Posted on 06/06/2020 4:17:37 AM PDT by EyesOfTX
Yes, indeed. “Shrink” costs US retailers $40-$50 billion every year. Over a third of that is shoplifting, and another third is employee theft.
And no wonder. Shoplifting was hardly treated like a crime even before the recent push by Soros-backed DAs and mayors to effectively decriminalize it. In Texas, a first offense of theft under $100 is punishable only by a fine up to $500–not too far off from a speeding ticket. A second offense, or a theft of over $100 but less than $750, technically carries a jail sentence, but in reality is almost never imposed.
Kind of makes one feel like a sucker for playing by the rules.
Why shouldn’t those losses be tax deductible? It’s an income tax, not a gross revenue tax, and money lost to theft is not income.
Plus I am not sure why it isn’t a problem for Walmart if it is tax deductible. They lose over $2 billion per year to shrink. Deducting $2 billion from taxable corporate income saves them $420 million in taxes. That’s still a $1.58 billion net loss.
Without WalMart or Target, the looters will loot individual homes instead. It will get uglier and bloodier next time. Groot knows this.
It’s not just Walmart that Lightfoot has to worry about.
Looters and vandals destroyed almost all high-end retail on Magnificent Mile. Some of the most exclusive stores in the world had storefronts on North Michigan Avenue.
If they don’t re-open, the loss in both sales and real estate taxes will be devastating for the City. It could also trigger defaults on the mortgages on all of that retail property.
You just proved my point.....she’s DUMBER than a BAG OF ROCKS!
I know it would be difficult for the larger retailers to just move out of the Chicago area & abandon a lucrative market, yet it seems like the only thing they can sensibly do. It would seem like staying there would only cost more in the long run than to build a store in a smaller market area. Either that, or they need to actively campaign against mayors & governors who won’t fulfill their obligations to “serve & protect” in such difficult situations. These mayors & governors need to learn they can’t play both sides of the fence at once.
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She wants communism but doesn’t like the effects of it? They are a confusing and evil bunch.
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