Unpatriotic companies are moving their headquarters overseas (Burger King to Canada) and people are blaming Obama for these corporate inversions?
A company buys a foreign subsidiary, and then through the magic of paperwork proclaims itself to be a foreign company now owned by the subsidiary, all for the purpose of paying less in taxes.
Congress estimates that inversions will cost the treasury almost $20 billion over the next 10 years. Obama is against this tax loophole and will support legislation that mandates a company must be more than 50-percent owned by a foreign entity to escape U.S. taxes. Sounds reasonable enough, but of course Republicans disagree.
Anyone surprised? GOP senator Rob Portman calls these corporations "economic refugees." Well then, since the Supreme Court has ruled that corporations are people, shouldn't we stick to our normal policy and send them back to where they came from? Wait a minute, that's here!
We know how conservatives feel about individuals who take advantage of government programs they're legally entitled to. They call them "parasites" and "takers." But when it comes to corporations, which on a much larger scale screw the U.S. government while still enjoying all the infrastructure and security benefits said government provides, they argue the company is more competitive when it puts it's headquarters overseas.
The corporate tax rate is 35 percent, yet most corporations pay 16 percent or less. And it will never be low enough to suit their "patriotism."
Republicans are entitled to their own opinions but not their own facts.