Tag Archives: Carl Levin

Washington likely to keep close watch on tax loophole as Burger King seeks to become Canadian

https://twitter.com/USCitizenAbroad/status/504576683551105024

Once again President Obama demonstrates his contempt for the law by noting that if he doesn’t like the results of the law, he has no respect for the law.

And on the Levin front:

Ohio Senator Sherrod Brown urged people to boycott Burger King over its move to relocate to Canada and eat at rival Wendy’s or White Castle instead. Meanwhile, Senator Carl Levin said he believes Burger King risks a backlash from its customers that would outweigh any tax benefit.

Of course, the U.S. could simply amend it’s tax laws to make them compatible with the rest of the world (that is if there is world outside the U.S.)

Financial Post | Business

MONTREAL • Corporate America is making a mad rush to the exits in a bid to lower its tax bill. But experts say the odds of political intervention in the stampede have increased as a result of a U.S. burger icon’s plans to become Canadian.

U.S.-based Burger King Worldwide Inc. has confirmed it is in talks to take over Canadian doughnut and coffee maker Tim Hortons Inc. The new company would be headquartered in Canada, making Burger King the latest U.S. company wanting to relocate to a lower-tax jurisdiction through a so-called inversion strategy.

My attitude is, I don’t care if it’s legal. It’s wrong

It’s an issue that’s gotten enormous attention in the United States. “They’re declaring they’re based someplace else even though most of their operations are here,” U.S. President Barack Obama said of the trend in July. “My attitude is, I don’t care if it’s legal. It’s…

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Hunting U.S. citizens abroad – How the banks help the IRS – FATCA Training Videos

These come from a comment to a post that I did at the Isaac Brock Society.

The comment notes that:

Harks back to the days of the Nazis scouring through records looking for Jewish “indicia.”

Thanks Carl Levin.

“Hitching a ride” – FATCA – The Trojan Horse of the Hire Act – Updated with Roger Conklin comment

Hitching A Ride – Is A “Trojan Horse” Provision Legitimate?

 

 

In order for legislation to have “moral force”, it should at a minimum:

1. Be read by legislators prior to it becoming law; and

2. Not contain provisions that are unrelated to the main purpose of the legislation – i.e. NOT “hitch a ride”

“Hitching a ride”** is especially easy if the Congressmen don’t read the legislation.  Nancy Pelosi commenting in relation to Obamacare, noted that it was important for Congress to pass the bill, so that the American people (and presumably Congress) could learn what was in it.

FATCA is unrelated to the  purpose of the HIRE Act. It simply “hitched a ride” into the Hire Act. Who knows how many Congressmen read and understood the Hire Act prior to voting in favor of it? Provisions that “hitch a ride” into legislation are analagous to  soldiers left inside a Trojan Horse*. Once the primary legislation takes effect, the “hitchhiker provisions” will be unleashed on an unsuspecting public.

FATCA has been referred to as the “neutron bomb” of international finance. It is the most dangerous act of American Imperialism ever.  It will  hasten the demise of the U.S. as a world power. Continue reading