Burger King Flees US Taxes to Expand Domain
Burger King announced plans Tuesday to buy the Canadian food chain Tim Hortons Inc., and relocate its headquarters to Canada.
"By bringing together our two iconic companies under common ownership, we are creating a global (quick service restaurant) powerhouse," USA Today quoted Alex Behring, executive chairman of Burger King.
The fast food chain is the latest U.S. business looking at relocating its headquarters to avoid high American business taxes.
President Barack Obama and other Democrats have criticized businesses for wanting to move outside the United States to cut their tax bill because it means less money coming into Washington.
But others say the U.S. business tax rate is far too high and the U.S. corporate tax system needs to be changed to help businesses succeed.