Which Corporate Giants Pay the Highest & Lowest Tax Rates?VW Staff
Which Corporate Giants Pay the Highest & Lowest Tax Rates? via WalletHub
The leading personal finance social network, WalletHub, today released its latest look at the U.S. tax landscape: an in-depth analysis of the rates at which S&P 100 companies are taxed at the state, federal and international levels.
A few highlights of this new report, which is based on tax data from 2013, can be found below:
- The overall tax rate that S&P 100 companies pay has increased by 5.3 percent since 2012;
- The biggest contributor to this increase was the state tax rate that has gone up by 24 percent since 2012.
- S&P 100 companies pay roughly 22 percent lower rates on international taxes than U.S. taxes.
- Tech companies, including Apple Inc. (NASDAQ:AAPL), eBay Inc (NASDAQ:EBAY) and Facebook Inc (NASDAQ:FB), are still paying up to 70 percent lower rates abroad, continuing the trend from 2013.
- Only one S&P 100 company is actually paying a negative overall tax rate and is therefore due a tax refund: Ford Motor Co. This is a large decrease from the past year, when six S&P 100 companies received tax refunds.
- Among the remaining companies that owe taxes, Amgen, Inc. (NASDAQ:AMGN) (3.5%), American International Group Inc (NYSE:AIG) (3.8%), General Electric Company (NYSE:GE) (4.2%) and Abbott Laboratories (NYSE:ABT) (5.5%) pay the lowest rates.
- The average S&P 100 company pays a 15 percent higher tax rate than the top 3 percent of consumers.
Ask The Experts: Should Corporations Pay Less Than Consumers?
It’s clear that we have an immense societal interest in knowing what corporate America pays Uncle Sam in taxes – but to what end?
Are we checking to make sure large companies aren’t using their intellect and influence to avoid paying their fair share, to the detriment of the economy? Or do we just want to lament exactly how much bigger of a burden we little guys are shouldering compared to the millionaires that occupy the country’s board rooms?
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