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.