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 that shows the companies paying the highest and lowest taxes.
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)
1. Occidental Petroleum Corp. (372.58%)
2. Altria Group Inc. (269.45%)
3. salesforce.com, inc. (82.15%)
4. General Electric Co. (63.19%)
5. Chevron Corp. (48.61%)
6. Qualcomm Inc. (41.37%)
7. The Procter & Gamble Co. (34.65%)
8. Bristol-Myers Squibb Co. (30.45%)
9. Kinder Morgan Inc. (29.26%)
10. Raytheon Technologies Corporation (27.84%)
Companies Paying the Lowest Taxes (Overall Tax Rate)
1. Gilead Sciences Inc. (-3.95%)
2. American Tower Corporation (0.01%)
3. Mondelez International Inc. (0.06%)
4. NVIDIA Corporation (5.86%)
5. AbbVie Inc. (6.46%)
6. International Business Machines Corp. (7.19%)
7. Pfizer Inc. (7.83%)
8. Adobe Inc. (7.90%)
9. Thermo Fisher Scientific Inc. (9.19%)
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.
For the full S&P 100 Tax Rate report, visit https://wallethub.com/edu/corporate-tax-rates/28330/
