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Meet the Waltons: More Wealth Amassed Off American Taxpayers
For Immediate Release
Friday, March 10, 2006
PRESS INQUIRIES
For press inquiries, contact us at (202) 557-7440.
Washington, D.C., March 10, 2006 – Forbes last night released its annual list of “The World’s Richest People,” and seven Wal-Mart heirs made the list with a combined $83.7 billion in personal wealth. Five of the top eleven U.S. billionaires are Waltons, and the family’s total stock ownership amounts to 40% of Wal-Mart Stores, Inc. Meanwhile, the Wal-Mart heirs continue to be plagued by questions of how they spend their inherited billions.
• Wal-Mart Heirs Amassing Wealth Off Taxpayers’ Backs. Researchers at the University of California, Berkeley's Center for Labor Research and Education calculated that Wal-Mart workers and children cost $456 million to taxpayers nationally through their use of public health programs. This figure is based on information revealed in an internal Wal-Mart health care memo that was uncovered by Wal-Mart Watch. [http://laborcenter.berkeley.edu/lowwage/walmartmemo.pdf]
• Walton Billionaire Bought $35 Million Painting Last Year. In May 2005, Alice Walton spent $35 million to purchase “Kindred Spirits” by Asher B. Durand; it was the most ever paid for an American painting. As a point of comparison, Walton paid over $7 million more for the single painting than the $27.7 million the state of Ohio spends on public health aid for Wal-Mart employees and their children. [Associated Press, 3/13/05; Columbus Dispatch, 2/25/06]
• Spending Their Money on “Self-Interested Philanthropy.” The National Committee on Responsible Philanthropy issued a report in September 2005 that analyzed the Waltons’ spending on political campaigns, estate tax repeal, and private school voucher advocacy organizations. In the 2004 election cycle, the Wal-Mart political action committee doled out $2.4 million to candidates, the approximate amount that Wisconsin taxpayers spend on health care for Wal-Mart employees and their children. [The Waltons and Wal-Mart: Self-Interested Philanthropy, National Committee for Responsive Philanthropy; Milwaukee Journal-Sentinel, 5/25/05]
• Repeal the Federal Estate Tax to Save Billions More. “The Waltons have joined a coterie of wealthy families trying to save fortunes through permanent repeal of the estate tax, government watchdogs say. … The Waltons declined to discuss their political activities. But a USA TODAY review of public documents reveals a small-town Arkansas family emerging as a political juggernaut on tax issues, extending Wal-Mart’s influence over U.S. society even more.” [USA Today, 4/6/05]
Read the Forbes list here.
