger King were not to reincorporate. But Burger King also stands to save more than $100 million in federal taxes in 2013, according to the report.

“Burger King’s inversion adds up to a ‘whopper’ of a tax dodge,” the watchdog concluded.

Ever since Burger King announced its plan to purchase Canadian chain Tim Horton’s for $11 billion — which would allow the company to move its headquarters to Canada — the fast food giant has been criticized for what many believe is a maneuver driven primarily by tax benefits.

FULL story at link.



THE ASSOCIATED PRESS
Burger King crowns are on display in a Mountain View, California, store in October 2013.