Fed Ex CEO Frederick W Smith challenged NYT Publisher A.G Sulzberger to a debate after it published an article claiming that Fed Ex owed no taxes in 2018 thanks to President Trump’s tax cuts.
The New York Times published a distorted and factually incorrect story on the front page of the Sunday, November 17 edition concerning FedEx and our billions of dollars of tax payments and billions of dollars of investments in the U.S. economy. Pertinent to this outrageous distortion of the truth is the fact that unlike FedEx, the New York Times paid zero federal income tax in 2017 on earnings of $111 million, and only $30 million in 2018 – 18% of their pretax book income. Also in 2018 the New York Times cut their capital investments nearly in half to $57 million, which equates to a rounding error when compared to the $6 billion of capital that FedEx invested in the U.S. economy during that same year.
I hereby challenge A.G. Sulzberger, publisher of the New York Times and the business section editor to a public debate in Washington, DC with me and the FedEx corporate vice president of tax. The focus of the debate should be federal tax policy and the relative societal benefits of business investments and the enormous intended benefits to the United States economy, especially lower and middle class wage earners.
I look forward to promptly hearing from Mr. Sulzberger and scheduling this open event to bring further public awareness of the facts related to these important issues.
The Times reported earlier Sunday that FedEx’s financial filings revealed the company to have “owed no taxes in the 2018 fiscal year overall.” According to the report, the company has saved $1.6 billion so far under the GOP tax reform plan passed in late 2017.
“FedEx invested billions in capital items eligible for accelerated depreciation and made large contributions to our employee pension plans,” the company told the Times in response to that story. “These factors have temporarily lowered our federal income tax, which was the law’s intention to help grow G.D.P., create jobs and increase wages.”
The New York Times did not immediately respond to a request for comment on FedEx’s statement.
I have no clue if Fed Ex CEO is correct here but I love this Press Release. It is about time that these CEOs stand up to the Mainstream Press who is constantly lying about basically everything as it pertains to the economy.
I doubt the debate will be accepted but watching as Sulzberger is forced to defend his paper, which is only getting worse with time will be fun to watch.
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