Editor's Note:
It's all in the open folks, proof that the US continues to be a society in which the truth is very porous, in most cases can be obtained if you know where and how to look, and that, subversive as it may be, not even the most irrefutable and outrageous facts, even when published by the plutocrats' own media [no doubt to inform other plutocrats, not the masses] elicit any real reaction among a largely passive hoi polloi. The latter is obviously the triumph of disarming, around-the-clock disinformation, and the bankruptcy of American's political parties.
As documented in the excerpts from a report run by Forbes in 2014, the Walton heirs —controllers and main beneficiaries of the notorious Walmart retail empire—fully live up to the popular conception of the ultrarich tightwad, making (I would think) even Scrooge look generous. The piece was authored by Clare O'Connor. All captions by us, as usual. (Bold text, ours, too). Incidentally, while you examine this article, check out this fawning and utterly misleading piece on the Waltons filed by CNBC, a major engine of plutocratic sycophancy. Notice how the word "philanthropy" is bandied about, in an effort to cover up what the super rich truly do with most of their money.
—Patrice Greanville
Report: Walmart's Billionaire Waltons Give Almost None Of Own Cash To Foundation
Prominent but stingy Waltons: par for the course. Aah, life is good when there is a river of cash flowing to you every day. (Alice and Jim Walton at the 2011 Walmart annual meeting. Photo: Walmart Stores' Flickr.)
Clare O'Connor / Forbes / June 2, 2014
[dropcap]T[/dropcap]he Walton family is America's richest, worth some $140 billion between them and longtime fixtures of the Forbes 400 list thanks to their approximate 50% ownership of Walmart, the world's largest retailer.
Their Walton Family Foundation, established by the late Sam and Helen Walton in 1988, is considered a heavyweight in the world of nonprofits with just under $2 billion in assets.
In 2013 alone, the Foundation invested $325 million across three key areas: education reform, the environment and the family's home region of northwest Arkansas. One of the Foundation's major recipients has been Alice Walton's stunning Crystal Bridges Museum of American Art, funded to the tune of $1.2 billion.
However, almost none of this largesse is the result of donations from the Waltons themselves, according to a report released on Tuesday by Walmart 1 Percent, a project of union-backedMaking Change at Walmart.
Says the study, which can be viewed in full here:
The central finding of this report is simple: Our analysis of 23 years’ worth of the Walton Family Foundation’s tax returns shows that Rob, Jim, Alice and Christy Walton—the second generation Walmart heirs—have contributed almost none of their personal fortune to the foundation which bears their family name.
Specifically:
- Rob and Alice Walton made zero individual contributions to the Foundation during the 23 years we examined;
- Jim Walton made a single personal contribution of $3 million to the Walton Family Foundation, more than 15 years ago;
- Rob, Jim, and Alice Walton and the family holding company they control (Walton Enterprises) have been responsible for only .13% of all contributions to the Walton Family Foundation ($6.4 million);
...
The combined lifetime contributions of the second generation Walmart heirs and their family holding company to the Walton Family Foundation come to $58.49 million, or:
■■ About .04% of the Waltons’ net worth of $139.9 billion (current figure is put at $191 bn).
The report goes on to detail how the Foundation has been funded over the years, namely by tax-avoiding trusts established with assets provided by the late Sam, Helen and John Walton or their estates. The study found that 99% of the Foundation's contributions since 2008 have been channeled through 21 Charitable Lead Annuity Trusts. These CLATs, as they're known, are specifically designed to help ultra-wealthy families avoid estate and gift taxes.
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ALL CAPTIONS AND PULL QUOTES BY THE EDITORS NOT THE AUTHORS
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