"Tax Reform Advocates Make Their Case At Tax-Evading FedEx"
A legislative listening tour meant to make the case for comprehensive tax reform will stop on Monday at a giant corporation that’s paid a 4.2 percent tax rate on over $9 billion in profits over the past five years.
The tax reform tour, which is the brainchild of Senate Finance Committee Chairman Max Baucus (D-MT) and House Ways and Means Committee Chairman Dave Camp (R-CA), features a mix of corporate-hosted events and meetings with small businesses. On Monday, the two men will visit the Memphis, Tennessee headquarters of shipping giant FedEx. According to an analysis by Citizens for Tax Justice (CTJ), FedEx raked in $9.3 billion in profits from 2008 to 2012, but paid just $395 million in federal taxes. That means the company faced an effective tax rate of 4.2 percent – roughly one-eighth the statutory rate reformers insist is crushing the business community.