Posted on 02/04/2016 7:05:33 AM PST by Ebenezer
(English translation)
During his appearance yesterday [Wednesday] before Judge Jose A. Fuste at Federal Court in Hato Rey, Walmart Vice President for Special Taxes in Puerto Rico Anthony Walker stressed that the company will be unable to continue operations in the island if Law 72, known as the "Walmart tax" which imposes on the multinational [corporation] an estimated 91.5% tax rate, stands.
"That is not sustainable for us. We recently closed seven stores in Puerto Rico as part of a strategy that has forced us to close a total of 254 stores around the world. Here in Puerto Rico, Walmart does not generate much profit (compared to other establishments outside the island). With a higher tax, it would be very difficult to continue operating," added Walker, who once again pointed out that the company would cease operations in Puerto Rico if Federal Court does not declare Law 72 unconstitutional.
According to Walker, they are suing the government because they want to stay in Puerto Rico but they seek to challenge Law 72.
What was the Governor's response to the lawsuit? He accused Walmart of being "moneygrubbers", a charge that members of his own party have distanced themselves from.
Don’t suppose the island can leave us too.
Puerto Rico ping
“Walmart Tax”——Bill of attainder?
I know latinos. They love Walmart. There WILL be riots.
I am sure all the people on the island will just love having to drive all over the place to get all the stuff they used to get from Walmart and pay twice as much for it all!
lol
I am sure all the people on the island will just love having to drive all over the place to get all the stuff they used to get from Walmart and pay twice as much for it all!
lol
Feel the Bern ... lol
This guy is crazy. When we lived there and Walmart opened it was like a gift from above especially for the locals who it looked like they couldn’t buy enough. They would come out of the store loaded with goods.
91.5% tax rate? That’s a goal and dream for Obama and his crew.
If Walmart takes flight, people in Puerto Rico will have to settle for Kmart, which has been there for many years.
Sounds like a job without much of a future.
“Walmart Vice President for Special Taxes in Puerto Rico “
communists don’t care if businesses need to make a profit to remain open. communists really want the government to own all businesses; then there would be no need to make a profit.
91.5 % tax rate = Moneygrubbin Govment.
92.5 percent!!??
did they really need the .5?
I am sure all the people on the island will just love having to drive all over the place to get all the stuff they used to get from Walmart and pay twice as much for it all!
lol
*****************************************************************************
Yes, drive all over the place to buy at higher prices from local MERCHANTS WHO AVOID PAYING MOST TAXES -— AND WHAT TAXES THEY ACTUALLY PAY WON’T BE AT THE 91% Walmart rate.
RUNNING OUT OF OTHER PEOPLE’S MONEY is no fun. These parasites should NEVER be allowed to become a state (with two new ‘RAT Senators).
So did the 'shoppers' in Ferguson.
Corporations do not pay taxes. People pay the taxes embedded in the cost of goods sold.
You’re going to feel the Bern when the taxpayers bail out Puerto Rico.
K-Mart is now part of Sears. Sears is on the verge of bankruptcy itself. Don’t get all excited about being able to shop at K-Mart if Walmart goes away.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.