Corporate Welfare for Walmart

Walmart has decided to slow down the growth of its retail stores and focus more on building its online presence so it can do battle with Amazon. To execute that strategy, the company needs warehouses around the country so it can ship merchandise quickly to its customers.

Recently, the state of Pennsylvania announced that Walmart, already planning one facility in Bethlehem, Pennsylvania, will build another in the same town – a combined investment of $96 million.

To facilitate this investment, Pennsylvania is giving Walmart $6.3 million worth of tax credits – that is, a discount of $6.3 million on its state tax bill over the next ten years.

Isn’t it awfully nice of Pennsylvania taxpayers to lend a helping hand to a company that last year had $473 billion – that’s billion – in sales and turned a profit of more than $30 billion – that’s billion?

So it took more than 2000 years, but it looks like another miracle has taken place in Bethlehem – this time, a miracle that brings together the charitable spirit of a state government that’s obviously flush with cash and a beleaguered company that can barely stagger forward from year to year.

Advertisements
Post a comment or leave a trackback: Trackback URL.

Comments

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: