Wal-Mart Has $76 Billion in Overseas Tax Havens, Report Says
Source: Bloomberg
Wal-Mart Stores Inc. owns more than $76 billion of assets through a web of units in offshore tax havens around the world, though you wouldnt know it from reading the giant retailers annual report.
A new study has found Wal-Mart has at least 78 offshore subsidiaries and branches, more than 30 created since 2009 and none mentioned in U.S. securities filings. Overseas operations have helped the company cut more than $3.5 billion off its income tax bills in the past six years, its annual reports show.
The study, researched by the United Food & Commercial Workers International Union and published Wednesday in a report by Americans for Tax Fairness, found 90 percent of Wal-Marts overseas assets are owned by subsidiaries in Luxembourg and the Netherlands, two of the most popular corporate tax havens.
Units in Luxembourg -- where the company has no stores -- reported $1.3 billion in profits between 2010 and 2013 and paid tax at a rate of less than 1 percent, according to the report.
Read more: http://www.bloomberg.com/news/articles/2015-06-17/wal-mart-has-76-billion-in-overseas-tax-havens-report-says
And why America does not have the funds to spend on infrastructure, in addition to blowing it's tax receipts on the military budget.
merrily
(45,251 posts)tunnels, airports, etc. more than someone making $30K a year.
Ah, those corporate welfare cheats.
Divernan
(15,480 posts)Walmarts low-wage workers cost U.S. taxpayers an estimated $6.2 billion in public assistance including food stamps, Medicaid and subsidized housing, according to a report published to coincide with Tax Day, April 15.
Americans for Tax Fairness, a coalition of 400 national and state-level progressive groups, made this estimate using data from a 2013 study by Democratic Staff of the U.S. Committee on Education and the Workforce.
On the other side of the coin is Walmarts huge share of the nationwide SNAP, or food stamp, market. Walmart told analysts last year that the company has captured 18 percent of the SNAP market, it reads. Using that figure, we estimate that the company accounted for $13.5 billion out of $76 billion in food stamp sales in 2013.
http://www.forbes.com/sites/clareoconnor/2014/04/15/report-walmart-workers-cost-taxpayers-6-2-billion-in-public-assistance/
I also recall postings of photos of signs in Walmart stores asking its employees to contribute food for fellow employees.
Very slick moneymakers/profiteers - those Waltons of Arkansas.
merrily
(45,251 posts)Digusting.
Divernan
(15,480 posts)awoke_in_2003
(34,582 posts)they get $13 billion in SNAP money, and probably pay zero tax on that.
jamzrockz
(1,333 posts)We all know that Walmart avoids paying gas tax, car registration fees and all other fees that are designated for fixing roads and infrastructure.
If anything the extra money would more likely be used to buy more bombs, fund rebel groups in countries we dont like or even used to fund other companies tax holiday policies like we did for the big bans after the economic collapse.
I am not trying to defend walmart but the idea that this money many of which were probably made from oversea stores would be used mainly in infrastructure repair/upgrade is just absurd.
merrily
(45,251 posts)However, now that you've raised the issue, I assume that it would be used the same way taxes from someone making 30K a year are used.
secondvariety
(1,245 posts)basically $76 billion hidden in bank accounts instead of actual tangible "assets". I would love to hear from a politician his explanation of why this is a good thing for America.
Igel
(35,309 posts)Probably shell companies that own assets, some liquid and some real, in yet other countries. Look at the profit from Luxembourg vs the likely amount of assets owned there.
NBachers
(17,110 posts)Let them process all the waste produced by their packages and shoddy products; the sewage generated by their customers.
Let them create their own security force to prevent hijackings and control crime on their property.
Do they own the atmosphere their trucks are spewing into?
Do they have their own private fire-fighting force?
Fuddnik
(8,846 posts)Most of their stores are built using "tax-increment" funding. This is a deal, usually worked out with local and state governments, where Walmart finances the building and land by keeping sales tax receipts of the store until the cost is recovered.
It's called Jobs! Jobs! Jobs!, but it's really Steal! Steal! Steal!
NBachers
(17,110 posts)logosoco
(3,208 posts)know what they look like), and i hear my elderly Aunt and mother-in-law telling me how cheap the prices are there. Even when I tell them or show them what we pay for things elsewhere.
This type of corporate behavior brings us all down, and some of us don't even see the problem.
brush
(53,778 posts)I mean the way they treat their workers, they'd want to be better corporate citizens.
But on second thought, having 76 billion in overseas tax havens is in line with their character you know, who cares about the country, they're not about paying their fair share of taxes.
Nice going there Walton siblings, greed looks good on you (my sarcasm gif should be here not working).
Dont call me Shirley
(10,998 posts)Octafish
(55,745 posts)Important history from 1992 campaign:
Bush Ventures to Clinton Turf, Honors Sam Walton
Republicans: The trip to Arkansas is billed as nonpolitical. The gravely ill Wal-Mart founder is given the Medal of Freedom.
by Douglas Jehl
Los Angeles Times, March 18, 1992
BENTONVILLE, Ark. On the day Arkansas Gov. Bill Clinton emerged as the prohibitive favorite to win the Democratic presidential nomination, President Bush visited the governor's home state on a trip he insisted had nothing to do with politics.
Bush made the journey to present the Medal of Freedom, the nation's highest civilian honor, to one of its richest men, Sam Walton, the gravely ill 73-year-old founder of Wal-Mart Stores.
SNIP...
Walton, who built the Wal-Mart empire from one store to a $9-billion fortune, now is confined to a wheelchair, and Bush choked up during the ceremony at the company's headquarters in Bentonville as he praised the entrepreneur as an emblem of "America's success."
"I think it's important that all Americans understand that some things are going very, very well in the United States of America," Bush said. "And one of those things is Wal-Mart."
SNIP...
Wal-Mart has retained its Arkansas roots even as it has grown beyond the region. The chain also has links to the Clintons--the governor's wife, Hillary, has a substantial financial stake in the company and serves on its board of directors.
Walton's family has generously supported many of Clinton's past campaigns. This year, Walton has contributed the legal maximum of $1,000 to both Clinton and Bush.
CONTINUED...
http://articles.latimes.com/1992-03-18/news/mn-3841_1_sam-walton
Walmart continued to grow since then, making the heirs of Sam Walton very wealthy. Most everone else in the USA has not done so well.
Cryptoad
(8,254 posts)Yessssirreee,,,,,,Real Americans, them Walmart Oligarchs !
dpatbrown
(368 posts)Repugnant and criminal. I have no doubt this is common practice with corporations. Pay the best CEO's and lawyers tons of money to find ways to cheat. And more appalling, is the right wing corporate puppets always screaming about "government", at the same time protecting this kind of vulgarity.
mountain grammy
(26,621 posts)got a job at Walmart 6 years ago. It's part time, but she does work about 30 hrs/week. She started at $9/hr six years ago and is now up to a whopping $9.50. She enjoys her co workers and customers, and says the manager is a good person who actually tries not to screw everyone, but, she says, company policies suck.
She shops elsewhere. She says she does enough for Walmart working for low wages while ringing up thousands of dollars per hour on the cash register.
corkhead
(6,119 posts)on point
(2,506 posts)And just say no to a tax holiday to bring home these earnings which were Ccumulated by gaming the system
Take away all incentives, and actually penalize, the corps that play these games
vkkv
(3,384 posts)Fucking PISSES ME OFF! !!
wordpix
(18,652 posts)Maybe DOJ just handles soccer corruption
grahamhgreen
(15,741 posts)Sunlei
(22,651 posts)ago in the USA. Drives small local stores out of business.
MisterP
(23,730 posts)heck, Apple's $60B stock buyback would fill in SF-LA already once you stick it into bonds
juajen
(8,515 posts)copious tears as his dream is becoming a nightmare of greed on the part of his children, who are enjoying the empire he built with none of the love of country and responsibility to it, that he embodied.