Democrats use a report published by The New York Times on Sunday that found FedEx owes nothing in taxes in fiscal year 2018, a year after President Trump Donald John TrumpGOP shared on trial court official strategy testify that Bolton had & # 39; one-on-one meeting & # 39; with Trump over Ukraine's assistance Louisiana governor wins re-election MORE signed on a $ 1
The Times also found that the company, which had a tax bill of more than $ 1.6 billion in fiscal 2017, reportedly saved at least $ 1.6 billion thanks to the tax cut package.
The news was met with backlash from several Democrats in Congress, including Sens. Bernie Sanders Bernie SandersSinger Neil Young says that US presidents have not done enough to address climate change New poll catapults Buttigieg to frontrunner position in Iowa Growing Field in 2020 emphasizes Democratic split MORE (I-Vt. ) And Elizabeth Warren Elizabeth Ann WarrenNew polling catapults Buttigieg to front runner position at Iowa Bloomberg, Patrick takes different approaches after late entry into primary race Deval Patrick: a short runway, but potential to get airborne MORE (D-Mass.), Both Democratic presidential candidates in 2020, as well as late. Jeff Merkley Jeffrey (Jeff) Alan MerkleyOvernight Energy: Perry replacement meets Ukraine question during hearing | That chairman demands answers about the agency's move | Ocasio-Cortez, Sanders unveils 0B Green New Deal public housing plan Ocasio-Cortez, Sanders unveils 0B Green New Deal public housing plan Senate Committee is moving budget reform plan MER (D-Ore.).
Where did the money from Trump's "middle class tax cut" go? To wealthy companies that have spent $ 1 trillion on buying back their own stock to enrich executives and wealthy shareholders. It is not acceptable. https://t.co/tfHGRE1Dq7 Chapter19459010 ?? – Bernie Sanders (@SenSanders) November 17, 2019
You probably pay more in federal income taxes than a bunch of big US corporations making billions of dollars. It's obscene. These companies love waving the American flag, but they won't run for a penny to support the investments we make. https://t.co/6uj7ZlCt6xebrit19459010??— Elizabeth Warren (@ewarren) November 17, 2019
A reminder that all Trump and Senate Republicans tried to sell you about their "tax plan" was a lie . It is not meant to help you. It never was.https: //t.co/d9C5AsjgIe
– Senator Jeff Merkley (@SenJeffMerkley) November 17, 2019
Let's talk about this. (thread)
In 2017, Americans were promised by big corporations that if we cut taxes, they would invest them.
At the turn of the century, it turned out that they were starting to pocket the money instead. So yes, they lied.https: //t.co/UhyI1SOcHa
– Rep. Katie Porter (@RepKatiePorter) November 17, 2019
The findings from The Times also gave viral criticism and reactions from a number of social media users.
As a result, FedEx paid zero tax last year, but guess what? The promised "renaissance of capital investment" never happened. The Trump Republican tax cut was a billion dollars on the American public, and a fall for FedEx and every other major corps. https://t.co/Y0xl33xfNGebrit19459010??— Robert Reich (@RBReich) November 17, 2019
Trump's tax cut has been a big flop – big gifts for companies, no visible increase in investment. So the critics were right and the supporters were wrong 1 / https://t.co/HyhDpIR5NE Chapter19459010 ?? – Paul Krugman (@paulkrugman) November 17, 2019
This is the feed for a devastating set of ads about how Trump ran as a "populist" but ruled as a plutocrat https://t.co/cVmU90n5Kkebrit19459010??— Dan Pfeiffer (@danpfeiffer) November 17, 2019
Before passing the 2017 tax cut, FedEx CEO said CEO and Founder Frederick Smith, "If you make the United States a better place to invest, there is no question in my mind that we will see a renaissance of capital investment."
But in the midst of its gains after the bill passed, The Times reports FedEx capital investment has seen a fall in fiscal years 2018 and 2019.
The company pushed back from The Times report, but with a spokesman told the paper that FedEx "invested billions in capital items qualified for accelerated depreciation and made major contributions to our employee plans. "
" These factors have temporarily lowered the federal income tax, which was the law's intention to help increase GDP, create jobs and increase wages, "he added the representative of.
FedEx is reportedly one of dozens of the top US companies that saw tax rates fall below or equal to zero after the 2017 Tax Act was passed.