Last week, Burger King Worldwide announced a merger with Canadian restaurant Tim Hortons, creating one of the largest fast-food operations in the world. While Burger King will continue to be based out of Miami, it will make Canada its home fortax purposes.
In this increasingly common practice called “inversion,” corporations shift their headquarters overseas to avoid paying U.S. taxes. They avoid paying their fair share of taxes by designating themselves as foreign corporations on paper, all while benefiting from the legal protections, infrastructure, and workforce available in the United States.
We need commonsense reforms to close down these tax havens that cost our country revenue and cost American jobs. First, we need to lower the statutory corporate income tax rate so that it is comparable with our global competitors – the rest of the nations in the Organization for Economic Co-operation and Development (OECD).
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