WalletHub notes: “With President Biden’s American Jobs Plan proposing increasing the corporate tax rate to 28%, the personal-finance website WalletHub today released its latest Corporate Tax Rate Report and expert commentary.
“The report provides an in-depth analysis of the 2020 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. Gilead Sciences Inc. (94.67%)||1. Wells Fargo & Co. (-1015.20%)|
|2. Booking Holdings Inc. (89.59%)||2. Salesforce Inc. (-59.00%)|
|3. Kraft Heinz (64.95%)||3. AbbVie Inc. (-36.02%)|
|4. Walgreen Boots Alliance Inc. (48.45%)||4. Duke Energy Corp. (-28.13%)|
|5. Dow Inc. (37.52%)||5. Adobe Inc. (-25.96%)|
|6. Mondelez International Inc. (36.18%)||6. Broadcom Inc. (-21.20%)|
|7. Altria Group Inc. (35.36%)||7. International Business Machines Corp. (-18.63%)|
|8. Walmart Inc. (33.35%)||8. Medtronic PLC (-18.52%)|
|9. United Parcel Service Inc. (27.17%)||9. General Electric Co. (-9.12%)|
|10. American Express (27.03%)||10. NVIDIA Corporation (1.75%)|
- “The overall tax rate that S&P 100 companies pay is around 20 percent.
- “S&P 100 companies pay roughly 44 percent lower rates on U.S. taxes than international taxes.
- “Most tech companies, including Adobe, Inc., Oracle Corp. and Microsoft Corp., are still paying more than 3 percent lower rates abroad, continuing the trend from 2013, 2014, 2015, 2016, 2017, 2018 and 2019.
- “Nine S&P 100 companies, Wells Fargo & Co, Salesforce.com Inc., AbbVie Inc., Duke Energy Corp., Adobe Inc., Broadcom Inc., International Business Machines Corp., Medtronic Inc and General Electric Co., are actually paying a negative overall tax rate and are therefore due a discrete net tax benefit.
- “The average S&P 100 company pays a 44 percent lower tax rate than the top 1 percent of consumers.”
Kevin Price, Editor at Large at The Daily Blaze noted “It is important to remember, when looking at information like this, that corporations do not actually pay taxes. They are tax collectors doing the work that the government doesn’t like to do. For businesses, taxes are simply a fixed cost of doing business. Ultimately, businesses do not pay taxes, the customers of businesses pay taxes.”