With progress underway on a tax-reform plan that proposes to cut the corporate income tax from 35 percent to 20 percent, the personal-finance website WalletHub released its latest Corporate Tax Rate Report.
The report provides an in-depth analysis of the 2016 tax rates at the state, federal and international levels in the case of the S&P 100 companies, the largest and most established businesses in the U.S.
Companies Paying the Highest Taxes
(Overall Tax Rate) Companies Paying the Lowest Taxes
1 Caterpillar Inc. (138.1%) 1 General Electric Co. (-5.1%)
2 Kinder Morgan Inc. (56.0%) 2 Exxon Mobil Corp. (-5.1%)
3 Lowe’s Cos. (40.5%) 3 Dow Chemical Co. (0.2%)
4 UnitedHealth Group Inc. (40.4%) 4 International Business Machines Corp. (3.6%)
5 CVS Health Corp. (38.4%) 5 Mondelez International Inc. (8.9%)
6 Exelon Corp. (38.3%) 6 Boeing Co. (12.1%)
7 Union Pacific Corp. (37.4%) 7 Pfizer Inc. (13.4%)
8 Comcast Corp. (37.0%) 8 PayPal Holdings Inc. (14.1%)
9 Amazon.com Inc. (36.6%) 9 Microsoft Corp. (15.0%)
10 The Home Depot Inc. (36.3%) 10 Merck & Co. (15.4%)
Key Stats
The overall tax rate that S&P 100 companies pay is around 27 percent.
S&P 100 companies pay roughly 30 percent lower rates on international taxes than U.S. taxes.
Tech companies, including Facebook Inc., Alphabet Inc. and Verizon Communications Inc., are still paying more than 15 percent lower rates abroad, continuing the trend from 2013, 2014 and 2015.
Only two S&P 100 companies are actually paying a negative overall tax rate and are therefore due a refund: General Electric Co. and Exxon Mobil Corp.
The average S&P 100 company pays an 12 percent higher tax rate than the top 3 percent of consumers.
For the full S&P 100 Tax Rate report, please visit Corporate Tax Rate Report.
Current Issue - May 2024