By Sahid Fawaz
Walmart is making big investments with its tax cut savings. But they’re overseas.
“Walmart’s big tax windfall is supposed to help create more jobs here in America. Instead, it will end up financing investments that will create more jobs overseas, in India.
That’s where the company is spending $16bn to acquire a 77% stake in Flipkart, India’s biggest online retailer.
Walmart’s Indian investment comes at a time when the company is closing stores in America, laying off thousands of workers. And that’s upsetting some labor advocates. Making Change at Walmart (MCAW) director, Randy Parraz is one of them. ‘Instead of Walmart investing all of its $2 billion U.S. federal tax savings on its workers and stores in the U.S., it continues to spend more money acquiring businesses overseas.'”
For the rest of the story, visit Forbes here.