FedEx commits $3.2 billion to raise pay, expand hubs after U.S. tax overhaul

The Memphis, Tennessee-based company said it would invest $1.5 billion to significantly expand its hub in Indianapolis over the next seven years and modernize and enlarge its Memphis SuperHub.The new tax code allows companies to immediately write off the full value of capital costs, which helps make projects more financially attractive, but that benefit starts to phase out in 2023.The announcement makes FedEx the latest U.S. company to promise higher pay for workers, citing the tax cuts.