January 19, 2022

WalletHub Press Release

Corporate Tax Rate Report

| 10/16/2020

With some companies getting tax relief through the CARES Act this year, the personal-finance website WalletHub today released its latest Corporate Tax Rate Report.
The report provides an in-depth analysis of the 2019 federal, state and international tax rates paid by 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
(Overall Tax Rate)
1. Occidental Petroleum Corp. (372.58%) 1. Gilead Sciences Inc. (-3.95%)
2. Altria Group Inc. (269.45%) 2. American Tower Corporation (0.01%)
3. salesforce.com, inc. (82.15%) 3. Mondelez International Inc. (0.06%)
4. General Electric Co. (63.19%) 4. NVIDIA Corporation (5.86%)
5. Chevron Corp. (48.61%) 5. AbbVie Inc. (6.46%)
6. Qualcomm Inc. (41.37%) 6. Internat'l Business Machines Corp. (7.19%)
7. The Procter & Gamble Co. (34.65%) 7. Pfizer Inc. (7.83%)
8. Bristol-Myers Squibb Co. (30.45%) 8. Adobe Inc. (7.90%)
9. Kinder Morgan Inc. (29.26%) 9. Thermo Fisher Scientific Inc. (9.19%)
10. Raytheon Technologies Corporation (27.84%) 10. Netflix Inc. (9.47%)

 
Key Stats

  • The overall tax rate that S&P 100 companies pay is around 19 percent.
  • S&P 100 companies pay roughly 6 percent lower rates on U.S. taxes than international taxes.
  • Most tech companies, including Adobe, Inc., Oracle Corp. and Cisco Systems, Inc., are still paying more than 5 percent lower rates abroad, continuing the trend from 2013, 2014, 2015, 2016, 2017 and 2018.
  • Only one S&P 100 company, Gilead Sciences, Inc., is actually paying a negative overall tax rate and is therefore due a discrete net tax benefit.
  • The average S&P 100 company pays a 29 percent lower tax rate than the top 1 percent of consumers.


View the full S&P 100 Tax Rate report.

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