Walmart is the largest private employer in the world. In 2014, Walmart made more money than any other corporation on earth. For the past three years in a row, Walmart ranked first on the Fortune 500 list of the world’s largest companies by revenue.
Yet in Puerto Rico, Walmart claims to be in “distress” and unable to pay its corporate taxes to the island.
This “distress” is difficult to believe. In 2014, Walmart generated $486 billion in revenues and had a net profit of $16.182 billion.
This net profit of $16.182 billion, is higher than the Gross Domestic Product of 81 entire countries, as listed by the United Nations:
Here is a chart of Walmart net profits over the past 20 years:
In 2014, the CEO of Walmart (Doug McMillon) was paid $26 million.
In 2012, Walmart paid its top executives and board members $66.7 million.
Walmart has received tax preferences and subsidies, from the government of Puerto Rico, for the past ten years.
Everyone knows that the price of consumer goods in Walmart are wildly inflated due to the Jones Act, by a factor of 15-20%.
Due to this enormous profit, there are more Walmart stores in Puerto Rico, per square mile, than anywhere else on the planet.
Now suddenly, precisely when Puerto Rico runs out of money, Walmart chose to sue Puerto Rico because its “taxes are too high.”
They filed their lawsuit one week after the FBI arrested 10 high-ranking government officials and businessmen in Puerto Rico, on charges of financial corruption.
They filed it two weeks after Gov. Garcia Padilla submitted his legislation for a five-member Financial Control Board, to take over the government of Puerto Rico.
They filed it one month after the Senate of Puerto Rico approved the privatization of the island’s public school system.
They filed it one month before Puerto Rico owed a $945 million bond payment, to several savage hedge funds.
Last week, Walmart won its lawsuit against Puerto Rico. They succeeded in lowering the taxes that they will pay to the island…and to making the island pay back tens of millions of tax dollars to Walmart.
The only conclusions to be drawn from all this, are the following:
For a history of the War Against All Puerto Ricans, read the book…
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