Pres­i­dent Trump’s tax over­haul has helped out busi­ness­es in a major way.

FedEx owed more than $1.5 bil­lion in tax­es in its 2017 fis­cal year before the tax cut and owned noth­ing in the fol­low­ing year fol­low­ing the tax cut, accord­ing to the New York Times.

FedEx’s founder and chief exec­u­tive, Fred­er­ick Smith lob­bied big time for the tax plan, even pre­sent­ing a pro­pos­al of FedEx’s own.

Trump signed into law the $1.5 tril­lion tax cut that became his sig­na­ture leg­isla­tive achieve­ment.

That move changed FedEx’s tax rate from 34 per­cent to less than zero.

In the­o­ry, the cor­po­rate tax cut would mean more mon­ey for com­pa­nies to have to invest in equip­ment and oth­er assets.

A New York Times analy­sis of data com­piled by Cap­i­tal IQ showed for the most part, com­pa­nies with a big tax cut, invest­ed less.

FedEx’s finan­cial fil­ings show that the law has so far saved it at least $1.6 bil­lion.

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FedEx did how­ev­er spend more than $2 bil­lion on stock buy­backs and div­i­dend increas­es in the 2019 fis­cal year, up from the pri­or year.

The com­pa­ny did increase its work force and pay increas­es for hourly employ­ees.

“FedEx invest­ed bil­lions in cap­i­tal items eli­gi­ble for accel­er­at­ed depre­ci­a­tion and made large con­tri­bu­tions to our employ­ee pen­sion plans,” the com­pa­ny said in a state­ment to the Times. “These fac­tors have tem­porar­i­ly low­ered our fed­er­al income tax, which was the law’s inten­tion to help grow G.D.P., cre­ate jobs and increase wages.”

Com­pa­nies have already saved upward of $100 bil­lion more on their tax­es than ana­lysts pre­dict­ed when the law was passed.

The law cut the cor­po­rate rate to 21 per­cent from 35 per­cent.

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The U.S. econ­o­my has­n’t got­ten the long-term kick that the Trump admin­is­tra­tion had hoped. Eco­nom­ic growth rose to 2.5 per­cent, but in the sum­mer, the econ­o­my grew at just 1.9 per­cent.