The chairman and CEO of FedEx is so ticked off about a New York Times story about its $0 tax bill that he issued a scathing rebuttal and challenged the paper’s publisher and business editor to a debate about federal tax policy.
Fred Smith’s comments came yesterday, the day the piece ran on the front page of the country’s premier newspaper.
The story reports that in 2017, the Memphis-based delivery company’s tax bill exceeded $1.5 billion but dropped to zero in 2018 and that the company has been actively lobbying for the president’s tax cuts, which became law. FedEx officials told the paper that the company “paid $2 billion in total federal income taxes over the past 10 years.”
In his statement, Smith called the Times story “distorted and factually incorrect” and invited A.G. Sulzberger and his unnamed business section chief to Washington, D.C., to debate him and FedEx’s corporate vice president of tax. The debate would be about taxes and “the relative societal benefits of business investments and the enormous intended benefits to the United States economy, especially lower and middle class wage earners,” he said.
Absolutely brutal pic.twitter.com/wPRagUZddV
— Ryan Saavedra (@RealSaavedra) November 18, 2019
The Times was unmoved.