Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ FedEx CEO Challenges New York Times Publisher to Public Debate After Tax History

FedEx CEO Challenges New York Times Publisher to Public Debate After Tax History

FedEx CEO Frederick Smith challenged the publication of The New York Times, as well as the newspaper's business editor, in a public debate after the Times reported that the company paid $ 0 in federal taxes in 2018

in a statement on Sunday, Smith said the Times report, published earlier in the day, was "distorted and factually inaccurate" and ignored "$ 6 billion in capital" that FedEx was allegedly "investing in in the US economy" in 2018.

'I am herewith to dispute A.G. Sulzberger, publisher of the New York Times and editor of the business section of the Washington, DC public debate, with me and FedEx's corporate vice president, Smith writes.

"Of significance to this outrageous distortion of the truth is the fact that, unlike FedEx, the New York Times paid zero federal income tax in 201

7 with a profit of $ 111 million, and only $ 30 million in 2018. – 18% of their pre-exchange earnings. Also in 2018, the New York Times reduced its equity investment by almost a ha lf to $ 57 million, which equates to a rounding error compared to the $ 6 billion of capital FedEx invested in the US economy that year, " he argues in the press release.

The Times reported earlier Sunday that financial FedEx filings revealed the company "owes no taxes throughout fiscal 2018." According to the report, the company has saved $ 1.6 billion so far on the GOP tax reform plan, adopted at the end of 2017

"FedEx invests billions in capital items eligible for accelerated depreciation and made major contributions to our employee retirement plans," the company said in response to this story. "These factors temporarily lowered our federal income tax, which was the intention of the law to help boost GDP, create jobs and increase wages."

The New York Times did not immediately respond to a request for comment on FedEx's statement. . [19659008] (function (d, s, id) {
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