Shoppers will be lining up at the crack of dawn on “Black Friday” for spectacular deals. What they don’t know is that the best bargains have already been taken — not by other shoppers, but by some of America’s largest corporations.
Walmart, the biggest corporation in America, with revenues of almost half a trillion dollars, gets a $1 billion tax break each year on average by exploiting federal tax loopholes, according to a new report from Americans for Tax Fairness. Taxpayers, even those lined up in the early morning darkness at giant retailers like Walmart, pay the price.
How? First, the more big corporations dodge paying their fair share of taxes, the more American families and small businesses have to make up, or else there is less money available for critical investments, such as rebuilding our crumbling roads and bridges, improving education and making college more affordable, or finding new medical cures.
When Black Friday shoppers check the prices, they’ll never see these hidden costs of tax avoidance. But when Americans figure out what’s going on they’ll have a bad case of the Black Friday Blues.