Bentonville,AR. Wal-Mart Hiding Assets In Overseas Tax Havens
The group Americans for Tax Fairness has begun an online campaign to "Urge the Securities and Exchange Commission to Demand Full Disclosure of Wal-Mart's Offshore Subsidiaries in Tax Havens."
The group charges that “Wal-Mart has set up 78 shell companies in 15 tax havens. A principal reason a company uses offshore tax havens is to avoid paying its fair share of taxes here at home…Wal-Mart owns $76 billion in assets through just two notorious tax havens--Luxembourg and the Netherlands. This is shameful behavior by the largest employer in the United States and by a company majority-owned by one of the richest families in the World. It shouldn't be tolerated."
Here is a link to the Americans for Tax Fairness petition:
When Wal-Mart and other big corporations do not pay their fair share of taxes guess who picks up the tab ¬ you and me. Wal-Mart owes its success to the resources and services that are made possible through taxes: roads, bridges, schools, the legal system and everything else that helps the American economy thrive. But Wal-Mart ¬ and many other corporations ¬ increasingly use tax havens to avoid paying their fair share. We need to know whether Wal-Mart is skirting the law by using secretive tax havens and how much it is avoiding in taxes.
American taxpayers deserve a greater degree of transparency and demand full disclosure of Wal-Mart's offshore subsidiaries and how much the company is avoiding in taxes. We are calling on the SEC to determine if Wal-Mart is skirting the law when it comes to reporting its use of tax havens and using these tax havens to avoid paying taxes.
Average Americans and small businesses have to make up the difference when Wal-Mart doesn’t pay its fair share.
Americans for Tax Fairness says Wal-Mart has built a vast, undisclosed network of 78 subsidiaries and branches in 15 overseas tax havens. These may be used to minimize foreign taxes where Wal-Mart has retail operations and to avoid U.S. taxes on those foreign earnings. These tax-haven subsidiaries have remained largely invisible, in part because Wal-Mart does not list them in its annual 10-K filings with the Securities & Exchange Commission (SEC).
What you can do: Readers should add their name to the Americans for Tax Fairness petition:
To view the full report, link here: