This week, Wal-Mart Puerto Rico, Inc. filed a lawsuit against the Commonwealth of Puerto Rico in an effort to overturn a tax law known as Act 72, which Walmart says is discriminatory, and violates federal laws and the U.S. Constitution. The case is Wal-Mart Puerto Rico Inc. v. Zaragoza-Gomez, 15-cv-3018, U.S. District Court, District of Puerto Rico (San Juan).
According to the complaint, Wal-Mart PR operates 55 Walmart Stores, Sam’s Clubs, Supercenters, Super Ahorros, and Amigos stores in Puerto Rico, which collectively produce an annual net income of $49,450,000. The complaint further alleges that Act 72 will tax away 91% of this net income, or roughly $45 million.
According to the complaint, this tax rate is triple what Walmart is paying around the world.
On the face of it, Walmart has a reasonable point. However, I do have one question:
Are we really to believe that 55 Walmart, Sam’s Club, Super Ahorros and Amigos stores each generate only $900,000 in profit per store?
In other words, each of these stores is making less than $2,420 per day in profit?
Pres. Harry Truman once said, “There are lies, damn lies, and then there’s statistics.” This statistic does not pass the smell test.
I would like to see Walmart prove that each of its superstores makes less than $2,420 per day in profits.
The only accountant who could prove that, is named the Great Houdini.
And Houdini is dead.
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Walt mart is the epitame of capilatism at work where profits are abave principles n decency
Fuck them, they are sending every night millions of dollars to the states that don’t stay here. If they don’t like the taxes, go to china, Dominican republic and other places to see if they make so much money. Mexico wants them out!!!!!
Agree with your comments….
Reblogged this on It Is What It Is and commented:
These are the stores that most Puerto Ricans buy their stuff at! There are not that many other options in a 100×35 miles island. There again …. screw Puerto Rico!!