Saturday, November 24, 2018

Wealth tax on Walmart family

Walmart's net income has fallen from $16 billion in 2015 to $10 billion in 2018. Walmart has 1.5 million US employees and about half are part time. The full time hourly employees number about 700,000. To increase the average pay from $11 per hour to $15 dollars per hour would cost about $5.6 billion and reduce their profit from $10 billion to $4.4 billion. Walmart US sales last year was $318 billion so the profit would be 1.4%. The Walmart family is worth $162 billion and Bernie Sanders says they should pony up for the pay increase. To take $5.6 billion from their $162 billion would only be 3.5% and this leads us to the idea of a wealth tax. Most of their money is in the form of Walmart stock so they would just sell stock each year and pass the money onto the employees.

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