Workers & Economic Inequality

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Broken levy: How U.S. tax law encourages inversions

TCF fellow Edward D. Kleinbard has been quoted in an article about corporate tax inversions on The Deal.

An innocuously named species of transaction has inspired a political furor this summer. After a number of U.S. companies announced plans to move overseas in so-called inversion deals, Sen. Carl Levin proposed banning them outright. President Barack Obama called the companies unpatriotic. Because of the controversy, Walgreen Co. backed away from structuring its $18 billion purchase of Alliance Boots GmbH as an inversion, while the possibility that inversions will be barred may be pushing other U.S. corporations to consider doing them.

Read more: Broken levy: How U.S. tax law encourages inversions - The Deal Pipeline (SAMPLE CONTENT: NEED AN ID?) http://www.thedeal.com/content/regulatory/broken-levy-how-us-tax-law-encourages-inversions.php#ixzz3BcWepoZp

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Tags: taxes, tax inversions, corporate taxes, corporate tax, corporate profit

Is the Burger King-Tim Hortons Deal About More Than Taxes?

TCF fellow, Edward D. Kleinbard has been quoted in an article about Burger King moving its headquarters to Canada on The New Yorker.

On Tuesday, Burger King confirmed that it had agreed to acquire Tim Hortons for eleven billion dollars and would be moving its headquarters to Canada. When the two companies first acknowledged their discussions on Sunday night, one common reaction was: Canada? Tim Hortons, a coffee-and-doughnut chain named after the hockey player who founded it, is known among Canadians for its signature coffee and among people everywhere else for its Canadianness—that is, if it’s known at all.

For years, the chain has tried, and failed, to do more business outside of Canada. Although it makes sense that Tim Hortons might benefit from combining with Burger King, which has done much better in the U.S. and abroad, people have had a hard time understanding the appeal for Burger King—not only of acquiring Tim Hortons but of moving its headquarters up north.

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Tags: taxes, tax inversions, corporate taxes, corporate tax, corporate profit

Warren Buffett is ‘betting against America’ on Burger King. Or is he?

TCF fellow, Edward D. Kleinbard has been quoted in a LA Times article about Warren Buffett's investment in the Burger King corporate inversion deal.

Back in February, in his annual message to shareholders in his company Berkshire Hathaway, Warren Buffett said this:

"Who has ever benefited during the past 237 years by betting against America? ... America's best years lie ahead."

You can expect these words to be thrown back in Buffett's face this week (as we're doing), as word spreads of his investment in a corporate "inversion" deal, in which Burger King will relocate its tax home to Canada.

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Tags: taxes, tax inversions, corporate taxes, corporate tax, corporate profit

Politics and Reality Radio: Edward D. Kleinbard discusses his new book

TCF fellow, Edward D. Kleinbard talks about his soon-to-be released book about Government spending, as well as his thoughts on corporate taxes, on Politics and Reality Radio.

Listen to the full podcast below:

Tags: taxes, taxation, tax system, government spending, corporate taxes, corporate tax, corporate profit

Top tax expert: Companies moving abroad to please shareholders

TCF fellow, Edward D. Kleinbard has been quoted in a Washington Examiner article about corporate tax inversions. 

Companies aren't fleeing the United States because of a lack of tax competitiveness, a top tax expert says. They're leaving to use the trillions of dollars in cash they hold abroad to boost their stock prices.

That argument by Ed Kleinbard, former chief of staff of the Joint Committee on Taxation, bolsters the case for Congress to move quickly on legislation favored by the White House and Democrats to stop so-called corporate "inversions," in which a U.S. company buys a firm in a low-tax country and then makes that country the new parent company’s headquarters.

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Tags: taxes, taxation, tax inversions, corporate taxes, corporate tax, corporate profit

Tax burden is not as heavy as it looks

TCF fellow, Edward D. Kleinbard has been quoted in an article about corporate tax inversions in The Buffalo News.

For years, chief executives have complained bitterly about the United States corporate tax code, arguing that it is too complicated and that rates are too high.

The issue has reached a near boiling point this summer as many large American companies have sought to buy smaller foreign rivals so they can renounce their U.S. corporate citizenship and reincorporate overseas to lower their tax bills. Others are considering the move, known as an inversion.

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Tags: taxes, taxation, tax system, tax inversions, corporate taxes, corporate tax, corporate profit

 

Workers & Economic Inequality

Workers & Economic Inequality

In recent decades, and especially since 2000, the richest Americans have enjoyed soaring income and wealth while the rest of the population's living standards have stagnated. The Century Foundation was one of the first institutions to raise serious concerns about these trends and propose ideas for improving economic conditions for all Americans- not just the fortunate few.

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