The Daily A Broken Promise on Taxes
Nov 19, 2019
Jim Tankersley, an economic and tax policy reporter for The New York Times, dives deep into corporate promises made during the Trump administration's $1.5 trillion tax cut campaign. He investigates whether corporations like FedEx followed through on their vows to reinvest tax savings into the economy. Discussion highlights include the paradox of prioritizing shareholder profits over workforce investments and the impact of corporate tax cuts on job creation. Tankersley emphasizes the vital role of independent journalism in holding these corporations accountable.
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Fred Smith's Vision
- Fred Smith, FedEx founder, championed lower corporate taxes.
- His famous Yale paper, initially graded a C, became the FedEx blueprint.
The FedEx Proposal
- FedEx proposed a corporate tax cut from 35% to 20% with incentives for business investments.
- They argued this would boost the US economy by stimulating capital spending.
Differing Views on Tax Cuts
- Many Republicans and economists supported the tax cut, believing it would spur investment.
- Democrats and some economists argued companies already had ample funds and didn't need a tax cut to invest.