Wal-Mart’s Simon Says Tax Reform Would Help U.S.

Wal-Mart Stores Inc. (WMT) U.S. Chief Executive Officer Bill Simon said that the U.S. should reform the corporate tax system to encourage companies to invest in the nation.

“There can’t be an incentive not to bring your money back to the U.S. or not to invest in the U.S. for American companies,” Simon said today in an interview with Bloomberg Television's Trish Regan in Washington. He said that current rates haven’t deterred Wal-Mart from spending in the U.S.

Wal-Mart, the nation’s largest private employer, said earlier today that three of its suppliers would offer 385 new manufacturing-related jobs in the U.S. as part of its push to buy an additional $50 billion in domestically made products in the next 10 years. The vendors produce footwear, curtains and glassware.

Simon was in Washington for the SelectUSA 2013 Investment Summit, a gathering to promote investment that was held by the Department of Commerce.

Wal-Mart fell 0.2 percent to $76.75 at the close in New York. The shares have gained 12 percent this year, compared with a 23 percent increase for the Standard & Poor’s 500 Index.

To contact the reporters on this story: Renee Dudley in New York at rdudley6@bloomberg.net; Trish Regan in New York at tregan8@bloomberg.net

To contact the editor responsible for this story: Kevin Orland at korland@bloomberg.net

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