Wal-Mart Sues Puerto Rico Over ‘Astonishing' Tax Increases

``Enacted in May, Puerto Rico's Act 72-2015 increases to 6.5 percent from 2 percent the tax on goods imported from offshore affiliates to local companies with gross revenues of more than $2.75 billion... The new levy raised the estimated cumulative income tax on Wal-Mart Puerto Rico Inc. "to an astonishing and unsustainable 91.5% of its net income," according to the company's complaint, filed in federal court in San Juan Friday.'' -- Given WalMart's slim margins, we could see how this might add up to 91.5% of their net income!