A new report from the Center for Tax Fairness has uncovered some unflattering information about retail giant Walmart. It turns out that the big box store has been hoarding cash overseas in order to avoid paying taxes in the U.S.
Walmart is the largest corporate in the world, and they pulled in about $482 billion dollars in revenue last year alone. But that isn’t enough for them, and they certainly don’t want the U.S. government taking a slice out of that, so they’ve created a secret network of 78 different subsidiaries across the globe to hide their assets from the IRS.
According to the report, these 78 subsidiaries house $76 billion dollars, and all of them are located in countries that do not have a single Walmart store. The company has set up 5 of these phony subsidiaries in Luxemburg just this year.
Ring of Fire’s Farron Cousins discusses this.