More American companies are purchasing foreign businesses and reincorporating outside the U.S. to lower their taxes. Warren Buffet is financing Burger King's proposed inversion to buy Canada based Tim Hortons doughnut chain and relocate Burger King's headquarters from Miami to Toronto Canada. President Barack Obama has denounced inversion deals, calling for "economic patriotism and saying that companies that do enter into such transactions are "corporate deserters." Over the years, Buffet has been a vocal advocate for Obama, particularly backing Obama's effort to increase taxes on the rich and close tax loopholes.
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