A group of U.S. senators wants Burger King Worldwide to scrap its plans to invert, or move its tax domicile to Canada, as part of a deal to purchase coffee and donut chain Tim Hortons Inc. Burger King announced in August plans to buy the Canadian restaurant chain for $11.5 billion. Canada has a lower corporate tax rate than the United States, and it does not require companies based there to pay extra taxes on income earned abroad, so the deal was expected to yield tax savings.Dick Durbin, the No. 2 Senate Democrat, and four other lawmakers argue that move is unfair because many Burger King workers count on programs such as Medicaid and food stamps that rely on taxpayer funding.They also said, in a letter to Burger King Chief Executive Officer Daniel Schwartz that was dated Thursday, that the burger chain uses taxpayer-supported roads, food safety inspectors and other perks of doing business in the United States."Now, after profiting from these taxpayer-funded benefits, Burger King intends to move its tax address overseas to avoid paying its fair share for these benefits," the group said in the letter, which was viewed by Reuters.
Burger King Worldwide, Inc. is a fast food hamburger restaurant, under the Burger King brand. Shares of BKW fell by 1.44% or $-0.46/share to $31.39. In the past year, the shares have traded as low as $18.86 and as high as $34.20. On average, 1599350 shares of BKW exchange hands on a given day and today's volume is recorded at 1625544.
Tim Hortons Inc., is a quick service restaurant in North America. Shares of THI fell by 0.02% or $-0.02/share to $80.85. In the past year, the shares have traded as low as $50.67 and as high as $82.16. On average, 945084 shares of THI exchange hands on a given day and today's volume is recorded at 1030811.
Tim Hortons Inc., is a quick service restaurant in North America. Shares of THI fell by 0.34% or $-0.3/share to $88.42. In the past year, the shares have traded as low as $56.12 and as high as $89.99. On average, 790435 shares of THI.TO exchange hands on a given day and today's volume is recorded at 928522.
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