I’m sure they’ll be donating all the money they make off the deal to the treasury department.
Via the Washington Free Beacon:
Democratic congressional candidate Sean Eldridge lashed out on Tuesday at fast food company Burger King for supposedly dodging U.S. taxes, but his husband, whose fortune is financing the congressional run, stands to benefit financially from the move.
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.
Tim Horton’s stock has shot up more than 25 percent since Burger King announced the acquisition.
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.”