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FedEx CEO challenges New York Times publisher to public debate after tax case



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

In a statement Sunday, Smith argued that the Times & # 39; report released earlier in the day was "distorted and in fact wrong" and ignored "$ 6 billion capital" that FedEx allegedly "invested in the US economy" in 2018.

"I challenge herewith AG Sulzberger, publisher of the New York Times and editor of the business section for a public debate in Washington, DC with me and FedEx Executive Vice President for Tax, "Smith wrote.

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

7 on revenue of $ 111 million, and only $ 30 million in 2018 – 18% of its pre-income book revenue. Also in 2018, the New York Times cut its capital investment almost from $ 57 million, which is a rounding error compared to the $ 6 billion of capital FedEx invested in the US economy that year, "he said in the press release.

The Times reported earlier Sunday that FedEx financial filings revealed the company to have "owed no taxes in fiscal year 2018 overall." According to the report, the company has saved $ 1.6 billion so far under the GOP tax reform passed at the end of 2017.

"FedEx invested billions in capital items that were eligible for accelerated depreciation and made major contributions to our employee pension plans," the company told the Times in response to that story. "These factors have temporarily lowered our federal income tax, which was the law's intention to help increase GDP, create jobs and raise 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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