FedEx CEO Calls Out New York Times for ‘Distorted’ Reporting

19 Novembre, 2019, 00:28 | Auteur: Auguste Feret
  • FedEx's financial filings show that the law has so far saved it at least $1.6 billion. Its financial filings show it owed no taxes in the 2018 fiscal year overall

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 package delivery firm's financial filings showed it owed no taxes in the 2018 fiscal year overall due to President Donald Trump's tax overhaul, according to the NYT story published on Sunday.

"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", Smith said. "Also in 2018 the New York Times cut their capital investments almost in half to $57 million, which equates to a rounding error when compared to the $6 billion of capital that FedEx invested in the USA economy during that same year".

Danielle Rhoades-Ha, vice president of communications for the New York Times, expressed confidence in the accuracy of the paper's story.

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A Times spokesperson told CNN Business in a statement that the debate challenge was a stunt and that the company wasn't disputing any facts in the story.

The company disagreed with that assessment.

"The New York Times published a distorted and factually incorrect story on the front page of the Sunday, November 17 edition concerning FedEx and our billions of dollars of tax payments and billions of dollars of investments in the US economy", Smith said in the statement. It was quoted in the story as saying, "FedEx invested billions in capital items eligible for accelerated depreciation and made large contributions to our employee pension plans". He went on to challenge Times publisher A.G.

The 2017 tax bill's reforms were not aimed, however, to create a one-on-one relationship between tax cuts and increased investment.

The paper had not officially responded to Smith's statement as of Monday morning.



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