Oh well, we suppose Burger King no longer wants to pay its fair share or something by potentially moving their headquarters to Canada. And who’s helping negotiate this move? Why none other than Obama mascot Warren Buffett. We can’t wait for Obama to label his good buddy unpatriotic.
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.
Confused liberals hardest hit:
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
Oh, that is rich:
.@SteveRattner When it lowers America's punitive corporate tax rates you anti-free-market, snout-in-the-trough, crony capitalist Obama hack
— Mike McNally (@notoserfdom) August 26, 2014
We’re sure for a small fee payable to the Barack Obama Retirement Fund that Obama would overlook such unpatriotic behavior.