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.
In 1945, the Philippines has some strategic value.
Brings back a memory. Before Walmart got so big....
We were in Mexico on vacation and some jewelry guy was trying to sell me a silver bracelet and he said something along the lines of it being on sale, cheap. I replied....ahhh a blue light special. He looked at me with awe in his eyes and said....jue been there?!
We laughed for days over that.
That's the governor's share...
Rofl
If you want to keep the money you earn, you are a ‘money grubber.’
Wouldn’t walmart prove an excellet point by jacking proces 91.5% (1.915x) and watch the mayhem politically and socially as ther stores have to close anyway for lack of sales. It would be like giving the employees 2 months notice as they shut down and left the country. Why worry about a building being burned - how else would they ever get their value from the empty building but via insurance or regular write-off This way they might avoid the decaying structure sitting there for decades as the disingenuous Michael Moores of the world do a cynical documentary about what the big evil corporation did to a city.
Two words, Kmart tax
Correcting my error, the Philippines gained independence from the US in 1946. P.R. should have been taken through the same process for the same reasons: remove any “taint” of empire, allow a clearly different culture to go its own way, citizenship = ownership, etc.
Yes, the Philippines had/has strategic value.
K-mart is also multinational and should face the same tax.
Due to labor and other costs, there is no way for Walmart to raise prices to cover this tax.
perfect case of screwing the Golden Goose.
Nope - EATING the golden goose.
"It is better to be thought a fool and remain silent, than to speak up and remove all doubt." Abraham Lincoln 16th president of US (1809 - 1865.)
For those who may not know, Puerto Rico is a territory of the United States. It became a U.S. territory in 1898, when it was acquired from Spain after the Spanish-American War.
“Walmart Taxâ€â€”—Bill of attainder?”
Puerto Rico Treasury Secretary admits in court that the tax scheme was specifically aimed at Wal Mart. (Spanish language article):
http://elvocero.com/hacienda-admite-que-impuesto-fue-creado-para-walmart/
Which begs the question: Is it legal for a jurisdiction to single out a specific commercial establishment (the Walmart chain included) for a “special” tax?
After years of the Clown Prince reigning, basically anything a governor wants to do that doesn’t result in crossing the Clintons or having his own bodyguards drag him to prison is legal now.
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