Back in 1995, Tim Horton's had entered into a merger of sorts with Dave Thomas' Wendy's based in Ohio. Horton's largest shareholder, Ron Joyce, became the largest shareholder of the merged firms. By 2006, the controlling interest of the Wendy's shares spun out their Tim Horton shares in an IPO.
Burger King isn't an "American company." It's owned mostly by Brazilians, 3G Capital of Brazil, which acquired a majority stake in BK back in 2010.
It's true that Chairman Alexandre Behring works out of a New York City office, but it is laughable to call Burger King an American company, even if the BK HQ sits in Miami-Dade County, Florida.
Brazillian-owned Burger King exports to the USA when they sell burgers at any of the restaurants situated in the USA. Their investments in exports to the USA provides jobs, buys USA-sourced products and more.
Why should Brazilian-owned BK pay taxes to the U.S. Congress on income earned in Mexico and Spain, two countries where BK leads in fast food sales?
In an increasingly globalized world, one which the U.S. Political establishment established through Nixon going to China and expanded through the World Trade Organization, the U.S.-Canadian Free Trade Agreement, the expanded NAFTA, and numerous other FTAs, this is what happens.
The U.S. Congress needs to awaken to a globalized commercial reality. The craziness of taxing Americans who earn income in foreign lands while living there needs to flat out stop. It's time to stop taxing anyone who earns income in foreign lands while domiciled there.
And for those living in the good ol' USA, no one should be required to pay more than 10% of his or her income to all government levels combined — The U.S. Congress, a state legislature, a county, a municipality.
And since the USSC recognized corporations as persons, way back in 1885, no corp should be required to pay more than 10% of its income in taxes.
In the U.S.A., politicians make all the rules that define all the markets. Many would like to blame the CEOs of corporate entities that adjust to the realities of a globalized commercial world as greedy. Those who do, point fingers at the wrong people.
THE GREEDY ARE THE ONLY PROBLEM THE WHOLE EARTH OVER.
Bloomberg has it wrong. It's not the IRS that sets the tax policy, it's the greedy U.S. Congress. If Obama were any kind of a leader, he would call on Congress to change its tax policy and call for smaller government needing less tax collection.
THE GREEDY ARE THE ONLY PROBLEM THE WHOLE EARTH OVER.
Bloomberg has it wrong. It's not the IRS that sets the tax policy, it's the greedy U.S. Congress. If Obama were any kind of a leader, he would call on Congress to change its tax policy and call for smaller government needing less tax collection.
Gab It
