Posted on 08/01/2015 7:28:38 PM PDT by Second Amendment First
Even a company that named its top beer after a hero of the American Revolution may eventually forsake its home country.
Boston Beer Co., the maker of Samuel Adams beer and Angry Orchard hard cider, would be worth more to a foreign owner unburdened by the US tax structure, founder Jim Koch told a Senate committee on Thursday. Because of that, Koch says he regularly gets pitches from investment bankers looking to strike a sale. He’s been turning them down — for now.
“We don’t mind paying our taxes here in the US in gratitude for the opportunities that exist in this country and that I certainly have enjoyed — but don’t mistake that for good financial decision-making,” Koch said to the Senate Permanent Subcommittee on Investigations. “Because of our broken corporate tax system, I can honestly predict that I will likely be the last American owner of Boston Beer Company.”
The Senate hearing was focused on tax rules that might encourage US firms to move overseas and give foreign buyers an advantage. The United States taxes its companies at the highest rate in the industrialized world. Executives like Koch say that puts corporations at a disadvantage to foreign rivals who can spend more for acquisitions and keep more of their earnings.
There’s a stigma attached to ditching the United States for tax purposes, but many have decided that keeping their US address just isn’t worth it. Medtronic PLC and Mylan NV are among companies that have pursued tax-inversion deals in the past few years to move their headquarters from the United States to countries with lower tax rates.
(Excerpt) Read more at bostonglobe.com ...
Keep in mind that these guys were among those who un-sponsored the Boston St. Paddy’s Day parade due to the prohibition on homosexuals marching as homosexuals.
Bummer. I didn’t know Angry Orchard was a subsidiary of Boston Beer Co. Guess I’ll have to find an alternative. There’s nothing on the packaging denoting the connection. They should be ashamed of using Sam Adams’ name, too. Go sponsor another queer parade, maybe the pansies’ll help keep you afloat ya fricken’ sellouts.
If I could change my name to PilsnerUrquell76, I would.
And to think we started a revolution over a tea tax. Now we just hope they give us bread crumbs. Pathetic.
He’s also getting creamed by Yuengling in market share - especially considering Yuengling is only available in 13 states.
Was in PA couple of weeks ago and brought back two cases of Yuengling. Alas it is gone now.
Hornsby’s Crisp Hard Cider is, I think, superior to Angry Orchard. Not too sweet. 5.5% ABV.
It might help if Samuel Adams didn’t taste like battery acid.
Yuengling is not a bad beer.
He’s also getting creamed by Yuengling in market share - especially considering Yuengling is only available in 13 states.
wow i didn’t know that but lagers are much lighter than sams regular beer. at the insistence of my partner, we used to keep the bow of my sailboat trim with a few cases. the soling was ass heavy due to an outboard affixed on the stern. i prefer my local victory pils. its like the urquell
Guffaw! (As opposed to lol)
Typical liberal: Liberalosm for you but not for me.
Switch from Sam Adams lager to the Ale.
Our tax code needs to be totalled!
Greedy Capitalist. Funny coming from a Beantown liberal.
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