FedEx Chairman and CEO Fred Smith voiced his opposition to a corporate tax hike as the way to pay for U.S. infrastructure improvements proposed by President Joe Biden. FedEx fully supports the rebuilding of American infrastructure, Smith said in a letter Monday to the company s U.S. employees. However, the current corporate tax proposals in the Administration’s plan will reduce capital investment and significantly degrade U.S. competitiveness.
Biden s American Jobs Plan would invest $2 trillion in U.S. infrastructure and other areas if passed by Congress.
Biden wants to raise taxes on corporations to pay for the eight-year spending package. He proposed increasing the corporate tax rate to 28% – raising the level set in President Donald Trump s tax cuts in 2017 – and overhauling how the United States taxes multinational corporations by increasing the minimum tax on U.S. corporations to 21%.
FedEx will announce its quarterly earnings Thursday, revealing how profitable the record-breaking holidays were and if winter weather delays dented the company’s performance.
The Memphis logistics giant’s earnings report will cover Dec. 1 through Feb. 28. During that time, FedEx handled unprecedented package volumes during the peak holiday shipping season, began its COVID-19 vaccine distribution mission and saw significant disruptions due to winter storms in Memphis and elsewhere.
FedEx’s stock price dipped during this stretch, notably after it reported increased expenses ahead of the peak season in December. The price closed at $292.56 per share Dec. 17, and it was trading at $261.64 as of Tuesday afternoon.
What you need to know about changes to COVID-19 vaccine distribution in Shelby County Corinne S Kennedy and Samuel Hardiman, Memphis Commercial Appeal
Vaccine expert anticipates vaccine distribution to improve, despite rough start
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As the city of Memphis assumes control of the COVID-19 vaccination process in Shelby County, city officials said the transition has so far been seamless and, for now, residents will not need to do anything differently to get access to the vaccine.
Memphis Mayor Jim Strickland said on Thursday morning, Memphis Fire Department personnel transported more than 6,000 vaccine doses to eight sites for distribution, including two sites specifically for teachers.
12:19 pm UTC Feb. 17, 2021
Muddy Waters
Illustration: Brian Gray, USA TODAY Network
As the National Museum of African American Music opens its doors, journalists from the USA TODAY Network explore the stories, places and people who helped make music what it is today in our expansive series, Hallowed Sound.
CLARKSDALE, Miss. Two men one Black, one white arrived at Stovall Plantation on the last day of August 1941.
John Work III, a professor from Nashville’s Fisk University, and musicologist Alan Lomax had set out to capture recordings of the music of the rural South for the Library of Congress.
They were in the blistering heart of the Mississippi Delta that produced Charley Patton, Son House and Robert Johnson, a man who legend says sold his soul to the devil in exchange for guitar virtuosity at a crossroads roughly eight miles to the south.