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New FedEx hires won’t get a pension plan, the package giant’s 425,000 employees learned on Monday.
That realization comes a day after The New York Times published a scalding report on the zero dollars FedEx paid in taxes in 2018, to which the CEO and founder Fred Smith responded by proposing “a public debate” with the Times publisher and its business editor.
Meanwhile, FedEx originally defended its $0 tax bill, in part because of its “voluntary contribution of $1.5 billion” to its pension fund.
FedEx’s tax rate fell from 34% in the fiscal year of 2017 to under 0% in 2018 thanks to Pres. Donald Trump’s corporate tax cuts, the Times reported.