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Message
Failing NYT calls out FEDEX on taxes, FEDEX goes in dry calls out Sulzburger
Posted on 11/18/19 at 8:55 pm
Posted on 11/18/19 at 8:55 pm
quote:
“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. 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.” “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,” Smith continued. “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.”
LINK
This post was edited on 11/18/19 at 8:56 pm
10
Posted on 11/18/19 at 8:58 pm to Strannix
quote:
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,” Smith continued. “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.”
Verbal dick slap to the forehead
Posted on 11/18/19 at 9:00 pm to jamboybarry
I guess they were going with the Harry Reid and it backfired
Posted on 11/18/19 at 9:03 pm to Strannix
NYT: 
Posted on 11/18/19 at 9:05 pm to Strannix
You don't frick with Fred
Posted on 11/18/19 at 9:19 pm to Strannix
(no message)
This post was edited on 1/20/20 at 1:09 pm
Posted on 11/18/19 at 10:04 pm to Strannix
Get bent NYT, frickin liberal rag.
Posted on 11/18/19 at 11:40 pm to cahoots
quote:
I'm staring at Fedex's 10-k and it shows negative liability in 2018 and 17.6% effective rate in 2019..
Effective tax rate doesn't translate to cash tax. You know why it's negative in FY18? Because they had to re-measure deferred tax liabilities on the books at the new 21% rate. While that's a massive benefit, it doesn't mean they didn't pay income tax. It's accounting noise.
Posted on 11/18/19 at 11:59 pm to Jorts R Us
(no message)
This post was edited on 1/20/20 at 1:09 pm
Posted on 11/19/19 at 12:02 am to Strannix
Commies love your hard work and success.
Nothing gives a commie a rise like a hefty tax bill, as long as it's not theirs.
Nothing gives a commie a rise like a hefty tax bill, as long as it's not theirs.
Posted on 11/19/19 at 5:50 am to cahoots
quote:
Fedex did not owe any federal income taxes at all in FY 2018. I understand why, but they did not owe. I followed the numbers all the way down to the statement of income.
New tax laws allows you to write off the full capex investment in the year you buy it versus over several years.
In essence you now get to pay what would have been taxes this year in the following years money, net present value is a good thing.
And from an economic standpoint, it took quite a bit of manpower to design and build six billion dollars of capitol.
But the gotcha of paying no taxes sounds good. And of course next year when the tax liability is more versus this current year, earnings will be softer and they can then scream about how FedEx is underperforming.
Posted on 11/19/19 at 6:15 am to cahoots
quote:
Fedex did not owe any federal income taxes at all in FY 2018. I understand why, but they did not owe. I followed the numbers all the way down to the statement of income
You can't definitively know that by just looking at the P&L.
This post was edited on 11/19/19 at 8:00 am
Posted on 11/19/19 at 6:19 am to Strannix
quote:
a rounding error
Perfectly sums up the
quote:
NYT
Posted on 11/19/19 at 6:22 am to Strannix
NYT is a grey ghost of its former self...
Posted on 11/19/19 at 6:40 am to cahoots
quote:
Fedex did not owe any federal income taxes at all in FY 2018. I understand why, but they did not owe. I followed the numbers all the way down to the statement of income
You made me pull up a damn 10K on my phone.
They also had a sizeable true up for their 2017 tax provision because they accelerated contributions to their pensions to get the tax deduction at 35% before the new rate of 21% kicked in. That's just smart, and who is going to bitch about funding pension plans?
To loop this back, that 2017 deduction true up is running through their 2018 ETR further exhibiting why you can't look at the effective tax rate and surmise what the cash taxes were in any single year.
This post was edited on 11/19/19 at 6:41 am
Posted on 11/19/19 at 6:42 am to Strannix
How is Fred smith being a whiney welfare queen bitch arguing he deserves not pay taxes for the greater good going in dry? It’s just an opinion, and a ridiculous one at that
Posted on 11/19/19 at 6:49 am to Strannix
my tiny little company regularly pays little to no federal income tax. The reason for that is we fund employee pension accounts to the maximum allowable limit each year which eats up most if not all of our taxable income (combined with bonuses to the partners in the LLC, upon which individual income tax is paid)
Posted on 11/19/19 at 7:21 am to Deke88
quote:
How is Fred smith being a whiney welfare queen bitch arguing he deserves not pay taxes for the greater good going in dry? I
Dude. Take it from someone in the biz--
That article was bad. Laughably bad. That journalist has NO idea what he's looking at.
Posted on 11/19/19 at 7:24 am to Jorts R Us
quote:
They also had a sizeable true up for their 2017 tax provision because they accelerated contributions to their pensions to get the tax deduction at 35% before the new rate of 21% kicked in. That's just smart, and who is going to bitch about funding pension plans?
To loop this back, that 2017 deduction true up is running through their 2018 ETR further exhibiting why you can't look at the effective tax rate and surmise what the cash taxes were in any single year.
Thank you very much for making me feel like the dumbest motherfricker in this thread.
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