In what critics are calling a "tax inversion deal," Burger King is moving its headquarters from Miami to Canada after reaching an agreement to buy the Canadian based doughnut company, Tim Hortons. Canadian corporate tax rates are 25% compared to a much higher 35-40% tax rate in the United States.
Burger King CEO, Daniel Schwartz claims the move will not save Burger King money on its' tax bills and the move is about growth, not saving money. President Obama has long criticized American companies who choose to make such moves.
Burger King's Facebook page, after the deal was announced, was proliferated with criticism about the move. Burger King later responded with a post: "We hear you. [Burger King] will continue to pay all of our federal, state and local U.S. taxes. The Whopper isn't going anywhere."