WalletHub study: Companies paying highest and lowest taxes

With 2017’s tax overhaul permanently reducing the federal corporate income tax rate from 35 percent to 21 percent, the personal-finance website WalletHub today released its latest Corporate Tax Rate Report.

The report provides an in-depth analysis of the 2017 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 American International Group Inc. (513.4%) 1 Charter Communications Inc. (-883.9%)
2 Halliburton Co. (165.8%) 2 The Kraft Heinz Co. (-98.7%)
3 Citigroup Inc. (129.1%) 3 AT&T Inc. (-97.2%)
4 Eli Lilly and Co. (109.3%) 4 Berkshire Hathaway Inc. (-90.3%)
5 General Motors Co. (97.2%) 5 Pfizer Inc. (-73.5%)
6 Johnson & Johnson (92.6%) 6 Comcast Corp. (-49.5%)
7 Kinder Morgan Inc. (89.7%) 7 Verizon Communications Inc.  (-48.3%)
8 Abbott Laboratories (84.2%) 8 MetLife Inc. (-41.6%)
9 The Coca-Cola Co. (82.5%) 9 Union Pacific Corp. (-40.4%)
10 Caterpillar Inc. (81.8%) 10 DowDuPont Inc. (-39.9%)

Key Stats

  • The overall tax rate that S&P 100 companies pay is around 39 percent.
  • S&P 100 companies pay roughly 65 percent lower rates on international taxes than U.S. taxes.
  • Tech companies, including Facebook Inc., Apple Inc. and Cisco System Inc., are still paying more than 15 percent lower rates abroad, continuing the trend from 2013, 2014, 2015 and 2016.
  • More than 10 S&P 100 companies are actually paying a negative overall tax rate and are therefore due a discrete net tax benefit: Charter Communications Inc., The Kraft Heinz Co., AT&T Inc., Berkshire Hathaway Inc., Pfizer Inc., Comcast Corp., Verizon Communications Inc., MetLife Inc., Union Pacific Corp., DowDuPont Inc., Netflix Inc., NextEra Energy Inc., Exxon Mobil Corp., Altria Group Inc., Exelon Corp. and Chevron Corp.
  • The average S&P 100 company pays a 77 percent higher tax rate than the top 1 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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