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Wal-Mart Tax Struck Down
Investor's Business Daily Despite Press Claims To Contrary, Corporations Do Pay Their Taxes
Wednesday August 27, 2008 Full article Investor's Business Daily Excerpts: By most accounts, 2005 was a good year for the U.S. economy. The nation added more than 2 million jobs and the unemployment rate averaged less than 5%. Gross domestic product grew robustly, and corporate profits soared nearly 18%. But few people, including many in the media who report on the economy, understand what happened below the surface to produce those surprisingly good results.
smallest investment, on the Internet-Learn More-Click Photo CARPE DIEM Sunday, July 06, 2008 Wal-Mart Gets 6 Applications for Every Job Despite Press Claims To Contrary, Corporations Do Pay Their Taxes By STEVEN MALANGA | Posted Wednesday, August 27, 2008 4:30 PM PT By most accounts, 2005 was a good year for the U.S. economy. The nation added more than 2 million jobs and the unemployment rate averaged less than 5%. Gross domestic product grew robustly, and corporate profits soared nearly 18%. But few people, including many in the media who report on the economy, understand what happened below the surface to produce those surprisingly good results. Consider job growth. American businesses produced 31 million jobs in 2005, driven by on average 1.5 million firms every quarter that were expanding, and an additional 370,000 businesses that were starting up. Professor Mark J. Perry's Blog for Economics and Finance TAMPA, FL -- The temporary Wal-Mart Hiring Center had more than 2,000 jobseekers hoping to fill its 350 open positions in time for the new Supercenter's opening in August, according to one of the new Supercenter's co-managers. MP: When it gets 6 applicants for every job, doesn't that mean Wal-Mart's wages are too high, or at least competitive? That is, Wal-Mart could obviously lower wages and still have thousands, or at least hundreds of applications, and fill its positions. WakeUp Wal-Mart has a lot of complaints about Wal-Mart's wages and compensation, but the 2,000 Florida residents applying to work at Wal-Mart seem to welcome the job opportunities available there. In a previous CD post, I suggested that Wal-Mart was more selective than Harvard University. FORBES.COM Wal-Mart To The Rescue
6-6-08 Full article Forbes Tim Pollak and Marc Babej Excerpts: The White House still won't say we're in a recession. But it may be the only household in America that feels that way. Everyone who buys his own gas or shops for his own food or reads the local real estate listings or worries about his job sees his quality of life receding. It hasn't felt this bad in a long time. Consumer confidence--always an indicator, sometimes a self-fulfilling prophecy--is at a 28-year low. There is a palpable air of frustration as people look for silver linings and see only dark clouds, from the inexorable escalation of gas prices to the depressing decline of the dollar. At times like these, the nation looks for its leaders to provide both reassuring words and actions. But the administration is a lame duck with scarce ability to use its bully pulpit, and the challenging party tends to see its interests served by bad news.
AP "...Wal-Mart sales of groceries and items such as flat-screen TVs boost same-store sales BENTONVILLE, Ark. (AP) -- Wal-Mart Stores Inc. says sales of groceries and items such as flat-screen TVs boosted its same-store sales in April above Wall Street expectations. The world's largest retailer said same-store sales rose 3.2 percent, easily beating Wall Street's 2.1 percent growth forecast. Including fuel, same-store sales climbed 3.8 percent..." ASSOCIATED PRESS Wal-Mart expands low-price drug program By PEGGY HARRIS, Associated Press Writer Full article Peggy Harris AP Excerpts: LITTLE ROCK, Ark. - Wal-Mart Stores Inc., the world's largest retailer, announced Monday it would expand its discounted prescription drug program to offer 90-day supplies for $10 and add several women's medications at a discount. It also said it would lower the price of more than 1,000 over-the-counter drugs. The move marks the third phase of a company program that began in 2006 to provide a 30-day supply of generic prescription drugs for $4. The Bentonville-based company said the program has saved customers more than $1 billion. With the expansion, the company began filling prescriptions Monday for up to 350 generic medications at $10 for a 90-day supply at Wal-Mart, Neighborhood Market and Sam's Club pharmacies in the U.S. Almost all the prescription generics in the company's $4 program were included in the expanded $10 offer, said Wal-Mart senior vice president John Agwunobi. Liberal Dilemma Andrew Roth A 67-year-old anti-trust law in Pennsylvania is preventing Wal-Mart from selling $4 generic drugs. Instead, over four dozen different drugs have to be sold for at least $9. So...if you're a liberal, what side of the argument do you support? Do you defend Wal-Mart (God forbid) and repeal the law so that people can get their much-needed drugs at "an everyday" low price? Or do you side with the mom-and-pop pharmacies that supposedly can't compete against the big, bad Wal-Mart? Chicago Tribune.com March 26, 2008 Full article Chicago Tribune.com Excerpts: Driving down the Dan Ryan one recent day we passed a Wal-Mart semi headed south on its way out of Chicago. It easily could have exited the expressway at 83rd Street, turned right and proceeded several blocks past the new Lowe's store and a Potbelly Sandwich Works in the Chatham Market to deliver goods to what by now should have been Wal-Mart's second Chicago store. But the semi stuck to the Ryan. And the lot at 83rd and Stewart on Chicago's South Side? It's a vast expanse of vacant land, empty and forlorn. Contrast that with the bustling scene we encountered at Wal-Mart's first and only Chicago store, on West North Avenue east of Cicero Avenue. The parking lot was nearly full. Shoppers streamed in and out of the bright, airy store stocking up on clothes, food, toys, housewares. Some stopped at the in-house Uncle Remus Saucy Fried Chicken for a bite of lunch. We bought sunglasses. This thriving Wal-Mart is on the site of what had been a virtually abandoned building. The store provides jobs for more than 440 employees—it's currently hiring more—at average wages for hourly workers of about $12 an hour. In the 18 months the store has been open (through February), it has collected nearly $7.3 million in sales taxes alone—$1.9 million for the city, $3.9 million for the state, $917,000 for the RTA and $583,000 for Cook County. And it's a convenient shopping mecca for Chicagoans. From: PR Newswire Full article PR Newswire Excerpts: BENTONVILLE, Ark., March 14 /PRNewswire-FirstCall/ -- In an address to the Council of Teaching Hospitals in New Orleans later today, Wal-Mart's senior vice president and president of health and wellness, Dr. John Agwunobi will confirm a major milestone for the company's $4 prescription program. Since its launch in September 2006, the program has now saved Americans more than $1 billion ($1,032,573,012.61 as of March 10, 2008). In his prepared remarks, Agwunobi will mention that more than 100 of Wal-Mart's $4 prescriptions are used to treat heart disease and diabetes. He will also add: "While $1 billion in savings is an astonishing achievement, the real savings to America -- and its health care system -- are even larger. That's because many of our competitors have also lowered their prices. $4 prescriptions now represent approximately 40 percent of all filled prescriptions at Wal-Mart. Nearly 30 percent of $4 prescriptions are filled without insurance -- significantly higher than the 10 percent industry trend. But more importantly, this program has meant that people can now take the drugs that were prescribed to them. They no longer need to cut pills in half or not take the drugs at all." On July 19th, a federal judge struck down the Wal-Mart Tax. Passed by the state of Maryland, whose legislators have been labeled by some, as probably the worst in the United States, this socialistic doctrine, stood little chance of being upheld. The law seemed to be in serious violation of a 1974 law with the acronym Erisa, whose purpose is to allow large companies to have uniform nationwide employee benefit plans. Erisa stands for Employee Retirement Income Security Act [of 1974]. The Maryland law which had the euphemistic handle “Fair Share Health Care Fund Act” required companies with 10,000 or more employees to spend at least 8% of their payroll on health care or pay the state the difference. How many Maryland companies had that many employees? Wal-Mart is the only one. Yesterday, the City Council of Chicago approved a bill requiring large retailers such as Wal-Mart and Home Depot to pay their employees in the city, at least $10 an hour by 2010, plus benefits. Retailers with more than $1 billion in annual sales and stores exceeding an average of 90,000 square feet would be required to pay their Chicago employees, at least $9.25 an hour starting in July 2007, rising to $10 an hour by 2010. The companies would also be required to pay health-care coverage of at least $1.50 an hour next July, rising to $3 an hour by 2010. "It's a good day for Chicago workers," said Alderman Joseph Moore, the bill's primary sponsor. Not everone agreed. "We all know that this ordinance is unconstitutional," Emma Mitts, alderman for the 37th ward, said in an interview on Tuesday. "Why would we go through all of that when we can be bringing in jobs?" Mayor Daily campaigned against the measure. "This creates an incentive to locate these stores outside Chicago, so we are losing out on jobs and sales-tax revenue," the mayor said on Monday. The betting here is that the Chicago law will also be struck down.
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