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Democrats seize on report of FedEx's $0 tax bill to slam Trump's tax plan

Democrats are seizing on a report published by The New York Times on Sunday that found FedEx didn’t owe anything in taxes in fiscal 2018, a year after President TrumpDonald TrumpDC goes to the dogs — Major and Champ, that is Biden on refugee cap: 'We couldn't do two things at once' Taylor Greene defends 'America First' effort, pushes back on critics MORE signed off on a $1.5 trillion tax cut that sharply reduced tax rates for corporations in the country.

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According to the Times, the package signed by Trump in December 2017, for which FedEx reportedly lobbied hard, spelled good news the following year for the shipping company, which would later see a 34 percent drop in its effective tax rate in fiscal 2018. Its tax rate was reportedly brought to less than zero at the time.

The Times also found that the company, which had a tax bill of more than $1.6 billion in fiscal 2017, has reportedly saved at least $1.6 billion thanks to the tax cut package.

The news was met with backlash from multiple Democrats in Congress, including Sens. Bernie SandersBernie SandersWorld passes 3 million coronavirus deaths Sirota: Biden has not fulfilled campaign promise of combating union-busting tactics Democratic senators call on Biden to support waiving vaccine patents MORE (I-Vt.) and Elizabeth WarrenElizabeth WarrenWorld passes 3 million coronavirus deaths Poll: 56 percent say wealth tax is part of solution to inequality Democratic senators call on Biden to support waiving vaccine patents MORE (D-Mass.), both 2020 Democratic presidential contenders, as well as Sen. Jeff MerkleyJeff MerkleyA proposal to tackle congressional inside trading: Invest in the US Democratic senators call on Biden to support waiving vaccine patents Lobbying world MORE (D-Ore.).

The findings by the Times also prompted viral criticism and reactions from a number of social media users.  

Prior to the passage of the 2017 tax cut bill, FedEx CEO and founder Frederick Smith said, “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.”

But amid gains following the bill’s passage, FedEx’s capital investments have seen a drop in fiscal 2018 and 2019, according to the Times.

The company pushed back on the report from the Times, however, with a spokesperson telling the paper that FedEx "invested billions in capital items eligible for accelerated depreciation and made large contributions to our employee pension plans."

"These factors have temporarily lowered our federal income tax, which was the law’s intention to help grow [gross domestic product], create jobs and increase wages," the representative added.

FedEx is reportedly one of almost three dozen top U.S. corporations that saw their tax rates fall to less than or equal to zero after the 2017 tax law was passed.