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Corporate Tax Rate Report – WalletHub Study

Staff Report

Monday, September 26th, 2022

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 2021 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. The Kraft Heinz Co. (40.05%)

1. Charter Communications Inc. (-16.72%)

2. ConocoPhillips (36.45%)

2. Oracle Corp. (-5.75%)

3. Altria Group Inc. (35.28%)

3. PayPal Holdings Inc. (-1.71%)

4. Walgreens Boots Alliance Inc. (33.43%)

4. Ford Motor Co. (-0.73%)

5. Comcast Corp. (27.54%)

5. Broadcom Inc. (0.43%)

6. Chevron Corp. (27.50%)

6. The Walt Disney Co. (0.98%)

7. Mondelez International Inc. (27.24%)

7. NVIDIA Corporation (1.90%)

8. Wal-Mart Stores Inc. (25.44%)

8. International Business Machines Corp. (2.56%)

9. Gilead Sciences Inc. (25.09%)

9. Duke Energy Corp. (5.10%)

10. BlackRock Inc. (25.01%)

10. Salesforce.com, Inc. (5.74%)

Key Stats

  • The overall tax rate that S&P 100 companies pay, around 18 percent, is about two percentage points lower than they paid in 2020.
     
  • S&P 100 companies pay roughly 20 percent lower rates on U.S. taxes than international taxes.
     
  • Some tech companies, including Oracle Corp. and Adobe Inc., are still paying more than 4 percent lower rates abroad, continuing the trend from 2013 through 2019.
     
  • Four S&P 100 companies are actually paying a negative overall tax rate and are therefore due a discrete net tax benefit: Charter Communications Inc., Oracle Corp., PayPal Holdings Inc., and Ford Motor Co.
     
  • Among the remaining companies that owe taxes, Broadcom Inc., The Walt Disney Co., NVIDIA Corporation, International Business Machines Corp., and Duke Energy Corp. pay the lowest rates.
     
  • The average S&P 100 company pays a 42 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