Walmart is the beneficiary of billions of dollars per year in federal subsidies, according to a new report [PDF] from the non-partisan, progressive group Americans for Tax Fairness.
The report estimates that Walmart and the Walton family—which co-founded the company and still owns a majority share—collectively profit from nearly $7.8 billion per year in federal subsidies and tax breaks.
“This report shows that our current system is anything but fair – rather it provides special treatment to America’s biggest corporations and richest families leaving individual taxpayers and small businesses to pick up the tab,” the report concluded.
The $7.8 billion includes an estimated $6.2 billion in public assistance for low-wage Walmart employees, including programs like food stamps, subsidized housing, and Medicaid. It also includes an estimated $70 million per year in “economic development subsidies” from state and legal governments eager to host Walmart in their cities.
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4 comments:
Yeah they do. Not only that but they teamed up with reid and company to get the ranchers off the NV property. One of the reasons given for the roundup being necessary was because the Walton Family Foundation pulled a $400,000 grant until all the cattle were removed. Don't buy into their conservative BS. All these large capitalists are financing this communist/socialist/ fascist takeover we are slowing experiencing.
If they closed the borders while reducing the welfare handouts, these folks would move on to different jobs that might offer a few pennies more per hour...as it is the labor market for these kinds of jobs is saturated with folks willing to take lower wages knowing the gubmint is holding their hands....
11:36-Walmart along with "big food" were the biggest lobby when it came to expanding the food entitlement benefits a few years ago. It benefitted not only more of their employees but their grocery sales as well.
The labor market is "saturated" with these jobs because you people cheered when politicians taxed and regulated manufacturing companies right out of business (and right out of the U.S.). You cheered as your stock in Campbell's Soup went up at the same time they laid off thousands and thousands of American workers because they could make soup cheaper in Mexico. Did the price of soup go DOWN?? NO! It went up. You cheered. We are now a debt ridden, service (!!) oriented country. Working part-time, minimum wage jobs, while BILLIONAIRES complain they can't afford health care for their employees or pay them enough to pay the rent AND buy food.
Keep cheering.
It won't help much, however, when those part time people show up at your house for some full time looting.
And please don't preach "capitalism" to me. We don't have "capitalism" any more. Capitalism made our country the greatest economic power the world has ever seen. "Corporatocracy" --- corporations bribing our "representatives", like Harry Reid, (but not "your guy", of course, wink wink) to pass laws and regulations that make them even richer (at the expense of everyone else and at the eventual expense of our very country) is what we have now. ONE family, the Waltons, are worth almost 200 BILLION (!) and they can't afford to pay more than mimimum wage or give their employees a VIABLE health care plan?
Keep cheering. Your stock portfolio and your real estate won't save you. Neither will your iron gates, electronic entrances, or your 8 ft fence.
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