Angus really is pretty dumb.
Looks like it’s being reported by The NY Times reporter you just quoted, so what’s your point?
The Fed reserve and economy reporter for the NYT tweeted it, however, after skimming (albeit a very quick one) the NYT website I was unable to locate any story on this.
And the front page editors apparently decided the cigar smoking world championship and unpaid lunch debt in New Jersey were more newsworthy then record low black unemployment.
You would really expect this to be on the front page? Seriously?
In the 2017 fiscal year, FedEx owed more than $1.5 billion in taxes. The next year, it owed nothing. What changed was the Trump administration’s tax cut — for which the company had lobbied hard.
The public face of its lobbying effort, which included a tax proposal of its own, was FedEx’s founder and chief executive, Frederick Smith, who repeatedly took to the airwaves to champion the power of tax cuts. “If you make the United States a better place to invest, there is no question in my mind that we would see a renaissance of capital investment,” he said on an August 2017 radio show hosted by Larry Kudlow, who is now chairman of the National Economic Council.
As for capital investments, the company spent less in the 2018 fiscal year than it had projected in December 2017, before the tax law passed. It spent even less in 2019. Much of its savings have gone to reward shareholders: FedEx spent more than $2 billion on stock buybacks and dividend increases in the 2019 fiscal year, up from $1.6 billion in 2018, and more than double the amount the company spent on buybacks and dividends in fiscal year 2017.