MEMPHIS, Tenn. — The New York Times reported Sunday that FedEx tax rate dropped significantly from 2017 to 2018.
FOX13 found out that FedEx fired back at The Times.
The Times reported yesterday that FedEx’s tax rate dropped from 34 percent in 2017 to less than zero in 2018, plus the Memphis-based company did not invest as much money in the capital as expected.
They reported that a lot of FedEx’s savings in 2018 went to shareholders and not investment. Tonight, FedEx isn’t stepping down from its side that it's done nothing wrong.
The New York times story was called “How FedEx cut its tax bill to zero dollars.”
The paper said:
The paper reported that in the 2017 fiscal year, FedEx owed more than 1.5 billion in taxes, but the next year, it owed nothing.
One of FedEx’s Twitter accounts clapped back and boasted about the investments in the company's people, its global network and its aircraft.
FedEx Chairman and CEO Fred Smith even offered a statement, calling the paper’s story “distorted” and “factually inaccurate.”
He accused The Times of paying no taxes itself in 2017.
Smith even offered to sit down and debate The New York Times on tax policy.
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As Fast Company reported, The Times seemed unimpressed by that offer, telling them via email that:
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