Bullshit. If the loop is there, it is not wronging you that Wal-Mart is using it. In what fucking universe is compying with the law a scam? Is it a scam to take a deduction on your taxes? Do you consider your 401k plan a ‘scam’? If you don’t like the law, try to change it, but don’t get all worked up about someone studying the law and making good use of it. I don’t see what Wal-Mart has done wrong here, and the families are entitled to a big fat $0. IMHO.
Walmart is not the only company insuring its employees. There was a front page article in the Wall Street Journal earlier this year discussing this practice, and listing numerous companies who do it. No cite, unfortunately, because I read it in hard copy, but I do remember that the practice was not illegal.
That’s not the way it’s suppose to work. The tax code is pretty clear.
If Wal-Mart is borrowing money to pay the premiums, the only thing they may be able to legally write-off is the interest on the loan.
I don’t know if this is a case of a business reporter accepting the bluster from the plaintiff’s attorney as fact or a case of a non-business reporter doing a business story. Either way, I wouldn’t bet the farm on the article’s accuracy.
If it’s legal for the families to bring a suit, it is not wronging you that they are doing so. In what fucking universe is complying with the law a scam? If you don’t like the law, try to change it, but don’t get all worked up about someone studying the law and making good use of it.
Dumbguy You will note that my original post was in response to the assertion that Wal-Mart was cheating the US tax payer out of money, at no point did I say the family ought not be able to bring a suit. I expressed my opinion that they will not recover, but never said they shouldn’t be able to try.