FedEx profits fall after cutting ties with Amazon
Former Toys ‘R’ Us CEO Gerald Storch discusses FedEx’s decision to stop delivery for Amazon and the shipping giant’s future.
The CEO of FedEx challenged The New York Times' publisher A.G. Sulzberger to a debate after the paper ran a story titled "How FedEx Cut Its Tax Bill to $0" on Sunday.
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"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," FedEx CEO Frederick Smith said in a statement Sunday.
"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," Smith said.
FedEx owed more than $1.5 billion in taxes in its 2017 fiscal year before President Trump's tax overhaul and owned nothing the year following the tax cut, according to the Times.
Smith, the corporation's founder, lobbied big time for the tax plan, even presenting a proposal of FedEx's own. Trump signed into law the $1.5 trillion tax cut that became a signature legislative achievement.