World’s Richest Family Takes $180 Million More From Americans
The Wal-Mart heirs, who make up the world’s richest family by far, are expected to collectively dodge as much as $180.6 million in federal income taxes, thanks to aggressive pursuit of tax benefits set to expire Dec. 31, 2012.
In a move that received little attention due to the Black Friday Strike coverage, the Wal-Mart board announced Nov. 19 that it will rush payment of its quarterly dividend, giving shareholders their bonuses on Dec. 27, instead of Jan. 2 as previously scheduled
, reports the New York Times.
|What a difference six days makes.
The Walton family, which founded Wal-Mart, could save as much as $180 million in federal income taxes after the huge retailer announced Monday that it would pay out its quarterly dividend on Dec. 27 instead of Jan. 2, as was scheduled.
The change will allow the family and other Wal-Mart shareholders to record the income this year, when the federal tax rate on dividends tops out at 15 percent. Next year, if the Obama administration and Republicans are unable to reach a compromise, that rate is set to jump sharply to 39.6 percent. High earners will have to pay an additional 3.8 percent on most investment income to help pay for the new federal health care law, bringing the total possible tax bite to 43.4 percent.
Early Dividend for Wal-Mart Is Latest Move in Tax Scramble - NYTimes.com
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The Walton family’s 2012 take of the pie is estimated at a combined $636 million. After taxes, the Walton family should net $540.6 million from the Dec. 27 payment, saving the family $180.6 million over paying the taxes next year as scheduled (based on figures tax attorney Kenneth K. Bezozo supplied to the New York Times).
The three Walton family members who sit on Wal-Mart’s board recused themselves from the vote, which doesn’t seem to deflect much suspicion about who’s backing the tax avoidance action. Each of the Walton family board members will make tens of millions off the early dividend payment.
Keep in mind that these people do not need a tax break. Instead, they should readjust their notions of what’s fair considering American consumers, workers, land grants, and infrastructure made them rich. The Walton family, who pay most of their workers minimum wage with sparse benefits, have a combined wealth of $102.7 billion
, which is 49% GREATER than the wealth of the #1 richest person in the world (Carlos Slim, worth $69 billion according to Forbes).
Walmart files a complaint against striking workers and at the same time
moves to dodge taxes and steal $180 Million from taxpayers. Money that shoulda went to the foodstamp programs their workers depend on($2.66Billion in foodstamps and medicare
just to walmart employees
). This is why we need a federal living wage law.
This from the same corporation that just suspended 3 workers with pay
for murdering a shopper accused of stealing (video below). Pure Evil.