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A Burger King boycott? Senator takes a stand against corporate inversions.

 After Burger King announced its plans to buy Canada鈥檚 Tim Hortons and move north, Ohio鈥檚 Democratic Senator Sherrod Brown has called for his constituents to eat at Ohio-based burger chains instead. If Burger King鈥檚 plan succeeds, it would become the world鈥檚 third-largest fast food company. 

Congress is in recess until Monday, September 8. The Daily Deduction will resume its regular schedule when Congress returns.

鈥�.鈥澨�础濒补蝉办补苍蝉听鈥揵arely. The state grants a corporate income tax credit for qualified oil and gas service-industry expenditures.听听would have repealed the credit available under the state鈥檚 Oil and Gas Production Tax, but the referendum was rejected by a narrow margin after absentee votes were tallied. Oil companies spent millions of dollars opposing听 the measure.

鈥�鈥� to the鈥� next floor?听An Atlanta-based firm, First Data, leases space on the 39th floor of a Jersey City, N.J. office building. When First Data raised the possibility of relocating back to Georgia,听听New Jersey听听in state tax credits over the next 20 years if it agreed to stay. Now, the firm will move upstairs instead of down south, taking over the 40th floor of the Jersey City building. The move promises to bring new jobs to the city: a total of 74.

鈥淟et them eat Wendy鈥檚 or White Castle!鈥澨�After Burger King announced its plans to buy Canada鈥檚 Tim Hortons and move north, Ohio鈥檚 Democratic Senator听. He wants folks to dine at Ohio-based burger chains instead. If Burger King鈥檚 plan succeeds, it would become the world鈥檚 third-largest fast food restaurant company with global sales of $22 billion. It could also save a bundle on taxes.听could be avoided with a country-by-country global minimum tax rate.

Or, US multinationals鈥� taxable profits could be based on worldwide sales.听鲍苍诲别谤听鈥�single sales factor apportionment,鈥� a multinational would report income for all its worldwide entities and be taxed on a share of its total worldwide profits. In other words, if half of Burger King鈥檚 global sales occurred in the US, half of its global profits would be taxed at the US corporate tax rate, no matter where it is legally incorporated. TPC鈥檚听into this tax method in his review of听听by Michael Udell and Adithi Vashist.

How does the income tax system affect economic growth?听Could tax reform boost the economy? TPC鈥檚 Bill Gale and the Andrew Samwick of Dartmouth鈥檚 Nelson A. Rockefeller Center will share findings from their new paper on the issue on Tuesday, September 9, at听. The Center on Budget and Policy Priorities鈥� Chye-Ching Huang and the Tax Foundation鈥檚 William McBride will comment on the paper. You can听听or tune in to the live webcast.

础蹿迟别谤听Citizens United, what is the correct tax treatment of political activity?听Catholic University鈥檚听Roger, and recommends ways Congress could prevent the laundering of political dollars through tax-exempt nonprofit organizations.

鈥�鈥� for the federal debt?听You might not be able to sing along, but this new three-minute animated short tells听about the federal debt. It鈥檚 from the new听听at the Brookings Institution and distills research from TPC鈥檚 Bill Gale and the University of California at Berkeley鈥檚 Alan Auerbach.

Now that you know, you鈥檙e prepared for the next fiscal fight on the Hill.听TPC鈥檚听听the Congressional Budget Office鈥檚 latest spending projections and deficit forecast. 鈥淚f Republicans win control of the Senate and retain dominance in the House, don鈥檛 be surprised to see a fundamental battle over spending beginning next spring. Remember, for many in Congress, the deficit isn鈥檛 the issue. It is the size of government.鈥�

Interested in subscribing to听, the Tax Policy Center summary of the day鈥檚 tax news? Sign-up听听for free access. If you鈥檇 like to tell us about a new research paper or have any comments about our new feature, write us at听dailydeduction@taxpolicycenter.org.

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