USA Today reports this week that Sam Walton’s daughter, Alice, has led a Walton family lobbying effort to permanently repeal the federal estate tax. President George Bush’s tax cut on stock dividends, passed in 2003, is expected to save the Walton’s as much as $51 million in taxes this year. The estate tax is now collected on estates worth more than $1.5 million. The Waltons, wife Helen, daughter, Alice, and sons Jim, John and Rob, own nearly 40% of Wal-Mart. Each member is worth about $18 billion. The family has deferred billions in estate taxes since Walton’s death. The Waltons and a coalition including the influential National Federation of Independent Business endorse the President’s call for the estate tax’s permanent repeal. The Walton family has also given millions of dollars to a group called Progress for America, which worked on political ads for the Bush campaign, and is now involved in the tax reform and privatization of Social Security debate.
The Walton family is on a relentless drive to reduce its taxes whenever, and wherever possible. For earlier stories on this subject, search Newsflash by “taxes” or “political”.
