Wal-Mart makes money from the American people and receives massive benefits from the United State’s government, but it just isn’t enough.
Hiding the fact from the public, it has come to our attention that the giant retailer has over $76 billion in overseas tax hideouts. None of these were mentioned in Wal-Mart’s annual report. The figures show that the company has saved nearly $3.5 billion on tax bills.
The approximate figure of 3,500 stores in other countries such as China, Japan, Central and South America, and other locations are owned and managed by Wal-Mart subsidiaries in Luxembourg, the Virgin Islands, Curacao which creates a tax shelter for the massive retail mega-monster corporation.
A spokesman from Wal-Mart claims this outlook is biased. He claimed that Wal-Mart is transparent and follows all tax rules for the countries they do business in and also comply with all SEC and IRS rules.
It does seem that a company that receives so much of its profits from the United States should also be supporting the tax system instead of dodging it. That is what a company like Handy believes in.