This just in: Walmart used a tax loophole to get you and me to pay millions to executive fatcats in undeserved bonuses. How do you like that?
You probably don't like it at all, because you know that on top of that, you also fork over your tax dollars to maintain the company's system of low wages, which require Medicaid, food stamps, and other public assistance to sustain workers who do not earn enough to live on. Not to mention what you pay to maintain the roads and infrastructure Walmart uses to do business. Or what you pay to educate its workforce through public schools. Etc, etc. etc.
Walmart workers can't afford to feed their children, but things are sure different at the top of the Walmart food chain, where executives gobble up stratospheric sums for doing a piss-poor job.
According to a new report by the Institute for Policy Studies (IPS) and Americans for Tax Fairness (ATF) Walmart managed to finagle $104 million in taxpayer subsidies over a six-year period due to tax deductions for “performance-based” executive compensation. Eight top executives were able to rake in more than $298 million in “performance pay” that was fully tax deductible.
The report release comes just days before Walmart’s annual shareholder meeting on Friday, June 6.