When Walmart is No. 1, the rest is ‘sickening’
When Walmart was No.1 in the nation in sales in 2017, the company did so despite a $1.4 billion tax bill.
The same year, Walmart had a $2.2 billion tax hit.
It now appears to be a $3.3 billion tax cut for the company.
But Walmart’s CEO said in an interview with CNN’s Fareed Zakaria that the company’s sales had grown “significantly” over the past year despite a tax bill that could amount to $1 trillion.
Walmart is one of the world’s biggest retailers, with more than 1,500 stores in 25 countries.
The company has said it plans to keep selling products to help offset the tax bill, but it has also been facing a wave of lawsuits from its suppliers.
Earlier this year, a group of former employees of the company sued for $100 million in back wages and $10 billion in punitive damages after they were fired.
The tax plan unveiled by President Donald Trump is being described as a boon to the industry and the Trump administration said it would make sure American workers are not ripped off.
“This tax relief will help Americans invest in their families, raise wages, create jobs and make sure that Americans are able to afford to pay their fair share of taxes, said President Donald J. Trump, Jr. “We’re not going to allow these corporations to make a fortune, and we’re going to put our workers back to work.
“Walmart did not immediately respond to a request for comment.