September 20, 2021

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.

Tags: Trending, Press Release, Press Release

 

Florida Business News

Florida Trend Video Pick

Florida tax revenues exceed expectations
Florida tax revenues exceed expectations

July collections beat projections; Florida scraps FSA tests; Tax policy changes may hike property insurance renewal rates; DeSantis to begin issuing fines for vaccine mandates; COVID crisis forcing delayed retirement for Southerners.

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

Do you agree or disagree with requiring hospital, nursing home and health care employees to be fully vaccinated?

  • Agree
  • Disagree
  • Other (Please share your comments in the comment section below)

See Results

Florida Trend Media Company
490 1st Ave S
St Petersburg, FL 33701
727.821.5800

© Copyright 2021 Trend Magazines Inc. All rights reserved.