Jun 27, 2017

FedEx CEO proposes tax plan amid delayed WH action

Carolyn Kaster / AP

FedEx founder and CEO Fred Smith is pushing his own alternative tax plan as Washington remains divided over the tax plans proposed by Congress and the Trump administration, per Bloomberg.

"We at FedEx, like many major U.S. companies, are concerned the window for tax reform is closing," said Smith. "Our current federal tax system is simply not globally competitive, retarding investment and the high paying jobs that follow."

FedEx's proposal places greater emphasis on revenue-raising programs, such as increasing employer Medicare taxes and gasoline taxes to create more spending for infrastructure. It would also place restrictions on the tax cut available to high-income "pass-through" entities, and would eliminate the controversial border-adjusted tax.

Why it matters: The move reflects a major concern held by big businesses that tax reform isn't really coming any time soon, so they're acting on their own.

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SoftBank to cut its stake to get T-Mobile's Sprint deal done

Illustration: Rebecca Zisser/Axios

T-Mobile and Sprint announced a revised merger agreement that will see SoftBank getting a smaller share of the combined company, while most shareholders will receive the previously agreed upon exchange rate. The companies said they hope to get the deal as early as April 1.

Why it matters: The amended deal reflects the decline in Sprint's business, while leaving most shareholders' stake intact and removing another hurdle to the deal's closure.

Trump indulges Wall Street with Milken pardon

Photo Illustration: Sarah Grillo/Axios. Photo: Chris Graythen/Getty Images

Donald Trump loves Wall Street shenanigans. Companies owned by him have declared bankruptcy six different times, and he was once sued alongside Mike Milken for participating in a scheme to artificially inflate junk-bond prices.

Driving the news: Trump pardoned Milken this week, with an official statement positively gushing over Milken's role in developing the wilder side of fixed-income capital markets.