So, the left is completely freaking out over Burger King re-imagining itself as a Canadian company. Among the Democrats freaking out because their anti-business policies are driving US companies to other countries is Democrat congressional candidate Sean Eldridge. Eldridge is running for Congress from New York state after building a personal fortune by
starting a successful business that created thousands of jobs marrying a dude who was friends with Mark Zuckerberg at Harvard and cashed in when Facebook went public.
Echoing Democratic talking points on tax policy, Eldridge called Burger King’s attempts to reduce its tax burden “unpatriotic.”
The company announced this week that it will acquire Canadian fast food chain Tim Horton’s and shift its corporate headquarters north of the border. The move, commonly known as a tax inversion, will allow Burger King to pay Canadian corporate tax rates, which are substantially lower than American ones.
Eldridge did not say whether investors in the deal are also unpatriotic. They include his husband, Facebook co-founder Chris Hughes, who owns between $50,000 and $100,000 in Tim Horton’s stock, according to Eldridge’s financial disclosure forms.
Eldridge rejected the suggestion that America’s corporate tax rate, the highest in the developed world, is pushing companies abroad.
“We have the highest tax rate in the world, thirty-five percent, but the average is companies pay in the teens,” he told the Daily Mail, a newspaper in Hudson, N.Y. “Some pay almost nothing.”
So, hold on a minute:
1. BK is “unpatriotic” for setting up shop in Canada in order to pay lower taxes than they would in the USA.
2. The US tax code doesn’t need to be reformed, because companies like BK really don’t pay higher taxes in the USA.
Come on, which is it?