It’s been two and a half years since Walmart announced its so-called “U.S. manufacturing initiative”, which means it’s time for another PR-heavy, Walmart manufacturing “summit,” this one in Bentonville, Arkansas on July 7th and 8th. Undoubtedly, Walmart will use the summit to deliver feel-good talking points to the media, so this seems like a good time to review some facts about Walmart’s impact on the U.S. manufacturing sector, past, present and future.
Today, Americans for Tax Fairness (ATF) released a new report entitled The Walmart Web: How the World’s Biggest Corporation Secretly Uses Tax Havens to Dodge Taxes. The report details Walmart’s previously unreported use of subsidiaries in tax havens to avoid paying taxes.
Update, February 23, 2015: Today, as the bill became law, Walmart finally broke it’s silence and said that it opposes SB 202. Unfortunately, as you will read below, this comes after pouring money into those who supported the bill, including Gov. Hutchinson who allowed the bill to become law. We think it is worth noting that, if the company really wanted to help stop the law, they could have spoken out before the day the bill became law and encouraged their political and business allies to do the same.
It looks like the Walmart heirs’ multi-milion dollar investment in Teach for America is causing some young teachers-to-be to think twice about the group and its agenda. In Friday’s New York Times, Motoko Rich writes that Teach for America has experienced a 10% drop in applications over the prior year, breaking a 15 year growth trend for the organization. Among the reasons cited for the drop are increasing criticism of TfA, it’s funders, and its close alliance with the charter school movement.
The Waltons – who became the richest family in the world by inheriting Wal-Mart – are going to make a stealth appearance in the State Of The Union tonight when President Obama discusses his proposals to close tax loopholes that unfairly benefit the ultra-rich.
Is it a good idea for America to send qualified, yet underprivileged and lower-income students, to college? The answer is indisputable: yes.
By Molly McGrath and Brad Markell
The new Forbes 400 list of the richest people in America is out today and the four Walton heirs who own Walmart are all in the top ten once again.