Burger King is moving to Canada. The American fast food chain is buying Tim Horton’s in an $11 billion cash-and-stock deal and will incorporate over the border. It’s an obvious tax inversion move. Or is it? According to Burger King’s CEO Daniel Schwartz, “We don’t expect there to be meaningful tax savings or a meaningful change in our tax rate.”
from The Great Debate:
How expensive are those everyday low prices? How much do things really cost on that fast-food restaurant's dollar menu? The answer is more than you think, but maybe not for the reason you think.
from Expert Zone:
(Any opinions expressed here are those of the author and not of Thomson Reuters)
Much was expected from Budget 2014/15 without realizing that India’s economy has its own rhythm, which changes only by small degrees if left to itself. That is why big-ticket reforms are necessary to quicken the pace. Finance Minister Arun Jaitley had reason to move forward with caution and make changes only at the fringes.
Summer is the peak season for both traveling and new construction, so it’s just about the worst imaginable time for the country’s transportation funding to be on the verge of running out. On Tuesday, Transportation Secretary Anthony Foxx sent letters to the heads of all 50 state transportation agencies, telling them that the federal Highway Trust Fund would start to dry up by early August, leaving states on the hook for most of their transportation costs. The Highway Trust Fund provides anywhere from 30-70% of transit money to states, and Foxx has estimated that the average state will lose 28 percent of its federal funding. President Obama, giving a speech under the Key Bridge in Washington, D.C., plugged his own $302-billion plan to replenish the trust fund by closing corporate tax loopholes.
The European Union, as we exclusively reported yesterday, has agreed on a framework for sanctions against Russia, including travel restrictions and asset freezes, which goes further than many expected. The list of targeted individuals is still being worked on but will be ready for the bloc’s foreign ministers to look at on Monday.
from Felix Salmon:
Back in January 2010, Barack Obama — flanked by Tim Geithner, Larry Summers, and Peter Orszag — unveiled a new tax on big banks, or a “financial crisis responsibility fee”, as he liked to call it. Of course, this being Washington, the initiative never got off the ground, and was largely forgotten — until now:
from Felix Salmon:
David Sirota has a very important scoop today: the PBS series “Pension Peril” has secretly* been funded by John Arnold, a billionaire powerbroker with an aggressively anti-pensions political agenda. This looks very bad for PBS — but it’s also bad for Arnold, who generally gets glowing press, and who would seem to have no good reason to have insisted on secrecy when writing the $3.5 million check that made the series possible.