From The New York Times:
- In 2017, FedEx paid $1.5 billion in taxes.
- After The Great American Tax Scam passed, the company paid $0 in 2018.
- FedEx lobbied hard for the tax cuts.
- FedEx’s financial filings show that the law has so far saved it at least $1.6 billion.
- FedEx also invested less in the company in 2018 and records show even less in 2019.
- Savings went to shareholders.
- “FedEx spent more than $2 billion on stock buybacks and dividend increases in the 2019 fiscal year, up from $1.6 billion in 2018, and more than double the amount the company spent on buybacks and dividends in fiscal year 2017.”
- The Tax Scam benefited numerous, large corporations.
- Companies across the country have save upward of $100 billion more on their taxes.
- Average effective tax rate of 18.1 percent in 2018, down from 25.9 percent in 2016.
- “The law cut the corporate rate to 21 percent from 35 percent, and allowed companies to deduct the full cost of new equipment investments in the year that they make them.”
- Stimulated the economy briefly in 2018 but dwindled quickly.
- Business investments under the Trump Nightmare “grown more slowly since the tax cuts were passed than before.”
- Some economists claim tax cuts were undercut by Trump’s Trade Wars.
Statement from FedEx Chairman and CEO Fred Smith:
Facts didn’t prevent the sycophants on Fox & Friends from trying to spin and defend FedEx. In fact, one of the shills, Fox Business’ Charles Payne suggested the Times’ publisher and Fred Smith “debate” on his show.
Somehow in Fox World, this all benefits our country in some, unrealistic way .