Wal-Mart is cashing in on its dead employees, via an elaborate tax-dodge that involves taking out life-insurance on employees (no word on whether so-insured employees are put on extra-deadly restocking assignments in the poison aisle).
Wal-Mart took out about 350,000 life insurance policies on the lives of its employees payable to the company, according to the lawsuit filed by Sims and other family members of deceased Wal-Mart employees. Hartford Life Insurance Co. and AIG Life Insurance Co. sold the policies to Wal-Mart.
Wal-Mart borrowed money from the insurers to pay the premiums, which the company was able to write off as a business expense on its federal taxes.
