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Home / Business / Democrats grab the $ 0 FedEx tax bill to slam Trump's tax plan

Democrats grab the $ 0 FedEx tax bill to slam Trump's tax plan



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

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

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.).

The findings from The Times also gave viral criticism and reactions from a number of social media users.

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.


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