Corporate Tax Rate Report

Nov 7, 2018  |  John S Kiernan, Senior Writer & Editor

Concerns over the proper role of taxation lie at the very foundation of American history. They haven’t gone away, either. In fact, President Donald Trump signed a new overhauled tax plan into effect in December 2017, which will affect earnings in the 2018 fiscal year. One of the largest changes in the plan is that the federal corporate income tax rate was permanently lowered from 35 percent to 21 percent. Republicans champion the tax plan as beneficial to business and consumers and Democrats claim it will only increase the wealth of the already wealthy.

With businesses looking forward to a large tax cut in the future, WalletHub analyzed annual reports for the S&P 100 — the largest and most established companies on the stock market — in order to determine the federal, state and international tax rates they paid in 2017. You can find the results, our detailed methodology and additional expert commentary below.

Main Findings

 

Company

Effective Tax Rate in %

Income before income taxes in mil.$

Sector

Market Cap in bil.$

CMCSA

-49.46

15,322

Communication Services

156.427

VZ

-48.34

20,594

Communication Services

219.943

MET

-41.57

3,536

Financial Services

42.758

UNP

-40.36

7,632

Industrials

112.314

DWDP

-39.9

1,193

Basic Materials

136.949

NFLX

-15.17

485

Consumer Cyclical

144.241

NEE

-13.99

4,667

Utilities

79.536

XOM

-6.29

18,674

Energy

343.044

MO

-4.06

9,828

Consumer Defensive

112.743

EXC

-3.33

3,756

Utilities

41.206

CVX

-0.52

9,221

Energy

224.151

OXY

1.28

1,328

Energy

58.31

NVDA

4.66

3,196

Technology

147.124

BLK

5.15

5,240

Financial Services

67.946

F

6.38

8,148

Consumer Cyclical

34.523

MSFT

8.4

23,149

Technology

825.407

BK

10.76

4,610

Financial Services

48.547

MDT

12.56

4,602

Healthcare

126.435

NKE

13.22

4,886

Consumer Cyclical

119.648

SO

13.3

1,068

Utilities

43.882

WBA

15.66

4,853

Consumer Defensive

71.603

DHR

15.96

2,939

Healthcare

71.431

USB

16.82

7,517

Financial Services

82.128

WFC

17.96

27,377

Financial Services

249.187

QCOM

18.38

3,020

Technology

93.312

PYPL

18.41

2,200

Financial Services

92.232

BA

18.41

10,047

Industrials

202.6

ORCL

18.95

11,517

Technology

177.952

TGT

19.69

3,646

Consumer Defensive

44.728

CVS

19.8

8,268

Healthcare

75.235

ALL

20.1

3,991

Financial Services

31.921

AMZN

20.2

3,806

Consumer Cyclical

856.049

ACN

21.25

4,616

Technology

101.001

CSCO

21.8

12,287

Technology

203.676

MDLZ

22.02

3,124

Consumer Defensive

59.858

FB

22.63

20,594

Technology

438.482

UNH

22.82

14,023

Healthcare

248.924

PG

23.1

13,257

Consumer Defensive

195.723

AAPL

24.56

64,089

Technology

1,048

DUK

28.04

4,266

Utilities

56.525

EMR

28.27

2,335

Industrials

44.866

GD

28.57

4,077

Industrials

56.412

FOX

30.26

4,689

Consumer Cyclical

83.098

WMT

30.42

15,123

Consumer Defensive

275.652

ABBV

31.29

7,727

Healthcare

136.89

UPS

31.31

7,148

Industrials

98.222

CELG

31.85

4,314

Healthcare

57.458

JPM

31.92

35,900

Financial Services

359.644

DIS

32.07

13,788

Consumer Cyclical

165.798

COST

32.81

4,039

Consumer Defensive

98.049

SBUX

33.18

4,318

Consumer Cyclical

75.401

FDX

34.55

4,579

Industrials

57.784

MMM

35.49

7,548

Industrials

115.205

RTN

35.79

3,113

Industrials

54.211

UTX

36.62

7,763

Industrials

102.292

HD

37

13,698

Consumer Cyclical

217.97

LOW

37.2

5,489

Consumer Cyclical

84.798

BAC

37.59

29,213

Financial Services

279.811

CL

37.65

3,487

Consumer Defensive

53.956

MCD

39.44

8,574

Consumer Cyclical

125.625

TXN

39.44

6,080

Technology

97.239

MA

39.97

6,522

Financial Services

208.147

MS

40.07

10,403

Financial Services

75.375

PM

40.67

10,589

Consumer Defensive

126.273

V

42.71

11,694

Financial Services

306.487

BKNG

46.78

4,398

Consumer Cyclical

85.443

BIIB

47.94

5,129

Healthcare

65.848

PEP

48.89

9,602

Consumer Defensive

147.846

IBM

49.49

11,400

Technology

127.331

INTC

52.83

20,352

Technology

204.682

GOOG

53.44

27,193

Technology

761.882

COF

61.45

5,492

Financial Services

43.083

GS

61.5

11,132

Financial Services

80.495

MRK

62.92

6,521

Healthcare

183.508

AXP

63.1

7,414

Financial Services

87.802

LMT

63.39

5,269

Industrials

92.121

GILD

65.67

13,529

Healthcare

93.959

HON

75.4

6,902

Industrials

115.246

AMGN

79.38

9,597

Healthcare

126.089

BMY

81

5,131

Healthcare

93.474

CAT

81.8

4,082

Industrials

83.205

KO

82.47

6,742

Consumer Defensive

188.936

ABT

84.18

2,231

Healthcare

120.75

KMI

89.68

2,161

Energy

38.399

JNJ

92.64

17,673

Healthcare

355.701

 

 

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Note: For visual purposes, we excluded the companies with the five highest and lowest effective tax rates.

 

Corporate Tax Rates

Company Name

Stock Symbol

2017 Overall Tax Rate

2017 State Tax Rate

2017 Federal Tax Rate

2017 U.S. Tax Rate

2017 International Tax Rate

2017 Actual Taxes Paid Rate

Average*

-

38.79%

3.89%

49.45%

68.50%

24.12%

21.33%

Apple Inc.

AAPL

24.56%

1.35%

71.29%

72.63%

3.70%

18.09%

AbbVie Inc.

ABBV

31.29%

negative income

negative income

negative income

10.69%

21.95%

Abbott Laboratories

ABT

84.18%

N/A

N/A

513.31%

15.44%

25.55%

Accenture PLC

ACN

21.25%

-3.50%

-19.28%

-22.78%

23.79%

27.92%

Allergan PLC

AGN

negative income

negative income

negative income

negative income

negative income

negative income

American International Group Inc.

AIG

513.37%

N/A

N/A

375.88%

negative income

37.11%

The Allstate Corp.

ALL

20.10%

N/A

N/A

N/A

N/A

24.25%

Amgen Inc.

AMGN

79.38%

0.11%

168.96%

169.07%

2.29%

15.63%

Amazon.com Inc.

AMZN

20.20%

3.29%

-6.02%

-2.74%

negative income

25.14%

American Express Co.

AXP

63.10%

3.56%

55.85%

59.41%

139.07%

18.88%

Boeing Co.

BA

18.41%

0.22%

17.48%

17.70%

34.26%

8.92%

Bank of America Corp.

BAC