Burger King, Tim Hortons merge into whopper-sized firm
Charles Schumer Canadian tax Georgetown New York
Burger King, now based in Miami, has confirmed plans to to buy Canadian coffee-and-doughnut chain Tim Hortons, and will move its headquarters to Ontario, Canada.
Automatically Generated Transcript (may not be 100% accurate)
00:01 Tim Hortons -- in the Burger King Fries. We'll still
00:05 look the same the change will come at the top Burger
00:08 King is still going to be located their headquarters in Miami.
00:12 But they're gonna say that their world headquarters. Are somewhere. It's
00:16 all part of a strategy by Burger King something commonly known
00:20 as inversion. Berg talking and other American companies have to pay
00:23 a lot of corporate taxes in this country. So the --
00:26 and for Burger King is -- in for itself as technically
00:30 Canadian company so it can pay -- lower Canadian tax rates.
00:34 And as the Georgetown capital raising Duchscherer told what explains it
00:38 is perfectly legal it generally saved the company tens and tens
00:42 of millions of dollars a year every single year legislation in
00:45 our nation's capital right now proposes to make inversion illegal --
00:49 some lawmakers don't like the idea of a company painless one.
00:53 To the public expects New York senator Charles Schumer told two
00:57 on your side in a statement at the Burger King Tim
00:59 Hortons merger is. Yet another striking example of the need to
01:03 address corporate tax and versions and look forward to working with
01:06 my colleagues towards a comprehensive. And that will combat this egregious
01:11 cost cutting four.