Frederick Smith, the founder and chief executive of FedEx, said in 2017, “If you make the United States a better place to invest, there is no question in my mind that we would see a renaissance of capital investment.” He lobbied for a big tax cut.
President Trump shortly thereafter signed the $1.5 trillion tax cut. Trump brags about it. In fiscal 2018 FedEx’s tax bill dropped from 34% to less than zero. That’s right. Technically we taxpayers owed FedEx money. FedEx saved $1.6 billion in taxes.
Interestingly, FedEx did not increase investment in new equipment or other assets.
Ship your presents by the U.S. Postal Service.
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