Burger King and the Whopper About Taxes ( Left Lies)

http://pjmedia.com/instapundit/ ^ | August 26 2014 | By Megan McArdle

[Para-Ord.45]

" The purpose of an inversion has never been, and never could be, and never will be, "ooh, Canada has a 15 percent tax rate, and the U.S. has a 35 percent tax rate, so we can save 20 points of taxes on all our income by moving." Instead the main purpose is always: "If we're incorporated in the U.S., we'll pay 35 percent taxes on our income in the U.S. and Canada and Mexico and Ireland and Bermuda and the Cayman Islands, but if we're incorporated in Canada, we'll pay 35 percent on our income in the U.S. but 15 percent in Canada and 30 percent in Mexico and 12.5 percent in Ireland and zero percent in Bermuda and zero percent in the Cayman Islands."

What is he talking about? The U.S., unlike most developed-world governments, insists on taxing the global income of its citizens and corporations that have U.S. headquarters. And because the U.S. has some of the highest tax rates in the world, especially on corporate income, this amounts to demanding that everyone who got their start here owes us taxes, forever, on anything they earn abroad.

This is a great deal for the U.S. government, which gets to collect income tax even though it’s not providing the companies sewers or roads or courts or no-knock raids on their abodes. On the other hand, it’s not a very good deal for said citizens and corporations...

[Theoria]

At the time, the national debt was around 1 tril. .Gov debt almost doubled with Reagan. Bush almost doubled it again under his watch. And Obama will almost double it under his. Not really impressive if that is your point.

[Still Thinking]

Oh yeah, Zorro is definitely worse than Carter. Carter had some wrong beliefs but I don’t think he intentionally set out to destroy America and as many Americans as possible. More of a starry-eyed naivete/incompetence thing.

[griswold3]

you are correct
3G Capital, a private equity firm and Berkshire (Warren Buffet) teamed up to take H.J Heinz private. They announced the elimination of 600 jobs just a year ago with this move.