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PAYING TAXES TO LURE AND SUBSIDIZE WAL-MART
June 07, 2007
Wal-Mart is a wonderful example of business dynamism, evolving into a spectacularly successful enterprise that has saved billions of dollars for its customers and made billions more for its shareholders.
But as successful as it is, Wal-Mart isn't too proud to shake down localities for subsidies. The left-side organization "Good Jobs First" identifies over $200 million in subsidies for Wal-Mart in the past three years. They also have set up "wallmartsubsidywatch.org" to track subsidies for Wal-Mart. They identify six Wal-Mart subsidies in Iowa, mostly in the form of industrial revenue bonds.
Surely Wal-Mart isn't going to turn down free money. The blame goes to the local politicians who are willing to tax their constituents - including the Main Street guys who fear Wal-Mart the most - to subsidize one of the most successful companies on the planet. That's "economic development" business as usual.
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