Burger King (mods if you consider this politics please delete it, not me :)

[FS1]

I emailed Burger King yesterday and told them if they go to Canada to avoid taxes I will never eat in their restaurants again. This is their response.

Dear Mr. FS1 (name changed to protect the innocent.),

Thank you for reaching out. We’re not moving, we’re just growing and finding ways to serve you better.

If our two companies reach an agreement, both Burger King Corp. and Tim Hortons would continue to operate as independent brands. We’d just be under common ownership. We’re proud of the heritage and traditions of both brands and will keep each strong with BKC headquarters staying in Miami and Tim Horton’s HQ remaining in Oakville.

BKC will continue to pay taxes in the U.S. and support its long-standing commitment to local U.S. communities and charitable causes, including the BK® Scholars Program and the Burger King McLamore Foundation.


Sincerely,
BURGER KING® restaurants Guest Relations

 

[thrusty]

Awesome. I'm having a Whopper for lunch.

 

[JMGlasgow]

I don't eat there to begin with. Their food sucks

 

[HD-Ghost]

It is a shame that our tax structure has gotten to the point that it is better to flee. Unfortunately, we have to pay for all those $million golf trips and 20 million illegals.

But BK does taste better that McDs (Brazilian beef?).

 

[MosesTheTank]

It is a shame that our tax structure has gotten to the point that it is better to flee.

I give the above a +1 for being on target. But it is an understatement. When the company makes more $, the shareholders make more $. The managers have a legal obligation to maximize profits. Unlike some here on the Hide, the driving force behind behind corporate executives getting up out of bed and going to work is not rooted in a sense of patriotism and they don't give a second thought to how the Whopper may help fund Medicare Part D or the drone enabled enumeration of sheep (2013 Waste List). Their job is the success of the firm. Do it well or get fired and/or sued. If the tax structure says it's more profitable to be incorporated in Ireland or Ontario, and it certainly is, then change the tax structure if you're unhappy with it. Complaining about companies taking advantage of tax havens, having them legally obligated to do so, and then complaining about them making the financially rational decision of taking advantage of a tax haven seems a little crazy to me. And those shareholders can be a pesky bunch if they think management's decisions are not in line with their own interests.

They will definitely sure over tax decisions:
Medtronic shareholder sues over merger tax hit - TwinCities.com

If shareholders think the strategy is not the correct one, they will sue:
HP agrees to pay $57 million to settle shareholder lawsuit | Reuters

Safety is a fiduciary duty:
Judge Allows Shareholders? Lawsuit Against PG&E Continue « CBS San Francisco

And shareholders will sue:
Court to Decide If Halliburton Can Block Shareholder Lawsuit | TencerSherman LLP

And sue:
Del Monte, Barclays Settle Shareholder Lawsuits | TencerSherman LLP

And sue:
Priceline, OpenTable Disclose More Drama About Sale In Shareholder Lawsuit Settlement ? Skift

And... you get the picture:
Target Directors and Officers Hit with Derivative Suits Based on Data Breach | The D&O Diary

If you lose you will pay, and then maybe pay again:
Losing a Shareholder Lawsuit Could Soon Become More Expensive - Law Blog - WSJ

I think maybe the discontent over management decisions is pointed at the wrong party.

 

[MosesTheTank]

And hot off the press:

Burger King to buy Tim Hortons; new firm to be based in Canada - LA Times

A snippet from the article:

"Burger King's headquarters will remain in Miami, and Tim Hortons will stay in Oakville, Ontario. The headquarters for the combined firm will be in Canada, which will be its largest market.

Canada also has a lower tax rate, allowing Burger King to reduce its tax bill.

The combined federal, state and local corporate tax rate in Canada is 26.3%, according to the Organization for Economic Cooperation and Development. The combined U.S. corporate rate is 39.1%."

[MENTION=101643]FS1[/MENTION], BK did not lie in their response to you. Nor were they exactly forthcoming.

America is a land of taxation that was founded to avoid taxation.
- Dr. Laurence J. Peter (interestingly, he was a Canadian)

 

[Sean the Nailer]

And hot off the press:

Burger King to buy Tim Hortons; new firm to be based in Canada - LA Times

A snippet from the article:

"Burger King's headquarters will remain in Miami, and Tim Hortons will stay in Oakville, Ontario. The headquarters for the combined firm will be in Canada, which will be its largest market.

Canada also has a lower tax rate, allowing Burger King to reduce its tax bill.

The combined federal, state and local corporate tax rate in Canada is 26.3%, according to the Organization for Economic Cooperation and Development. The combined U.S. corporate rate is 39.1%."

@FS1, BK did not lie in their response to you. Nor were they exactly forthcoming.

America is a land of taxation that was founded to avoid taxation.
- Dr. Laurence J. Peter (interestingly, he was a Canadian)

Good post Moses,,, now they're catching on. And we have a healthcare system too. Works pretty damn good, for the most part. There are some inadequacies, but nothing at all like what we've been hearing about the gong-show down south.

 

[CoryT]

You realize of course, that corporations do not pay taxes. You, the individual wage earner, pay taxes. For a corporation, taxes are just another cost of doing business, which simply gets tacked on to the cost of goods, thereby increasing the price you pay, so YOU pay the corporations tax bill.

 

[MLC]

If Burger King ceased to exist Americans would be better off.
They sell the lowest quality food allowed and encourage Americans to consume massive amounts of empty calories.
Now they've picked up a donut chain.
An increasing amount of Americans are dying from regularly eating the type of food Burger King offers.
Poor diet and lack of exercise are beating tobacco related deaths and pummeling firearms related deaths.
I would love to see increased taxes on their garbage, just like we do tobacco and alcohol.

 

[usmc02xx]

If Burger King ceased to exist Americans would be better off.
They sell the lowest quality food allowed and encourage Americans to consume massive amounts of empty calories.
Now they've picked up a donut chain.
An increasing amount of Americans are dying from regularly eating the type of food Burger King offers.
Poor diet and lack of exercise are beating tobacco related deaths and pummeling firearms related deaths.
I would love to see increased taxes on their garbage, just like we do tobacco and alcohol.

f that. leave my whoppers alone lol. if you want to lessen the tax burden from their products stop paying the medical bills for people. I don't want to stop anyone's behavior, not my judgement to make. But i dont want to pay their bills either.

As far as the alcohol and cigarette taxes go... yet another farce. The tax does nothing to lower consumption. It only gives politicians more money to screw us over with. Why cant we just leave people alone and let them deal with shit alone also.

 

[pmclaine]

FS1 - While you have the goo of your hero lubricating your tonsils why dont you ask him why this country has the highest corporate tax rate and treats business as the "evil 1%"?

When I was a kid the American/Canadian exchange was awesome because I got $150 $C for my $100 $US. I think its the other way around now. Call it an economic means to make our products cheaper (what products) but I call it evidence that $17 trillion in debt, the villification of entrepreneurs, and over regulation will mean others will be joining BK.

Punishing the producers in order to reward the takers has consequences - just like elections.

By the way how often did you eat at BK before your "heroic" stand? Ill have to check my 401K and see if it dumps because the BK shares have fell preciptously. Not eating BK because its crap I can understand, enjoy your pizza Don Quixote.

 

[BoilerUP]

An increasing amount of Americans are dying from regularly eating the type of food Burger King offers.
Poor diet and lack of exercise are beating tobacco related deaths and pummeling firearms related deaths.
I would love to see increased taxes on their garbage, just like we do tobacco and alcohol.

Nobody makes people purchase and eat unhealthy fast food, that is a CHOICE.

Fast food might be a contributor of shitty health in this country (along with other poor nutrition choices and gross lack of physical activity) but its rise is symptomatic of just one of many societal shifts in this country over the last few decades.

 

[MLC]

I don't disagree that it is a choice.
I would argue that said societal shifts are at least partly influenced by accessibility.

 

[Phil1]

...The managers have a legal obligation to maximize profits. Unlike some here on the Hide, the driving force behind behind corporate executives getting up out of bed and going to work is not rooted in a sense of patriotism and they don't give a second thought to how the Whopper may help fund Medicare Part D or the drone enabled enumeration of sheep ...
I think maybe the discontent over management decisions is pointed at the wrong party.

Agree. 3G Capital Inc the owners of BK could buy Tim Hortons and then incorporate in the Bahamas or some other such zero tax haven.
Taxes by country below:
Corporate tax rates table | KPMG | GLOBAL

Thats why "Eduardo Saverin made headlines last week, after it was discovered that the Facebook co-founder relinquished his U.S. citizenship to become a resident of Singapore. Saverin was born in Brazil, moved to the U.S. in 1992 and became a citizen in 1998."..."According to Bloomberg analysis, Saverin could save $67 million in U.S. taxes by trading in his citizenship ahead of Facebook's IPO. That number is based on a 15 percent U.S. capital gains tax rate applied to Saverin's potential earnings. Saverin's stake could be worth $2.89 billion. "
Facebook co-founder Saverin may avoid $67 million in U.S. taxes - CBS News

 

[pmclaine]

Regards the threat of BK/McDonalds to the public health.......

If anything I think BK and McDonalds have about run their course.

It was a novel idea at its beginning but I think people are actually more savvy in their food choices and both those places are now the choice of necessity, i.e. you are in a rest area on the NJ Turnpike, rather than of desire. In response they are looking for McCarrots and McSalads to attract people.

People dont want to eat crap when they have been educated to do otherwise.

Sadly this comes at a time when our food is no longer food but something grown from steroids or utilizing some chemical or product to represent the actual food it is supposed to be.

 

[Inogame]

Lets also not skip passed the issue that the proposed purchase of Tim Horton's by BK is not only to restructure for tax purposes, but to better enhance the brands ability to tap into the breakfast market which Tim's currently dominates in the Canada.

I mean, it's become trendy to denounce companies for perceived greed but the fact remains BK as a company did not have a great year, or few years. They have lost market share to other quick service restaurants and it's been particularly due to a weak breakfast menu. There is a savings for moving the corp headquarters to Canada, but not nearly as impactful as you'd think, BK would still be on the hook for revenues generated in the USA which is a vast majority of their portfolio.
That being said there would be little or no incentive to punish the Tim Horton's locations they look to purchase buy subjecting the division to the US corporate tax rate they don't currently have to pay.

Just my two cents on the issue.

 

[pmclaine]

Agree. 3G Capital Inc the owners of BK could buy Tim Hortons and then incorporate in the Bahamas or some other such zero tax haven.
Taxes by country below:
Corporate tax rates table | KPMG | GLOBAL

Thats why "Eduardo Saverin made headlines last week, after it was discovered that the Facebook co-founder relinquished his U.S. citizenship to become a resident of Singapore. Saverin was born in Brazil, moved to the U.S. in 1992 and became a citizen in 1998."..."According to Bloomberg analysis, Saverin could save $67 million in U.S. taxes by trading in his citizenship ahead of Facebook's IPO. That number is based on a 15 percent U.S. capital gains tax rate applied to Saverin's potential earnings. Saverin's stake could be worth $2.89 billion. "
Facebook co-founder Saverin may avoid $67 million in U.S. taxes - CBS News

And why should Ed have to pay $67 million in taxes? Will he get $67 million in services? He already paid taxes on the money earned to invest as income.

Rather than pork Ed Id rather tax the non producers. Let Pakistan pay some tax on the billions we give them. Have the 47% pay tax. If its true 47% of 350 million pay no taxes. Have them pay just $100 minimum tax specifically earmarked for defecit reduction. $100 is short money a cup of coffee a week. What effect does $100 times 120 million have on the defecit?

Everyone needs to have skin in the game

 

[FS1]

FS1 - While you have the goo of your hero lubricating your tonsils why dont you ask him why this country has the highest corporate tax rate and treats business as the "evil 1%"?

When I was a kid the American/Canadian exchange was awesome because I got $150 $C for my $100 $US. I think its the other way around now. Call it an economic means to make our products cheaper (what products) but I call it evidence that $17 trillion in debt, the villification of entrepreneurs, and over regulation will mean others will be joining BK.

Punishing the producers in order to reward the takers has consequences - just like elections.

By the way how often did you eat at BK before your "heroic" stand? Ill have to check my 401K and see if it dumps because the BK shares have fell preciptously. Not eating BK because its crap I can understand, enjoy your pizza Don Quixote.

Your maturity is showing.

I never expected my letter to them, or my not eating at their restaurants would put them out of business or even make a difference. But you see While you only spend your time on forums bitching or voting for your party, I at least try to make a difference. My power may be infinitesimal but at least I do something.

You lionize those who would use the laws passed by bought men to enrich their fortunes. Where as I believe that it is an UN-American activity to eat the fruits of Liberty while usurping the the responsibilities that a free society require.

You all talk about the responsibility others should have while all the time ignoring your own.

It is your right to be selfish. And now that the pissing contest has begun I shall leave you to your urinary activities..

 

[pmclaine]

Your maturity is showing.

I never expected my letter to them, or my not eating at their restaurants would put them out of business or even make a difference. But you see While you only spend your time on forums bitching or voting for your party, I at least try to make a difference. My power may be infinitesimal but at least I do something.

You lionize those who would use the laws passed by bought men to enrich their fortunes. Where as I believe that it is an UN-American activity to eat the fruits of Liberty while usurping the the responsibilities that a free society require.

You all talk about the responsibility others should have while all the time ignoring your own.

It is your right to be selfish. And now that the pissing contest has begun I shall leave you to your urinary activities..

I myself am Don Quixote at times getting rid of my American flagged car for a Honda made in this country by others than the workers who, probably not through their choice, have their dues used to buy political influence in order to sell out their membership.

I agree in personal tilting at windmills but I rage against the real problem unlike you who in his bias can not recognize the disease but instead attacks the symptoms.

 

[MosesTheTank]

Lets also not skip passed the issue that the proposed purchase of Tim Horton's by BK is not only to restructure for tax purposes, but to better enhance the brands ability to tap into the breakfast market which Tim's currently dominates in the Canada.

True. And a bit of irony here for Wendy's. Tim Horton's used to be owned by Wendy's. When Nelson Peltz, via Trian Partners, took over Wendy's to merge it with Arby's they jettisoned Tim Horton's. The management team put in place by Peltz gave a go at the breakfast market. Breakfast is called another "day part". It's a part of the day that you are not generating revenue, but you are paying rent, other expenses, and even some labor. Wendy's had some success with it, but not much. McDonalds owns this space in the quick service world. Arby's was a complete disaster. They lost a ton of money on it and eventually the Wendy's/Arby's Group split up with Wendy's going back to Ohio and Arby's being sold off to another private equity firm. If only they had not been so quick to get rid of that breakfast expertise from the Great White North and harnessed it instead...

There is a savings for moving the corp headquarters to Canada, but not nearly as impactful as you'd think, BK would still be on the hook for revenues generated in the USA which is a vast majority of their portfolio.

BK is an international firm and oh the cash they will not have to flow back to the US (and pay US taxes on). This a very common acquisition rationale, see Cooper/Eaton (taking advantage of the popular Irish tax haven).

 

[rpk762]

All fast food is shit. Granted I have ate it all. They all have something to offer.

 

[Velocity]

According to the analysts at CNBC the taxes are essentially the same, with Burger Kings effective US tax rate @27% and the Canadian rate @26%. The move is essentially strategic...an effort to expand market and increase revenues. We are often too quick to condemn before all the facts are in. I'm sure the stockholders are happy with the big jump in stock value. Sorry I missed it.

 

[FS1]

According to the analysts at CNBC the taxes are essentially the same, with Burger Kings effective US tax rate @27% and the Canadian rate @26%. The move is essentially strategic...an effort to expand market and increase revenues. We are often too quick to condemn before all the facts are in. I'm sure the stockholders are happy with the big jump in stock value. Sorry I missed it.

It is still UN-American.

Factoids: In the fifties corporate taxes were over 30% of all tax revenue. Today only 10-12 Percent.

In the 50-60's when our personal tax rates were the highest, our economy was its strongest. And the working man made a good living. This built the middle class. The middle class will soon be extinct.

 

[FS1]

" It is still UN-American. "

Take a good look around, America is currently un-American.

Burger King is not America, they are a corporation trying to compete in a very competitive market. If you don't want to eat there then don't. It's not very good or good for you.

I believe they were as Springsteen says "Born in the USA".

And I won't eat there and I shall ask my employees to to do the same. But it is still their choice.

 

[Niles Coyote]

Un-american or not... it is still one of many reasons we are bleeding out and those that need to fix this are not... I cant fault BK for doing what ever they do, but hey it is refreshing to hear of something other than that city in Missouri in the news.

 

[pmclaine]

It is still UN-American.

Factoids: In the fifties corporate taxes were over 30% of all tax revenue. Today only 10-12 Percent.

In the 50-60's when our personal tax rates were the highest, our economy was its strongest. And the working man made a good living. This built the middle class. The middle class will soon be extinct.

You can voluntarily pay more taxes.

Do you?

 

[wirehand]

As I have gotten food poisoning the last two times (differnt locations even) I ate thier food, I don't give a damn if get a %0 taxation rate.
No more dollars from me.

 

[FS1]

You can voluntarily pay more taxes.

Do you?

Why would I? I already pay my fair share. I did not move my company offshore or put my money in the Cayman Islands, to avoid taxation.

You are a well programed little fishy that knows all your schools talking points. It is your right to swim with the red school if that is where you feel safe. I on the other hand and am very happy to be able to swim with the Red, White, and Blue schools.

 

[proneshooter]

It is still UN-American.

Factoids: In the fifties corporate taxes were over 30% of all tax revenue. Today only 10-12 Percent.

In the 50-60's when our personal tax rates were the highest, our economy was its strongest. And the working man made a good living. This built the middle class. The middle class will soon be extinct.

Taxes in income producing activities are UN AMERICAN.

Go back and read how and why this country was initially financed.

 

[FS1]

Taxes in income producing activities are UN AMERICAN.

Go back and read how and why this country was initially financed.

Taxes built this great land. Maybe you should look up the Whiskey Rebellion. George was probably the greatest American who ever lived. He knew taxes were needed. Look up the Newburg Conspiracy if you doubt Georges greatness.

 

[pmclaine]

Why would I? I already pay my fair share...

...and what is a fair share? Why is it fair for someone successful to pay more than someone unsuccessful? Does he get more service for his extra payments? What would be fair? Fair is when everyone pays exactly the same.

In the interest of charity I would go so far as to allow "fair" could be everyone "pays the same percent". That would recognize some progressive taxation but it still would be unfair.

Who are you to decide that someone that has gone out and been successful now owes more to society? By the way isn't your hero's economy czar or whatever, Jeffery Immelt, in charge of GE the company that paid zero in taxes a year or so ago. Nice that Hollywood and the likes of Facebook get fat tax breaks for supporting the cause.

In short FS1 you are full of crap.

 

[pmclaine]

Taxes built this great land. Maybe you should look up the Whiskey Rebellion. George was probably the greatest American who ever lived. He knew taxes were needed. Look up the Newburg Conspiracy if you doubt Georges greatness.

Taxes did not build this great land. People and an idea of freedom built this great land.

I see you can regurgitate your programming from the likes of one Massachusetts politician that in regards to successful business stated "You didn't build that!"

Govt produces nothing. It takes. It takes from the people and should distribute in accordance with the peoples wishes. The people are the masters of govt. If the govt has "built" anything it is because the people have decided they want it so.

Hope you are enjoying your life on the collective.

 

[FS1]

...and what is a fair share? Why is it fair for someone successful to pay more than someone unsuccessful? Does he get more service for his extra payments? What would be fair? Fair is when everyone pays exactly the same.

In the interest of charity I would go so far as to allow "fair" could be everyone "pays the same percent". That would recognize some progressive taxation but it still would be unfair.

Who are you to decide that someone that has gone out and been successful now owes more to society? By the way isn't your hero's economy czar or whatever, Jeffery Immelt, in charge of GE the company that paid zero in taxes a year or so ago. Nice that Hollywood and the likes of Facebook get fat tax breaks for supporting the cause.

In short FS1 you are full of crap.

And you sir are filled with hate and selfishness. And we shall never agree and you are no longer worthy of my time.

Taxes did not build this great land. People and an idea of freedom built this great land.

I see you can regurgitate your programming from the likes of one Massachusetts politician that in regards to successful business stated "You didn't build that!"

Govt produces nothing. It takes. It takes from the people and should distribute in accordance with the peoples wishes. The people are the masters of govt. If the govt has "built" anything it is because the people have decided they want it so.

Hope you are enjoying your life on the collective.

Civilization is a collective. Before that we lived in caves walked animal trails and beat each other with clubs. If you like that model so much move to Afghanistan you will fit right in. Sounds like the ISIS model also.

Me, I would rather have roads, highways, and airports. I like having a Govt to prevent the most corrupt and ruthless men from telling me who I can or cannot worship and what I must do to fit in with them.

So Go ahead and pack I am sure there is a luxury mud hut waiting for you.

 

[MosesTheTank]

According to the analysts at CNBC the taxes are essentially the same, with Burger Kings effective US tax rate @27% and the Canadian rate @26%. The move is essentially strategic...an effort to expand market and increase revenues. We are often too quick to condemn before all the facts are in. I'm sure the stockholders are happy with the big jump in stock value. Sorry I missed it.

[MENTION=99877]Velocity[/MENTION], if only tax law were as simple as CNBC analysts we would live in a better and more fair world. But that is just not the case. It is not the job of CNBC analysts to present a slice of reality. It is their job to toe the line. I do not believe them to be stupid, but they are most certainly devoid of any analysis whatsoever. There are many pieces to the puzzle of the BK/Horton's deal. I'll leave the "strategic" component out as I might be writing for days and fly into an unhealthy rage at the same time (I am permanently scarred by my private equity experience). Three of the most important they left out were:

1. US Tax Law
2. Canadian Tax Law
3. Burger King's most recent 10Q and 10K

Generally speaking, US domiciled corporations (and individuals) are taxed on their "worldwide" income when they bring the profits back to the US. Therefore, for a significant US tax savings to exist in this deal, BK would have to have significant income earned from overseas. About 34% of their stores are outside of the US - all of the earnings of which would be subject to the 35% US corp tax rate. Page 11 of the last Q shows how they came up with their effective tax rate, although this is a grossly simplified version for the sake of presentation. With the inversion deal, BK is no longer a US domiciled corporation. That is the most important part. Now they are only subject to US tax on that 66% of their operations that are inside of the US.

The exact savings are more difficult to calculate. But one easy component of the calc is that Canada simply the taxes those foreign ops differently, and to BK's advantage. Haven't included the effect of the US foreign tax credit, but that virtually just keeps the effective tax rate from going above 35% due to double taxation.

So, YES there is a significant US tax advantage that is being downplayed by the company, mostly due to the political spotlight on Warren Buffet and his ties to the Obama administration.

There is very little in the way of mainstream media that offers any serious business analysis. Many of the most insightful articles are written anonymously. There are plenty of reasons for this, not the least of which include keeping your job, not cutting off sources of funding, and staying out of the way of corporate lawyers.

Finally, if you want to know how much a corporation makes you would need to see their tax books. That is not going to happen, and if it did I wonder if we might have a revolt.

Sincerely,
MTT

 

[Velocity]

Apparently 3G Capital, which owns 51% of the new firm is the big winner here. They opted for partnership units instead of common shares, which defers U.S. capital gains taxes and avoids Canadian capital gains taxes on share appreciation. If they control the company via a holding company in a country which has a tax treaty with Canada they will avoid big bucks....really big bucks... in dividend withholding taxes each year.

 

[pmclaine]

The only hypocrisy I seen I this deal is the involvement of the regime mouth piece Warren Buffet. He of the "I should pay more taxes than my secretary" ilk.

Time and time again when one of these rich pricks has the opportunity to pay more taxes they quietly decline.

I'm fine with less taxes for all and even using loop holes within the law to lessen your burden. I'm decidedly against those that advocate for more taxes while declining that experience for themselves.

Time for simplification of the tax code - consumption tax or something like A refined "9,9,9". Let's get the IRS people into the re employment class.

 

[Phil1]

The only hypocrisy I seen I this deal is the involvement of the regime mouth piece Warren Buffet. He of the "I should pay more taxes than my secretary" ilk.

Time and time again when one of these rich pricks has the opportunity to pay more taxes they quietly decline.

I'm fine with less taxes for all and even using loop holes within the law to lessen your burden. I'm decidedly against those that advocate for more taxes while declining that experience for themselves...

"Buffett is also a notable philanthropist, having pledged to give away 99 percent[11] of his fortune to philanthropic causes, primarily via the Gates Foundation"
Warren Buffett - Wikipedia, the free encyclopedia

"Each of Buffett's three children all chose a different focus for their foundations, based on their own interests.

Howard Buffett, 57, is helping farmers in impoverished nations produce more to help end world hunger. Susie Buffett, 59, is strengthening early childhood education and looking for ways to reduce teen pregnancy. Peter Buffett, 54, wants to empower women and girls worldwide through education, collaboration and economic development to end violence against women. "
Warren Buffett, on his birthday, gives kids $600M - NBC News

 

[pmclaine]

"Buffett is also a notable philanthropist, having pledged to give away 99 percent[11] of his fortune to philanthropic causes, primarily via the Gates Foundation"
Warren Buffett - Wikipedia, the free encyclopedia

"Each of Buffett's three children all chose a different focus for their foundations, based on their own interests.

Howard Buffett, 57, is helping farmers in impoverished nations produce more to help end world hunger. Susie Buffett, 59, is strengthening early childhood education and looking for ways to reduce teen pregnancy. Peter Buffett, 54, wants to empower women and girls worldwide through education, collaboration and economic development to end violence against women. "
Warren Buffett, on his birthday, gives kids $600M - NBC News

...and these are great things. I don't deny him his success and don't vilify his having made money. It's success like this American opportunity is known for.

His tax stance is a red herring though. He is comparing apples to oranges when he speaks of his secretary's tax base in comparison to his tax base. His investment is the fuel of our economy, its money that has already been taxed and is used to promote the class warfare that is just one of many conflicts being stirred up to divide the country.

Good for Buffet and his charitable giving. I wish more of that charity would go to places like rural West Virginia though. Either way we are discussing a wealth that a give away of 99% will still leave him living more comfortable than a middle class warrior with two incomes.

Buffet knows the gross class warfare used against a candidate in the last big election. He should have been man enough to say "Hey wait a minute. Those comments strike pretty close to home". The other guy also gives up a good 10% or so of his income and was excoriated while his opponent was not nearly as generous and oddly has only really gained wealth since hitting the trough of public service.

 

[sqidd]

IDK about you guys, but I'm getting hungry.

 

[windermike]

Make it easy and charge all corporations that do business in the US pay taxes here. Corps should pay their part to do business with us.

 

[pmclaine]

Make it easy and charge all corporations that do business in the US pay taxes here. Corps should pay their part to do business with us.

Whats "their part" to pay? Certainly GE that paid $0 is not contributing for the public works they use to conduct business but neither is another large segment of society that produces nothing other than getting out of bed the first Tuesday after a Monday in November to perform their bought and paid for service.

The argument its "patriotic to pay taxes" is getting week when faced with an 18 trillion deficit. If the result is waste and inefficiency it would be more patriotic to shut off the tap, force fiscal responsibility, and save the future generations for finally having to resolve an issue we have continued to kick down the road.

 

[N0mad]

I don't eat there to begin with. Their food sucks

+1 ^^

 

[nesikabay]

I emailed Burger King yesterday and told them if they go to Canada to avoid taxes I will never eat in their restaurants again. This is their response.

Dear Mr. FS1 (name changed to protect the innocent.),

Thank you for reaching out. We’re not moving, we’re just growing and finding ways to serve you better.

If our two companies reach an agreement, both Burger King Corp. and Tim Hortons would continue to operate as independent brands. We’d just be under common ownership. We’re proud of the heritage and traditions of both brands and will keep each strong with BKC headquarters staying in Miami and Tim Horton’s HQ remaining in Oakville.

BKC will continue to pay taxes in the U.S. and support its long-standing commitment to local U.S. communities and charitable causes, including the BK® Scholars Program and the Burger King McLamore Foundation.


Sincerely,
BURGER KING® restaurants Guest Relations

I don't think BK will miss your 6 dollars a month. If you can afford to spend 6 dollars a month. As for me if they leave I will be sure to eat there now. Even if the food sux. The US,. Is making it unprofitable to do business here. Hell I run a trucking company in Texas and I even operate off shore

 

[FS1]

I don't think BK will miss your 6 dollars a month. If you can afford to spend 6 dollars a month. As for me if they leave I will be sure to eat there now. Even if the food sux. The US,. Is making it unprofitable to do business here. Hell I run a trucking company in Texas and I even operate off shore

It has become the new American way. You suck off the tit of the cow, but at the cows feeding time you are nowhere to be found. But of course you are not one of the Takers, the 47%.

It used to be "United We Stand" now its, eff you, I can stand on my own.

 

[FS1]

If every time I milked the cow my sorry ass neighbors came and took what of it they wanted I would soon tire of taking care of the cow.

Yes it is much easier to quit than to address the issues, isn't it?

 

[proneshooter]

They will prosecute me if I start shooting the assholes that keep stealing my milk, so I'd rather just butcher the cow.

This. Plus the assholes don't have the nutsack to take what they want personally from the producers. They have the .gov do it for them for they know damned well what will happen otherwise.

 

[pmclaine]

As long as the milking the cow analogy has been put forth.....

Where does the corporation get its money from to pay corporate taxes?

How will the corporation respond in pricing its products/services when faced with a higher tax burden?

Is the corporation in and of itself self sustainable or does it rely on cows to give it milk?

Who is the cow?

Who gets milked to pay the corporate tax burden?

If you choose to play the divide and conquer class warfare game do so with the understanding that you are always on the short end of the stick.

The buck starts with you!