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NeoConsSuck

(2,544 posts)
Wed Jun 17, 2015, 06:40 AM Jun 2015

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 wouldn’t know it from reading the giant retailer’s 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-Mart’s 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.
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Wal-Mart Has $76 Billion in Overseas Tax Havens, Report Says (Original Post) NeoConsSuck Jun 2015 OP
Why should WalMart contribute to infrastructure? It's not as though it uses roads, bridges, merrily Jun 2015 #1
Walmart workers got $6.2 BILLION in public assistance in 2014. Divernan Jun 2015 #2
You can look at that as a $6.2 billion annual taxpayer subsidy to WalMart's operating budget. merrily Jun 2015 #4
Walmart - the ultimate Corporate Welfare Queen! Divernan Jun 2015 #5
More than that... awoke_in_2003 Jun 2015 #26
Yea right jamzrockz Jun 2015 #19
I didn't post anything about how the money would be used. merrily Jun 2015 #21
So it's secondvariety Jun 2015 #3
Probably not. Igel Jun 2015 #7
Let them build their own port facilities and distribution infrastructure. NBachers Jun 2015 #6
Worse than that...... Fuddnik Jun 2015 #13
They have no reservations about clearing out & leaving the ruins behind when tax increments expire. NBachers Jun 2015 #14
When I read this , I picture the Waltons sitting with greedy faces (even though I don't really logosoco Jun 2015 #8
You'd think with all the other crappy stuff they do . . . brush Jun 2015 #9
Waltons = Welfare Queens Dont call me Shirley Jun 2015 #10
Love for Walmart is Buy Partisan Octafish Jun 2015 #11
,,, and yet they can't afford to pay their employees a Living Wage? Cryptoad Jun 2015 #12
If true, dpatbrown Jun 2015 #15
A good friend who needed to supplement her Social Security and pension mountain grammy Jun 2015 #16
Hillary has weighed in on Walmart corkhead Jun 2015 #17
Time to start taxing retained earnings and drain the swamp of this game on point Jun 2015 #18
13 TRILLION of U.S. Worker is sitting in OFFSHORE BANKS! vkkv Jun 2015 #20
obvious tax evasion - now what are you going to do about it, DOJ? wordpix Jun 2015 #22
What was Hilary's job when she worked for Walmart? grahamhgreen Jun 2015 #23
Walmart has many locations in other countries, mexico. Does the same thing there- like 20 years Sunlei Jun 2015 #24
that's enough for CAHSR plus spurs to SD and LV and the Sacramento loop MisterP Jun 2015 #25
Any defense of those crooks offends me. Sam Walton is shedding juajen Jun 2015 #27

merrily

(45,251 posts)
1. Why should WalMart contribute to infrastructure? It's not as though it uses roads, bridges,
Wed Jun 17, 2015, 07:00 AM
Jun 2015

tunnels, airports, etc. more than someone making $30K a year.



Ah, those corporate welfare cheats.

Divernan

(15,480 posts)
2. Walmart workers got $6.2 BILLION in public assistance in 2014.
Wed Jun 17, 2015, 07:17 AM
Jun 2015
Walmart’s 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 Walmart’s 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)
4. You can look at that as a $6.2 billion annual taxpayer subsidy to WalMart's operating budget.
Wed Jun 17, 2015, 07:24 AM
Jun 2015

Digusting.

 

jamzrockz

(1,333 posts)
19. Yea right
Wed Jun 17, 2015, 10:39 AM
Jun 2015

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)
21. I didn't post anything about how the money would be used.
Wed Jun 17, 2015, 11:52 AM
Jun 2015

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)
3. So it's
Wed Jun 17, 2015, 07:21 AM
Jun 2015

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)
7. Probably not.
Wed Jun 17, 2015, 07:47 AM
Jun 2015

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)
6. Let them build their own port facilities and distribution infrastructure.
Wed Jun 17, 2015, 07:27 AM
Jun 2015

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)
13. Worse than that......
Wed Jun 17, 2015, 08:44 AM
Jun 2015

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)
14. They have no reservations about clearing out & leaving the ruins behind when tax increments expire.
Wed Jun 17, 2015, 08:55 AM
Jun 2015

logosoco

(3,208 posts)
8. When I read this , I picture the Waltons sitting with greedy faces (even though I don't really
Wed Jun 17, 2015, 07:52 AM
Jun 2015

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)
9. You'd think with all the other crappy stuff they do . . .
Wed Jun 17, 2015, 08:08 AM
Jun 2015

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).

Octafish

(55,745 posts)
11. Love for Walmart is Buy Partisan
Wed Jun 17, 2015, 08:33 AM
Jun 2015


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)
12. ,,, and yet they can't afford to pay their employees a Living Wage?
Wed Jun 17, 2015, 08:36 AM
Jun 2015


Yessssirreee,,,,,,Real Americans, them Walmart Oligarchs !
 

dpatbrown

(368 posts)
15. If true,
Wed Jun 17, 2015, 09:08 AM
Jun 2015

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)
16. A good friend who needed to supplement her Social Security and pension
Wed Jun 17, 2015, 09:39 AM
Jun 2015

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.

on point

(2,506 posts)
18. Time to start taxing retained earnings and drain the swamp of this game
Wed Jun 17, 2015, 10:00 AM
Jun 2015

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

wordpix

(18,652 posts)
22. obvious tax evasion - now what are you going to do about it, DOJ?
Wed Jun 17, 2015, 12:27 PM
Jun 2015

Maybe DOJ just handles soccer corruption

Sunlei

(22,651 posts)
24. Walmart has many locations in other countries, mexico. Does the same thing there- like 20 years
Wed Jun 17, 2015, 01:36 PM
Jun 2015

ago in the USA. Drives small local stores out of business.

MisterP

(23,730 posts)
25. that's enough for CAHSR plus spurs to SD and LV and the Sacramento loop
Wed Jun 17, 2015, 02:37 PM
Jun 2015

heck, Apple's $60B stock buyback would fill in SF-LA already once you stick it into bonds

juajen

(8,515 posts)
27. Any defense of those crooks offends me. Sam Walton is shedding
Wed Jun 17, 2015, 08:49 PM
Jun 2015

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.

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