I thought this was amusing:
Walmart is the beneficiary of billions of dollars per year in federal subsidies, according to a new report [PDF] from the non-partisan, progressive group Americans for Tax Fairness.
The report estimates that Walmart and the Walton family—which co-founded the company and still owns a majority share—collectively profit from nearly $7.8 billion per year in federal subsidies and tax breaks.
“This report shows that our current system is anything but fair – rather it provides special treatment to America’s biggest corporations and richest families leaving individual taxpayers and small businesses to pick up the tab,” the report concluded.
The $7.8 billion includes an estimated $6.2 billion in public assistance for low-wage Walmart employees, including programs like food stamps, subsidized housing, and Medicaid. It also includes an estimated $70 million per year in “economic development subsidies” from state and legal governments eager to host Walmart in their cities.
Walmart spokesperson Randy Hargrove described the report as “not accurate,” citing a detailed response to its main points on Forbes.com. The author of the response, columnist Tim Worstall, described the report as “fantastical nonsense” and took issue with the claim that welfare acts as an effective subsidy for Walmart.
“The existence of these welfare payments means that the reservation wage rises. That is, an employer needs to pay people more to come into work because they get an income (however low that is) whether they work or not,” Worstall wrote.
I don’t think I’ve seen a company refer to something of mine in that manner before.