Burger King will buy Canada’s Tim Hortons for $11 billion, the U.S. chain announced Tuesday morning. The acquisition will allow Burger King to effectively dodge U.S. taxes by moving its headquarters from Miami to Canada, where the corporate tax rate is 15 percent, compared to 35 percent in the U.S. This “inversion” move lets companies transfer money earned outside of the U.S. to the parent company without paying additional U.S. taxes, USA Today explained. Democrats, including President Obama, have called the move unpatrotic. The new company will be the world’s third-largest fast-food chain, with $23 billion in sales and more than 18,000 restaurants in 100 countries.
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