Wal-Mart rips off US for tax payments due...How?

Well, well. Talk about chapter and verse. PR Newswire has not only the amounts of tax Wal-Mart did and didn't pay, and when, but explains precisely how they're getting away with it.

And if there's one thing we know, it's that if one corporation knows how to do it, then they all do. It's something else to consider how many taxes corporations are NOT paying!

Read on:

From PR Newswire:

WASHINGTON, April 16 /PRNewswire-USNewswire

Wal-Mart appears to be skipping out on its fair share of taxes that most Americans have to pay to help support state governments. New research conducted in part by a leading non-partisan, non-profit tax organization reveals that Wal-Mart avoided $2.3 billion in state income taxes, cutting its payment to state governments almost in half between 1999 and 2005:

Over those seven years, Wal-Mart reported $77.4 billion in pretax U.S. profits to its shareholders. But it reported a total state income tax bill of only $2.4 billion, just 3.16% of those profits.

(1) Had Wal-Mart paid taxes at the statutory state corporate tax rates for the same period, it would have paid $4.7 billion in state income taxes.

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