Report: The Phony Philanthropy of the Walmart Heirs

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Report: The Phony Philanthropy of the Walmart Heirs (June 2014)

The Waltons – America’s richest family – have contributed almost none of their own wealth to the Walton Family Foundation and use the Foundation to avoid an estimated $3 billion in estate taxes, according to a report released today by  The Walmart1Percent. Based on an analysis of 23 annual tax returns filed by the Walton Family Foundation, the report shows that, if the Foundation is their primary vehicle for giving, the Waltons give much less generously than their billionaire peers and ordinary Americans.

Download the full report (PDF)

Or  the executive summary (PDF)

Key Findings:

  • Rob Walton, chairman of Walmart’s board of directors, has not made a single contribution to the Foundation.
  • Alice Walton, has not given a single dollar to the Foundation.
  • Jim Walton made one personal contribution of $3 million to the Walton Family Foundation, more than 15 years ago.
  • The total contributions of Rob, Jim, Alice, and Christy Walton, and their family holding company to the Walton Family Foundation amount to $58.49 million, equivalent to:
    • 0.04% of their net worth;
    • Less than one week’s worth of the Walmart dividends they will receive this year.
    • Less than the estimated value of Rob Walton’s collection of vintage sports cars.

Related:

Rob Walton: Zero for the Family Foundation; Tens of Millions for Vintage Sports Cars (June 3, 2014)

Fact Check: Did Alice Walton Really build Crystal Bridges Museum? (June 3, 2014)

The Waltons – Charity Begins at Home (Sept. 13, 2013)

 

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