The Big Grift
by tristero
Hoo boy, if Democrats don’t make this one of the cornerstone issues of 2020, they’re idiots:
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,,,”
Nearly two years after the tax law passed, the windfall to corporations like FedEx is becoming clear. A New York Times analysis of data compiled by Capital IQ shows no statistically meaningful relationship between the size of the tax cut that companies and industries received and the investments they made. If anything, the companies that received the biggest tax cuts increased their capital investment by less, on average, than companies that got smaller cuts.
“Trump’s playing you for a sucker. Tell, me, you work hard, in construction. How much did Trump cut your taxes? $150 a year, maybe? Well, he cut FedEx’s taxes by $1.5 billion a year. You think it’s fair you should pay taxes and they don’t? You gonna let Trump get away with letting these fuckers pay no fucking taxes at all?”
Checkmate.