For Immediate Release: September 18, 2018
Contact: Amy Ritter, (202) 251-5907
Congress Demands Answers From Walmart On How Trump Tax Cuts Impacted Workers
Letter signed by 13 Representatives points out Walmart’s authorization for $20 billion in stock buybacks while many workers still make poverty wages
Washington, D.C.— Making Change at Walmart released the following statement in support of over a dozen members of congress sending a letter to Walmart CEO Doug McMillon demanding answers on how the Tax Cuts and Jobs Act has impacted Walmart employees. Prior to the letter’s submission, MCAW provided members of congress with hundreds of testimonies from Walmart workers whose wages fall far below the company’s average claim of $13.75 an hour.
“Almost immediately after the Trump tax cuts were approved, Walmart’s board sought to stuff the pockets of its shareholders by authorizing up to $20 billion in stock buybacks,” says MCAW communications director Amy Ritter. “Meanwhile, the company still has no long-term solutions to address the fact that many of their employees are struggling in poverty.”
Ritter added: “Walmart continues to prove it is an irresponsible corporation that will, given the opportunity, choose rewarding executives and shareholders over the welfare of the hard-working men and women who make its stores successful.”
MCAW also provided testimony on wage stagnation at Walmart, as well as the negative impacts of Walmart’s inadequate benefits, irregular scheduling, and elimination of holiday pay.
Signed by Reps. Jan Shakowsky (D-IL), Mark Pocan (D-WI), Raúl Grijalva (D-AZ), Rosa L. DeLauro (D-CT), Gene Green (D-TX), Brian Higgins (D-NY), Pramila Jayapal (D-WA), Marcy Kaptur (D-OH), Barbara Lee (D-CA), Eleanor Holmes Norton (D-DC), Bobby L. Rush (D-IL), Tim Ryan (D-OH), and Mark Takano (D-CA), the letter details how the company approved a $20 billion stock buyback plan while doing comparatively very little for their workforce.
The letter, mailed to McMillon on September 13th, further calls attention to the astonishing 1,188 to 1 ratio between Walmart CEO McMillon’s 2017 compensation and the average Walmart worker’s, stating “it is not clear how your corporation is using your expected $2.2 billion in annual tax cuts to help your more than 1.4 million workers in the U.S.”
The members are asking McMillon to respond to the letter and corresponding questions by no later than September 28, 2018.
Read the full letter below: