One reason Wal-Mart has been providing smaller returns to its shareholders in recent years is that it has had to fight defensive PR and lobbying battles around the country.
Another may be its difficulties with state tax laws. Wal-Mart devotes creativity it could use to provide better service and lower prices on schemes to avoid taxes in North Carolina and other states. Apparently the effort costs less than $33 million, which is the amount of tax refund it claims it is dues from the state. Eliminating the corporate income tax would put smaller corporations on more equal footing with Wal-Mart and other multistate businesses, and it would be simpler than trying to tax everything a company does.
