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

FedEx CEO Fred Smith slammed the New York Times over a story about his company’s tax bill in a statement released Sunday night.

“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 U.S. economy,” Smith said in the statement.

The Times claimed that FedEx did not have to pay any federal taxes in 2018, and that the company’s capital investments were less than projected, despite President Donald Trump’s tax cuts. The company spent $240 million less than it had projected, according to the Times.

Smith did not specify what the Times report had gotten wrong, but he did call out the newspaper for its obvious financial hypocrisy.

“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 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.”

Smith also challenged New York Times publisher A.G. Sulzberger and the paper’s business editor to a public debate.

“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.

The Times responded Monday morning by dismissing Smith’s attack.

“FedEx’s colorful response does not challenge a single fact in our story. We’re confident in the accuracy of our reporting,” a Times spokeswoman told Fast Company. “FedEx’s invitation is clearly a stunt and an effort to distract from the findings of our story.”

The post FedEx CEO Calls Out New York Times for ‘Distorted’ Reporting appeared first on Washington Free Beacon.

Visit the USSA News store!
Click this link for the original source of this article.
Author:


This content is courtesy of, and owned and copyrighted by, http://freebeacon.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact the USSANews.com administrator by using the contact form located in the top-left menu. Your request will be immediately honored. Please visit http://freebeacon.com for more terrific, conservative content. The owner of this website may be paid to recommend American Bullion. The content of this website, including the positive review of American Bullion, the negative review of its competitors, and any other information may not be independent or neutral.

https://beyondlimitsvacation.com USSANews.com