NEW WALMART TAX CUT DATA: Walmart Receives $373 Million Tax Break, Corporate Tax Rate Drops To 19% Thanks to GOP Tax Bill

FOR IMMEDIATE RELEASE: 
Thursday May 17, 2018

PRESS CONTACT:
press@notonepenny.org

Washington, D.C. — Today, Walmart released its quarterly earnings report which showed Walmart’s tax rate dropped from 33% in Q1 of 2017 to 19% in Q1 of 2018. As a result of the TrumpTax, the drop in tax rate gave Walmart an additional $373 million in tax breaks.

Walmart also reported total revenue of $122.7 billion, an increase of $5.1 billion from the previous quarter.

“It is unconscionable that millions of American families struggling to get by are still paying higher tax rates than one of America’s biggest and wealthiest corporations,” said Tim Hogan, spokesperson for Not One Penny. “It is the ultimate insult to working families across the country who will lose access to Medicaid, Medicare, and education all to pay for more tax cuts for giant corporations like Walmart.”

As companies increase investments in shareholder buybacks to record levels and continue to outsource work, Walmart’s tax cut windfall is more likely to create jobs abroad inplaces like India. Donald Trump and Republicans in Congress promised that middle-class American workers would feel the positive impact of the GOP tax bill, but data shows that Americans rightfully believe that the TrumpTax has overwhelmingly benefitted wealthy individuals and corporations at the expense of working families.

Earlier this year, Walmart announced it was closing 63 Sam’s Club stores, laying of 9,400 employees, a lot of them with no notice.

Walmart’s CEO, Doug McMillon, made $22.8 million in salary last fiscal year, over 1,188 times the median pay of an employee at the company.

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