June 6, 2004
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Report: Wal-Mart growth often subsidized by taxpayers
By Thomas Wilson
STAR STAFF
twilson@starhq.com
Wal-Mart Stores have enjoyed more than $1 billion in economic development subsidies from state and local governments across the United States, according to a new study released by Good Jobs First, a Washington, D.C.-based research group.
The subsidy deals for individual distribution centers ranged as high as $46 million (with an average of $7.4 million), while for retail outlets the largest was $12 million (with an average of $2.8 million).
Wal-Mart reported annual revenues of $258 billion for 2003. The company's net profit for the past year exceeded $9 billion.
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