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Study Dives into Corporate Tax Rates

Thursday, November 2nd, 2023

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.

Companies Paying the Highest Taxes
(Overall Tax Rate)

 

Companies Paying the Lowest Taxes
(Overall Tax Rate)

1. Salesforce.com, inc. (68.48%)

 

1. International Business Machines Corp. (-54.33%)

2. Comcast Corp. (46.95%)

 

2. Charter Communications Inc. (-21.60%)

3. ConocoPhillips (33.82%)

 

3. Advanced Micro Devices Inc. (-10.18%)

4. General Electric Co. (33.71%)

 

4. NVIDIA Corporation (-4.47%)

5. Wal-Mart Stores Inc. (33.64%)

 

5. Intel Corp. (-3.21%)

6. The Walt Disney Co. (32.77%)

 

6. Walgreen Boots Alliance Inc. (-0.75%)

7. Lowe's Cos. (28.76%)

 

7. Duke Energy Corp. (7.36%)

8. Chevron Corp. (28.32%)

 

8. Broadcom Inc. (7.55%)

9. PayPal Holdings Inc. (28.13%)

 

9. Tesla, Inc. (8.25%)

10. Mondelez International Inc. (26.80%)

 

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/corporate-tax-rates/28330