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.

http://www.forbes.com/sites/kellyphillipserb/2015/12/07/wal-mart-sues-puerto-rico-over-astonishing-and-unsustainable-tax-increase/

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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