To spur economic growth and bring down unemployment, corporate tax rates need to be slashed, FedEx CEO Frederick Smith told CNBC's "Closing Bell" on Thursday.
"The locomotive that pulls our economy is investment in equipment and software," Smith said. "It's our reduced level of capital investment that has produced our low GDP growth rates and our high unemployment."
He blamed high tax rates at the corporate level worldwide. "You've got to stimulate investment in the United States through a lower corporate tax rate and a so-called territorial system," he said.