Corporate tax rate for major companies – a new report from Wallet Hub – who is paying their “fair share” and who is “freeloading” some answers are surprising, some less so.
With Election Day just days away and tax reform being a major issue this presidential election cycle, the personal-finance website WalletHub today released its latest Corporate Tax Rate Report. This report provides an in-depth analysis of the 2015 rates at which S&P 100 companies — collectively worth more than $12.4 trillion as of Sept. 30 — are taxed at the state, federal and international levels.
| Companies Paying the Highest Taxes (Overall Tax Rate) |
Companies Paying the Lowest Taxes (Overall Tax Rate) |
||||
| 1 | General Electric (79.2%) | 1 | General Motors Company (-34.3%) | ||
| 2 | Kinder Morgan (73.1%) | 2 | Chevron (2.7%) | ||
| 3 | Amazon.com (60.6%) | 3 | Mondelez International (7.5%) | ||
| 4 | Colgate-Palmolive (44.0%) | 4 | Twenty-First Century Fox (12.6%) | ||
| 5 | Unitedhealth Group (42.6%) | 5 | Amgen (13.0%) | ||
| 6 | Lowe’s Cos (42.4%) | 6 | Lilly Eli & Co. (13.7%) | ||
| 7 | Facebook (40.5%) | 7 | Intl Business Machines (16.2%) | ||
| 8 | CVS Caremark (39.3%) | 8 | Gilead Sciences (16.4%) | ||
| 9 | Union Pacific (37.7%) | 9 | Google (16.8%) | ||
| 10 | Comcast (37.1%) | 10 | Merck & Co. (17.4%) | ||
Key Stats
- The overall tax rate that S&P 100 companies pay is around 28 percent.
- S&P 100 companies pay roughly 44 percent lower rates on international taxes than U.S. taxes.
- Tech companies, including Apple, Cisco Systems and Google, are still paying more than 25 percent lower rates abroad, continuing the trend from 2013 and 2014.
- Only one S&P 100 company is actually paying a negative overall tax rate and is therefore due a refund: General Motors Company.
- The average S&P 100 company pays a 22 percent higher tax rate than the top 3 percent of consumers.
For the full S&P 100 Tax Rate report, please visit:
https://wallethub.com/edu/corporate-tax-rates/28330/
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Corporate Tax Rates
The table below shows the federal tax rates at different income levels and how they contrast with actual tax rates paid by S&P 100 companies.
| Taxable Income ($) | Tax Rate |
|---|---|
| $0 to $50,000 | 15% |
| $50,000 to $75,000 | $7,500 + 25% Of the amount over $50,000 |
| $75,000 to $100,000 | $13,750 + 34% Of the amount over $75,000 |
| $100,000 to $335,000 | $22,250 + 39% Of the amount over $100,000 |
| $335,000 to $10,000,000 | $113,900 + 34% Of the amount over $335,000 |
| $10,000,000 to $15,000,000 | $3,400,000 + 35% Of the amount over $10,000,000 |
| $15,000,000 to $18,333,333 | $5,150,000 + 38% Of the amount over $15,000,000 |
| $18,333,333 and up | 35% |
| Effective Federal Tax Rate Paid by S&P 100 Companies in 2015 | 38% |
