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November 18, 2019
NYT Claims FedEx Doesn't Pay Taxes, FedEx CEO Fred Smith Demands Tax Debate
Leftists are making 2020 about billionaires and the Trump tax cuts, mainly about how billionaires got a Trump tax cut. It's nothing anyone hasn't heard before (see Mike Rowe Nails It, Explains Democrats’ “Hate the Billionaire” Message is Nothing New and Seth Meyers Advocates for Socialism, Declares Billionaires Immoral). So the New York Times writing a hit piece about Fed Ex, alleging their tax bill is zero, is to be expected. Unexpected was FedEx CEO Fred Smith's brutal response, who came in like a glorious wrecking ball.
This may be one of the greatest press releases every distributed to the press.
Pertinent to this outrageous distortion of the truth is the fact that unlike FedEx, the New York Times paid zero federal income tax in 2017 on earnings of $111 million, and only $30 million in 2018 – 18% of their pretax book income. Also in 2018 the New York Times cut their capital investments nearly in half to $57 million, which equates to a rounding error when compared to the $6 billion of capital that FedEx invested in the U.S. economy during that same year.
I hereby challenge A.G. Sulzberger, publisher of the New York Times and the business section editor to a public debate in Washington, DC with me and the FedEx corporate vice president of tax. The focus of the debate should be federal tax policy 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.
Kudos to Smith standing up for himself. Hopefully, this leads to others in his position -- the people who actually create jobs and contribute to our economy -- to do the same. Not be bullied into silence because Elizabeth Warren is selling a coffee mug. Which is a rip off of the Daily Wire tumbler. Which is a rip off of the Louder with Crowder coffee mug.
Tax policy is complicated. It's difficult. It involves numbers and formulas, and the effect it has on the American people as a whole isn't easily explained. Villanizing anyone who has a lot of money is a lot easier than explaining the intricacies of "this person just had a better idea and executed it better than you, but sure, complaining is totally the same thing." So instead, the left goes for a much simpler explanation which relies on blaming someone else. Like so: "FedEx is run by a billionaire. Billionaires are bad. Orange man is worse. Now here are 500 other random words to increase SEO optimization."
I'd like to see the debate. Let's see if the New York Times can argue their case based on facts, not from opposition research leaked to them by Democrat presidential campaigns.
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