Home / Business / Democrats seize on FedEx $ 0.00 tax debt report to slam Trump's tax plan

Democrats seize on FedEx $ 0.00 tax debt report to slam Trump's tax plan

Democrats take advantage of a report published by The New York Times on Sunday stating that FedEx is not liable for taxes during fiscal year 2018, one year after President Trump Donald John TrumpGOP divided over impeachment trial strategy Official testifies that Bolton had "one-on-one meeting" with Trump over Ukraine's help Louisiana governor wins reelection MER signed on a $ 1

.5 trillion tax cut that sharply reduced corporate rates in the country. [19659004] According to The Times, the package that Trump signed in December 2017, which FedEx reportedly lobbied for, spelled good news the following year for the shipping company, which would later see a 34 percent drop in its effective tax rate during the fiscal year. 2018. Its tax rate was reportedly less than zero at that time.

The Times also found that the company, which had a tax rate of more than $ 1.6 billion during fiscal 2017, reportedly saved at least $ 1.6 billion thanks to tax-reduced packages.

The news was met with a backlash from several Democrats in Congress, including Sens. Bernie Sanders Bernie SandersSinger Neil Young says US presidents have not done enough to address climate change New vote catapults Buttigieg to frontrunner position in Iowa Growing 2020 field underscores the democratic divide MORE (I- Vt.) And Elizabeth Warren Elizabeth Ann WarrenNew poll catapults Buttigieg to front runner position in Iowa Bloomberg, Patrick take different approach after late entry into primary race Deval Patrick: a short lane but potential to get airborne MORE [19659003] (D-Mass.), Both Democratic presidential contenders 2020, as well as late. Jeff Merkley Jeffrey (Jeff) Alan MerkleyOvernight Energy: Perry Replacers Meet Ukraine's Questions at the Hearing | That president demands answers about the land company move | Ocasio-Cortez, Sanders Reveals 0B Green New Deal Plan for Public Housing Ocasio-Cortez, Sanders Reveals 0B Green New Deal Plan for Public Housing The Senate Committee prescribes budget reform plan MER (D-Ore.).

The Times' results also led to viral criticism and reactions from a number of social media users.

Before 2017, the tax cut went, FedEx CEO and founder Frederick Smith said : "If you make the US a better place to invest, there is no question in my mind that we would see a renaissance of capital investment."

But in the midst of its gains after the bill passed, The Times reports FedEx capital investment has decreased during fiscal years 2018 and 2019.

The company withdrew from The Times report, but with a spokesman who told paper that FedEx "invested billions in capital assets that were eligible for accelerated depreciation and made major contributions to our employee pension plans. "

" These factors have temporarily lowered our federal income tax, which was the law's intent to help grow GDP, create jobs and increase wages, " allowed the representative.

FedEx is reportedly one of dozens of the top US companies that saw its tax rates fall to less than or equal to zero after the 2017 tax law was passed.

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