One of the main campaign points that Obama kept hammering Mitt Romney with in 2012 was that he moved jobs overseas by moving companies out of the US. Joe Biden, like the good parrot he is kept repeating the same exaggerations.
During the election I pointed out that during Obama’s first term and under his leadership, the US government was awarding defense contracts to companies outside the US and that Stimulus money was going to foreign nationals so they could open up a luxury car dealership in the Ukraine.
Now we can add to Obama’s hypocrisy and desire to destroy America in that his tax increases are driving a number of businesses to relocate to other countries such as Canada. The latest in what most likely will be a long line of businesses to pack up and move is Burger King.
On Sunday, officials with the home of the whopper announced that they are in talks to hopefully purchase the Canadian donut and coffee chain Tim Horton’s. In Canada, Tim Horton’s is as popular as Krispy Kreme and Dunkin’ Donuts combined. If the sale goes through, the combined companies would be worth over $18 billion.
The merging of the two companies is not the only part of the deal. Burger King announced that they would also relocate their headquarters to Canada where the taxes are lower. Corporate tax rates in the US run around 35% where as in Canada they run around 15%. With companies the size of Burger King, you are talking about millions of dollars being saved.
Taking over a foreign company and then relocating to that company for tax purposes is referred to as inversions, which is a growing trend among a number of US based companies. One example of an inversion was when Pfizer purchased Astra-Zeneca and then moved their headquarters to Great Britain for tax purposes.
The growing number of inversions is causing concern for Obama. According to Treasury Secretary Jacob Lew, Obama is considering taking measures to stop inversions from taking place and force companies to remain here in the US. Lew also indicated that Obama will most likely use an executive decision of some kind in order to circumvent getting Congress involved.
His measures are further proof of his socialist dictatorial agenda. It’s also proof that Obama wants everything his way or no way. He would rather destroy companies and force them out of business by taxing them to death rather than allow them to relocate to another country where they can financially continue to operate.
Personally, I’m thrilled with the idea of Burger King moving to Canada since they came out with their open support for gay rights and same-sex marriage. Let them take their liberal anti-Christian and immoral ways up north.