Burger King has been the talk of the net over past two months for various reasons. Bradley Cooper made it a subject of conversations when he was spotted flipping burgers there, as reported by The Inquisitr.
Then, the cult favorite ‘Chicken Fries’ returned to the retail chain, after a hashtag campaign proved you can “have it your way.” Unfortunately, not all news is good news, and not everyone is happy with the fast food giant.
In fact, a boycott has been called against Burger King because of their pursuit of a merger with Tim Hortons Inc. The merger would move Burger King’s headquarters from Miami-Dade, Florida to Oakville, Ontario.
Burger King’s move from American to Canadian citizen is not sitting well with some people, more specifically, Ohio Senator Sherrod Brown.
The merger was announced on Sunday, according to The Inquisitr.
Burger King has announced plans to acquire Tim Hortons Inc. Following the merger, the fast-food company will become the third-largest in the world, with an estimated market cap value of $18 billion.
On Sunday, company executives announced plans for the merger. Burger King will move their headquarters out of the United States, as Tim Hortons is a Canadian company.
The news did not sit well with Senator Brown. In fact, he not only called for a boycott but suggested alternatives in his boycott call against Burger King. Roll Call reported Monday evening:
“Burger King’s decision to abandon the United States means consumers should turn to Wendy’s Old Fashioned Hamburgers or White Castle sliders. Burger King has always said ‘Have it Your Way’; well my way is to support two Ohio companies that haven’t abandoned their country or customers.”
The move has been described as “Corporate Inversion” or ” “Tax Inversion.” Essentially, it would refer to a company’s headquarters moving to a lower tax country to modify its tax liability.
Sherrod Brown’s call has riled up Americans who tend to view any move, such as this, as “corporate greed.” Typically, these calls come about because of American companies moving their manufacturing over seas.
In this case, Burger King would be moving their headquarters only. Many feel that America is not competitive in the world, when it comes to taxes and regulation. The American corporate income tax has risen over time to at 39 percent.
This tax is one of many, after state, local, Alternative Minimum Tax, and various other regulations. The US ranks as the highest Corporate income tax in the world.
President Obama recently weighed in on decisions, not unlike the one Burger King is making right now. It was from the President’s weekly address from last month.
“Even as corporate profits are as high as ever, a small but growing group of big corporations are fleeing the country to get out of paying taxes. They’re keeping most of their business inside the United States, but they’re basically renouncing their citizenship and declaring that they’re based somewhere else, just to avoid paying their fair share.”
“That’s why, in my budget earlier this year, I proposed closing this unpatriotic tax loophole for good. “
Senator Sherrod Brown had a different approach to the Burger King and Corporate Income tax issue. According to Roll Call, He called for an “immediate fix” that he describes as:
“a long term solution that lowers corporate tax rates while instituting a country-by-country global minimum tax.”
So, are you banning Burger King? Do you agree with the President or Senator, or what is your plan?
[ Images Via OECD And CSPN Screenshot]