Cartoon

Bedfellows

JM Ashby
Written by JM Ashby

(Cartoonist - Kevin Siers)

In other news, a study conducted by the United Food & Commercial Workers International Union has uncovered over $76 billion in assets that Wal-Mart is housing in overseas tax havens. It's hardly breaking news that a company the size of Wal-Mart is hiding profits overseas, but it is a staggering amount of hidden assets for a company that complained about the $1 billion cost of raising their minimum wage by a dollar.

Some of the cases uncovered by the workers union are comical in a dark kind of way.

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.

All of Wal-Mart’s roughly 3,500 stores in China, Central America, the U.K., Brazil, Japan, South Africa and Chile appear to be owned through units in tax havens such as the British Virgin Islands, Curacao and Luxembourg, according to the report from the advocacy group. The union conducted its research using publicly available documents filed in various countries by Wal-Mart and its subsidiaries.

But the Job Creators have been Taxed. Enough. Already.

  • ninjaf

    Why do we not have a tax system for US Corporations that says your profits will be taxed, no matter where they are earned, unless you already pay taxes equal to or greater than the US tax rate in the jurisdictions in which they were earned? And other than the why, how about WHEN can we have that system?