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 $12.4 trillion as of Sept. 30 — are taxed at the state, federal and international levels.
|Companies Paying the Highest Taxes
(Overall Tax Rate)
|Companies Paying the Lowest Taxes
(Overall Tax Rate)
|1||General Electric (79.2%)||1||General Motors Company (-34.3%)|
|2||Kinder Morgan (73.1%)||2||Chevron (2.7%)|
|3||Amazon.com (60.6%)||3||Mondelez International (7.5%)|
|4||Colgate-Palmolive (44.0%)||4||Twenty-First Century Fox (12.6%)|
|5||Unitedhealth Group (42.6%)||5||Amgen (13.0%)|
|6||Lowe’s Cos (42.4%)||6||Lilly Eli & Co. (13.7%)|
|7||Facebook (40.5%)||7||Intl Business Machines (16.2%)|
|8||CVS Caremark (39.3%)||8||Gilead Sciences (16.4%)|
|9||Union Pacific (37.7%)||9||Google (16.8%)|
|10||Comcast (37.1%)||10||Merck & Co. (17.4%)|
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- The overall tax rate that S&P 100 companies pay is around 28 percent.
- S&P 100 companies pay roughly 44 percent lower rates on international taxes than U.S. taxes.
- Tech companies, including Apple, Cisco Systems and Google, are still paying more than 25 percent lower rates abroad, continuing the trend from 2013 and 2014.
- Only one S&P 100 company is actually paying a negative overall tax rate and is therefore due a refund: General Motors Company.
- The average S&P 100 company pays a 22 percent higher tax rate than the top 3 percent of consumers.
Corporate Tax Rates
The table below shows the federal tax rates at different income levels and how they contrast with actual tax rates paid by S&P 100 companies.
|Taxable Income ($)||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