Here's a kick in the pants for Wal-Mart haters and lovers of big government, two groups that almost perfectly overlap. According to Mark J. Perry, IBD Brain Truster, economist and American Enterprise Institute scholar, average big-box stores such as Wal-Mart earn only $3.10 in profit for every $100 in sales .
Meanwhile, government makes nearly $7 in (unearned) profit for every $100 in sales at these big discount chains, based, says Perry, "on the 6.94% average sales tax rate for the 46 states that tax retail sales." Governments in high-tax states can rake in three times the profit the stores earn.
Saturday, December 06, 2014
It's fashionable in liberal circles to denigrate corporate profits as "greed", but...