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applegrove

(118,600 posts)
Wed Jun 4, 2014, 06:40 PM Jun 2014

"REPORT: Wal-Mart Heirs Give Next To Nothing To Their Charitable Foundation"

REPORT: Wal-Mart Heirs Give Next To Nothing To Their Charitable Foundation

by Hayley Peterson at Business Insider

http://www.businessinsider.com/report-wal-mart-heirs-skimp-on-charity-2014-6

"SNIP......................


Here are some key findings from the report, which examined 23 years of the foundation's activities:

Rob and Alice Walton (the son and daughter of Wal-Mart founder Sam Walton) made zero individual contributions to the Foundation during the 23 years examined

Jim Walton (Sam Walton's youngest son) made a single personal contribution of $3 million to the Walton Family Foundation more than 15 years ago

Rob, Jim, and Alice Walton and the family holding company they control (Walton Enterprises) have been responsible for only .13% of all contributions to the Walton Family Foundation ($6.4 million)


Read more: http://www.businessinsider.com/report-wal-mart-heirs-skimp-on-charity-2014-6#ixzz33iGWhau9



......................SNIP"
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"REPORT: Wal-Mart Heirs Give Next To Nothing To Their Charitable Foundation" (Original Post) applegrove Jun 2014 OP
Didn't one of them just spend millions on that new art museum? Michigander_Life Jun 2014 #1
I'm sure it was paid for AgingAmerican Jun 2014 #2
Walton's are greater enemies to average americans than ANY enemy this country randys1 Jun 2014 #4
"bring art to those who don't traditionally have access" - TBF Jun 2014 #7
A few thousand? Michigander_Life Jun 2014 #8
Tulsa has museums & you completely ignored my point TBF Jun 2014 #10
I posted about museum accessibility Michigander_Life Jun 2014 #12
I have no problem with art - and that is why I tied wages TBF Jun 2014 #13
You agree, though, right? Michigander_Life Jun 2014 #14
You're trying to have it both ways, alp227 Jun 2014 #20
It's not having it both ways Michigander_Life Jun 2014 #21
So why do you keep bringing up the art museum? nt alp227 Jun 2014 #26
No he/she is making excuses for Walmart - TBF Jun 2014 #22
Yes, but according to the website "General admission to Crystal Bridges is sponsored by Walmart"!! hatrack Jun 2014 #39
This message was self-deleted by its author TBF Jun 2014 #44
IKR ... TBF Jun 2014 #45
Imagine all the art museums we could build... JackRiddler Jun 2014 #16
^^^THAT RIGHT THERE^^^ BrotherIvan Jun 2014 #27
From the article: Chellee Jun 2014 #23
For the love of god maindawg Jun 2014 #24
The art museum is part of the miniscule amount they have done. TeamPooka Jun 2014 #37
That's part of the estate tax dodging muriel_volestrangler Jun 2014 #42
Why should they treat their foundation any better than their employees? valerief Jun 2014 #3
Here's the money quote, literally. KamaAina Jun 2014 #5
um *cough* Bill Gates *cough* BrotherIvan Jun 2014 #28
Exactly. Marr Jun 2014 #30
Yes, it is BrotherIvan Jun 2014 #31
I had not even thought of that. KamaAina Jun 2014 #32
"Foundations" are classic tax dodges BrotherIvan Jun 2014 #34
Not just that... JackRiddler Jun 2014 #35
Yes BrotherIvan Jun 2014 #36
Wait. Something's wrong here. tularetom Jun 2014 #6
I think it's just worded awkwardly A Little Weird Jun 2014 #9
Also Jim Walton's contribution was 15 years ago. nt TBF Jun 2014 #11
A foundation, good for what? Owl Jun 2014 #15
tax write-offs Retrograde Jun 2014 #18
Ah, yes, a board member. KamaAina Jun 2014 #33
I tried to write off meeting expenses when I was a board member Retrograde Jun 2014 #41
a tax writeoff - plus personal credit as being a "philanthropist" delrem Jun 2014 #19
Fuck the Walton Family Foundation JackRiddler Jun 2014 #17
People fund charitable foundations to avoid taxes. No taxes, no donations. n/t lumberjack_jeff Jun 2014 #25
What I don't get is "how much money do the Waltons need"? Jenoch Jun 2014 #29
I wonder locks Jun 2014 #38
I would love to say what I want to say. smirkymonkey Jun 2014 #40
du rec. xchrom Jun 2014 #43
 

Michigander_Life

(549 posts)
1. Didn't one of them just spend millions on that new art museum?
Wed Jun 4, 2014, 06:43 PM
Jun 2014

Any effort to bring art to those who don't traditionally have access to it is a plus in my book.

randys1

(16,286 posts)
4. Walton's are greater enemies to average americans than ANY enemy this country
Wed Jun 4, 2014, 06:55 PM
Jun 2014

has ever had including those of WWII

Their business and the Koch bros have done more harm to us on our soil than any enemy ever

TBF

(32,045 posts)
7. "bring art to those who don't traditionally have access" -
Wed Jun 4, 2014, 07:41 PM
Jun 2014

in Bentonville, Arkansas? OK, so that's a few thousand people.

I think it might make a little more sense to actually pay their employees in ALL states so they can enjoy things like local museums in the areas in which they live. Do you really think everyone making $7/hr is going to pack up the RV and head to Arkansas this summer?

 

Michigander_Life

(549 posts)
8. A few thousand?
Wed Jun 4, 2014, 07:52 PM
Jun 2014

Surely it's bigger than that (just checked, it's metro area is listed at 500,000).

And that is an area of the country without any high quality museums. In addition to all those rural areas, there are several medium sized cities within a half-days drive that I can think of -- Kansas City, Tulsa, Little Rock and Springfield, MO. Even St Louis, Memphis and Dallas are less than a 6 hour drive from there.

I'm not supporting Walmart by any stretch; but I do think that providing access to an incredible museum / art experience to an area where it is traditionally unavailable is worthy of praise.

TBF

(32,045 posts)
10. Tulsa has museums & you completely ignored my point
Wed Jun 4, 2014, 08:27 PM
Jun 2014

that if Walmart paid a living wage to ALL their employees they could enjoy their lives more wherever they live. Why did you intentionally try to steer the conversation away from wages?

 

Michigander_Life

(549 posts)
12. I posted about museum accessibility
Wed Jun 4, 2014, 08:30 PM
Jun 2014

You tried to steer it toward wages.

Art for All is a wonderful thing!

Slave wages is a terrible thing!

Both of these statements are true.

TBF

(32,045 posts)
13. I have no problem with art - and that is why I tied wages
Wed Jun 4, 2014, 08:32 PM
Jun 2014

to the conversation. Tied them together. It wasn't that much of a logical jump: if ALL Walmart employees were paid decently they could enjoy the museums in their own hometowns. One museum in Arkansas does not serve "ALL".

Enjoy your stay comrade.

 

Michigander_Life

(549 posts)
14. You agree, though, right?
Wed Jun 4, 2014, 08:38 PM
Jun 2014

That the museum has made a wonderful collection of art available to many people who traditionally wouldn't have access to it? And that is a good thing, no?

I suspect every single poster here has a negative opinion of Walmart because of their destructive, greed-driven business practices.

alp227

(32,015 posts)
20. You're trying to have it both ways,
Wed Jun 4, 2014, 09:27 PM
Jun 2014

which is it? Trying to excuse the Walton family "because art museum!" or condemn them for profiting off a shoddy business?

 

Michigander_Life

(549 posts)
21. It's not having it both ways
Wed Jun 4, 2014, 09:37 PM
Jun 2014

Bad people can do good things and good people can do bad things. The two issues don't cancel one another out.

hatrack

(59,583 posts)
39. Yes, but according to the website "General admission to Crystal Bridges is sponsored by Walmart"!!
Thu Jun 5, 2014, 09:16 PM
Jun 2014

What difference do Chinese prison labor and Indian child workers, a few thousand gutted communities, a few hundred thousand bankrupt family businesses and a few million miserable employees bowing to the Dread God Big BOHICA make compared with this amazing generosity, huh, Mr. Visigoth Art Hater??!?!!??

Response to hatrack (Reply #39)

 

JackRiddler

(24,979 posts)
16. Imagine all the art museums we could build...
Wed Jun 4, 2014, 09:13 PM
Jun 2014

if we expropriated 99% of these rent-sucking parasites' wealth, leaving them with millions of dollars each to enjoy their lives.

Chellee

(2,093 posts)
23. From the article:
Wed Jun 4, 2014, 09:47 PM
Jun 2014

The foundation has also poured roughly $1 billion into the Crystal Bridges Museum of American Art in Bentonville, Ark., a museum headed up by Alice Walton, the daughter of Wal-Mart founder Sam Walton.

Here are some key findings from the report, which examined 23 years of the foundation's activities:

Rob and Alice Walton (the son and daughter of Wal-Mart founder Sam Walton) made zero individual contributions to the Foundation during the 23 years examined


So to answer your question.... no.

muriel_volestrangler

(101,299 posts)
42. That's part of the estate tax dodging
Fri Jun 6, 2014, 04:45 AM
Jun 2014
The type of Jackie O. trust used by the Waltons doesn’t generate a break on income taxes. Instead, the big potential saving is on gift and estate taxes. When a donor sets one up, the IRS assesses how much gift or estate tax is due, based on how much of the trust’s assets will end up benefiting charity and how much will go to heirs. Most donors structure the trusts so that the heirs’ estimated leftover is zero or close to it.

The IRS makes its estimate using a complicated formula tied to the level of U.S. Treasury bond yields during the time when the trust is set up.

If the trust’s investments outperform that benchmark rate, then the extra earnings pass to the designated heirs free of any estate tax. The rate has been hovering near all-time lows since 2009. For trusts set up this month, it’s 1.4 percent.

With a big enough spread between the actual performance and the IRS rate, a Jackie O. trust can theoretically save so much tax that it leaves a family richer than if it hadn’t given a dime to charity.

http://www.bloomberg.com/news/2013-09-12/how-wal-mart-s-waltons-maintain-their-billionaire-fortune-taxes.html
 

KamaAina

(78,249 posts)
5. Here's the money quote, literally.
Wed Jun 4, 2014, 06:58 PM
Jun 2014
The report points to evidence that the Waltons use the foundation to avoid estate and gift taxes, as Bloomberg first revealed in September 2013.



 

Marr

(20,317 posts)
30. Exactly.
Thu Jun 5, 2014, 12:05 AM
Jun 2014

Last edited Thu Jun 5, 2014, 01:40 AM - Edit history (1)

The fact that they get positive PR out of those little scams is irksome.

 

JackRiddler

(24,979 posts)
35. Not just that...
Thu Jun 5, 2014, 03:01 AM
Jun 2014

They exercise enormous influence over the development of society.

They are how the robber barons co-opt, capture and turn progressive and charitable consciousness.

Sometimes, they are used to undermine democracy and wage covert war abroad in classic CIA fashion.

BrotherIvan

(9,126 posts)
36. Yes
Thu Jun 5, 2014, 03:15 AM
Jun 2014

They exert far too much influence and really got smart and co-opted the left. Straight out of the gilded age. I actually was banned from another democratic board for pointing out the lies in yet another PR puff piece about Gates and his wife in Africa. One person called me a misogynist for implying that Mrs. Gates was on board with the agenda. I can't believe how easily people fall for it.

tularetom

(23,664 posts)
6. Wait. Something's wrong here.
Wed Jun 4, 2014, 06:58 PM
Jun 2014

If Jim Walton made a $3 million contribution to the foundation and the total of all contributions is $6.4 million, that's almost 50% in itself.

Not to defend these bloodsuckers, but you'd think business insider would check their math a little closer.

A Little Weird

(1,754 posts)
9. I think it's just worded awkwardly
Wed Jun 4, 2014, 08:10 PM
Jun 2014

The Walton heirs have given a total of $6.4 million in personal contributions to the charity, which represents only 0.13% of the total amount of the charity. Jim Walton's $3 million is part of the $6.4 million.

The majority of the money donated to the charity has come from special trusts that were set up to allow the Walton's to use loopholes to avoid paying estate taxes.

Retrograde

(10,132 posts)
18. tax write-offs
Wed Jun 4, 2014, 09:23 PM
Jun 2014

Make yourself a board member, schedule board meetings in exotic places, deduct all your expenses as "charitable expenses".

 

KamaAina

(78,249 posts)
33. Ah, yes, a board member.
Thu Jun 5, 2014, 12:52 AM
Jun 2014

Much like being a board member at a corporation like Marriott (Mittwit). Or Walmart (Hillary)

Retrograde

(10,132 posts)
41. I tried to write off meeting expenses when I was a board member
Fri Jun 6, 2014, 12:19 AM
Jun 2014

of a very small local 501(c)3 organization - but a few bucks in mileage and $0.50 parking didn't make much difference!

 

JackRiddler

(24,979 posts)
17. Fuck the Walton Family Foundation
Wed Jun 4, 2014, 09:21 PM
Jun 2014

Last edited Thu Jun 5, 2014, 12:13 AM - Edit history (2)

Like the rest of the billionaire "philanthropic" foundations, it is devoted to the pet social engineering projects of its founder and controllers. This one is most heavily involved in sustaining the corporate school reform.

http://www.waltonfamilyfoundation.org/educationreform

This bogus movement, a war on teachers and children and the public education system, is largely the product of financing from Walton, Gates and the Broads. While there is a lot of neoliberal logic driving it, one wonders how powerful it would be without the ample foundation money creating most of the astroturf for it.

It makes no difference whether the Waltons put their swag into more luxury homes or a pretend charity. Either way, they are making the world a worse place. It doesn't even matter if the charity does good. They shouldn't have the money in the first place.

No one should wield this kind of money as a private individual. 99.999% of it should be expropriated through a 100% inheritance tax above a few million in assets. I'm not a fan of the state owning anything, so we need to come up with models of collective ownership of capital at the levels of localities, regions, industries, states and nations. Foundations should exist: but as bodies under the control of larger collectives than the whims of some robber baron who decides it's time to play "philanthropist" and reshape society according to his singular vision -- which almost inevitably means, according to his own economic interest disguised as some charitable project (like the Gates' promotion of more tech in education).

Who says they, or Gates, or Bloomberg, or Rockefellers, should decide what society becomes simply because they or their parents or their great-grandparents were successful in gathering wealth under the capitalist system? Fuck them all. They are the wealth hoarders.

 

Jenoch

(7,720 posts)
29. What I don't get is "how much money do the Waltons need"?
Wed Jun 4, 2014, 11:52 PM
Jun 2014

I think they don't pay better wages and benefits to their millions of emoyees is because the other billionaire retailers would come down on them for changi g the economics of retailing for the better.

I believe Costco has proven that a goodxwage and benefits is possible for huge retail operations.

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