With President Biden’s latest tax 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 2022 federal, state and international tax rates paid by the S&P 100 companies, the largest and most established businesses in the U.S.
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Companies Paying the Highest Taxes |
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Companies Paying the Lowest Taxes |
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1. Salesforce.com, inc. (68.48%) |
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1. International Business Machines Corp. (-54.33%) |
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2. Comcast Corp. (46.95%) |
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2. Charter Communications Inc. (-21.60%) |
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3. ConocoPhillips (33.82%) |
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3. Advanced Micro Devices Inc. (-10.18%) |
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4. General Electric Co. (33.71%) |
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4. NVIDIA Corporation (-4.47%) |
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5. Wal-Mart Stores Inc. (33.64%) |
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5. Intel Corp. (-3.21%) |
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6. The Walt Disney Co. (32.77%) |
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6. Walgreen Boots Alliance Inc. (-0.75%) |
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7. Lowe’s Cos. (28.76%) |
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7. Duke Energy Corp. (7.36%) |
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8. Chevron Corp. (28.32%) |
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8. Broadcom Inc. (7.55%) |
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9. PayPal Holdings Inc. (28.13%) |
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9. Tesla, Inc. (8.25%) |
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10. Mondelez International Inc. (26.80%) |
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10. Eli Lilly and Co. (8.25%) |
Key Stats
- The overall tax rate that S&P 100 companies pay, nearly 19 percent, is about one percentage point higher than they paid in 2021.
- S&P 100 companies pay roughly 31 percent lower rates on U.S. taxes than international taxes.
- Tech company Adobe Corp. is still paying more than 11 percent lower rates abroad, continuing the trend from 2013 – 2021.
- Six S&P 100 companies are actually paying a negative overall tax rate and are therefore due a discrete net tax benefit: International Business Machines Corp., Charter Communications Inc., Advanced Micro Devices Inc., NVIDIA Corporation, Intel Corporation, and Walgreen Boots Alliance Inc.
- Among the remaining companies that owe taxes, Duke Energy Corp., Broadcom Inc., Eli Lilly and Co., Tesla Inc., and Medtronic PLC pay the lowest rates.
- The average S&P 100 company pays a 43 percent lower tax rate than the top 1 percent of consumers.
For the full S&P 100 Tax Rate report, please visit:
https://wallethub.com/edu/