Walmart Got $150 Million in Government Subsidies
Peter Z. Scheer
Managing Editor
Peter Scheer grew up in the newspaper business, spending family vacations with his mother at newspaper editors' conferences, enjoying daycare in editorial departments and begrudgingly reviewing his father's…
Nonpartisan watchdog Good Jobs First just released a study showing that federal, state and local officials have awarded $63 billion in subsidies to Fortune 500 companies alone.
Walmart, according to the group, got 261 subsidies worth $149,942,595.
The biggest beneficiary appears to be Boeing, which received more than $13 billion from 137 separate subsidies.
Economic development dollars are supposed to create jobs, but often they help highly profitable companies reap windfalls at the taxpayers’ expense.
Tax cheat Apple, which stashes billions abroad to avoid the IRS, got $446,485,233 from the citizens of North Carolina, Nevada and Texas.
David Sirota has more to say about this over at Pando.
— Posted by Peter Z. Scheer