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 $12.4 trillion as of Sept. 30 — are taxed at the state, federal and international levels.
|Companies Paying the Highest Taxes
(Overall Tax Rate)
|Companies Paying the Lowest Taxes
(Overall Tax Rate)
|1||General Electric (79.2%)||1||General Motors Company (-34.3%)|
|2||Kinder Morgan (73.1%)||2||Chevron (2.7%)|
|3||Amazon.com (60.6%)||3||Mondelez International (7.5%)|
|4||Colgate-Palmolive (44.0%)||4||Twenty-First Century Fox (12.6%)|
|5||Unitedhealth Group (42.6%)||5||Amgen (13.0%)|
|6||Lowe’s Cos (42.4%)||6||Lilly Eli & Co. (13.7%)|
|7||Facebook (40.5%)||7||Intl Business Machines (16.2%)|
|8||CVS Caremark (39.3%)||8||Gilead Sciences (16.4%)|
|9||Union Pacific (37.7%)||9||Google (16.8%)|
|10||Comcast (37.1%)||10||Merck & Co. (17.4%)|
Themes for the next decade: Cannabis, 5G, and EVs
A lot changes in 10 years, and many changes are expected by the time 2030 rolls around. Some key themes have already emerged, and we expect them to continue to impact investing decisions. At the recent Morningstar conference, several panelists joined a discussion about several major themes for the next decade, including cannabis, 5G and Read More
- The overall tax rate that S&P 100 companies pay is around 28 percent.
- S&P 100 companies pay roughly 44 percent lower rates on international taxes than U.S. taxes.
- Tech companies, including Apple, Cisco Systems and Google, are still paying more than 25 percent lower rates abroad, continuing the trend from 2013 and 2014.
- Only one S&P 100 company is actually paying a negative overall tax rate and is therefore due a refund: General Motors Company.
- The average S&P 100 company pays a 22 percent higher tax rate than the top 3 percent of consumers.
Corporate Tax Rates
The table below shows the federal tax rates at different income levels and how they contrast with actual tax rates paid by S&P 100 companies.
|Taxable Income ($)||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%|
Corporate tax rate