May 25, 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.

Tags: Trending, Press Release, Press Release

 

Florida Business News

Florida Trend Video Pick

Take a look at Cuba Nostalgia 2022 as it opens its doors in Miami
Take a look at Cuba Nostalgia 2022 as it opens its doors in Miami

Cuba Nostalgia 2022 Festival opened its doors at the Fair Expo Center in Miami, Florida on May 21, 2022. Attendees can enjoy 14 themed pavilions with emblematic buildings from the streets of Havana, art exhibitions, memorabilia, and food.

 

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

If Ron DeSantis ran for President in the 2024 elections, would you vote for him?

  • Yes
  • No
  • Unsure
  • 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 2022 Trend Magazines Inc. All rights reserved.