Expecting $2 Billion A Year From GOP Tax Bill, Walmart Lays Off Nearly 10,000 Workers, Boosts CEO Pay to Over $22 Million
Walmart Could Pocket As Much As $2 Billion Annually, Thanks to Trump Tax Cuts
Nearly 6 Months Since Passage of GOP Tax Bill, Walmart Lays Off Nearly 10,000 Workers in Over Two Dozen States
FOR IMMEDIATE RELEASE:
Wednesday, May 30, 2018
WASHINGTON, D.C. — Ahead of Walmart’s annual meeting today, Not One Penny spokesperson Tim Hogan released the following statement:
“With a massive giveaway from the Republican tax bill, Walmart continues massive layoffs — with nearly 10,000 Americans now out of a job in more than half the states in the country. But their CEO will get yet another raise with a salary that’s now 1,118 times that of Walmart’s median worker. No amount of theater at today’s shareholder meeting can hide the fact that President Trump’s tax bill is benefiting this massive corporation, its CEO and its shareholders at the expense of working families.”
Shareholders will gather in Rogers, Arkansas today for Walmart’s annual general meeting, where they will vote on CEO Doug McMillon’s pay package of $22.8 million — up nearly half a million dollars from the previous year and 1,118 times Walmart’s median worker.
Walmart could pocket as much as $2 billion a year from the GOP tax bill. The company got a tax cut of nearly $400 million in the first quarter of 2018 alone compared to what it would have paid under its previous tax rate.
In the time since the President’s tax legislation was signed into law, Walmart has laid off nearly 10,000 people in more than two dozen states.
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