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Tuesday, August 26, 2014

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Chanson de Roland

I wish that I did patronize Burger King so that I could boycott it, but I don't, because I never could stomach that sauce on its burgers, which always makes me sick.

I am in accord with the editor, Mr. Jenkins, that inversion is too clinical a term which hides what Burger King is doing, which is being a tax cheat, though their inversion seems legal. So if Burger King wants to pay only a foreigner's taxes and thus leave the rest of us to make up the difference and pay for their workers’ social benefits, let's boycott it and try to prevent the merger or, failing that, inflict such damage to Burger King's revenues as to force it back to the U.S. or force it into other U.S. hands.

And let's call Burger King and other U.S. companies, which use inversion to unfairly avoid paying the already ridiculously low corporate taxes, what they are: Tax cheats.

And why isn't Congress fixing this. The U.S. Congress should close this grossly unfair loophole. These firms enjoy all of the benefits and protections of the United States, but then do an inversion so that they don't have to pay their otherwise legally mandate U.S. taxes, and, after the inversion, will still enjoy most of the rights and privileges that they would have had as American firms. Congress can and should fix this so that a firm pays according to where its assets are located and its revenues are earned. Or is this another instance where Congressional Republicans and perhaps Democrats refuse to close loopholes in corporate taxation, even where, as here, the loophole allow firms to enjoy the benefits of America, while paying the taxes of a foreign firm?

Where are now the deficit-hawk Republicans to oppose this deficit increasing loophole of inversion? Or do Republicans only reduce the deficit on the backs of poor and middle class Americans by taking the benefits of their social safety net (e.g. Medicare, Medicaid, school grants and loans, welfare, food stamps, etc.), while leaving the corporate social safety net not only untouched but expanded.

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