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By Stephen Pederson

Which Corporations Pay the Most Taxes?

The Top 25 Tax Paying Corporations in the USA

Corporate Taxes in the United States of AmericaThere are a lot of comments about these days about corporations and tax rates.  Many people believe that corporations do not pay enough taxes or their “fair share”.  What you do not see is what corporations really do pay in taxes in the USA.  Another fact that you do not hear often is that the USA has the highest corporate tax rates in the world.  At 35% plus state and local taxes added in, corporate taxes in the United States are averaging 40%.

The most important question you have to ask is “are US corporations going to do the most to maximize their profits by avoiding having to pay taxes?”  The answer is obvious.  Management’s sole directive is to maximize profits in the least risk manner.  What this means is US companies will offshore business and money to the most reasonable level they can achieve.  Is there a link between paying the highest corporate taxes in the world the stubbornly high unemployment rates that plague the USA?

Top 25 Corporate Tax Payers in the USA

Company
Industry
Net inc (Billions)
Income Tax (Billions)
Effective Tax Rate
% of Top 25
Accum. %
Exxon MobilOil & Gas$45.0$31.039.0%19.1%19.1%
ChevronOil & Gas$26.0$20.043.0%12.3%31.5%
AppleTechnology$41.7$14.225.0%8.8%40.2%
Wells FargoFinancial$19.8$9.231.2%5.7%45.9%
JPMorgan ChaseFinancial$22.9$8.126.0%5.0%50.9%
WalmartRetail$17.0$8.031.0%4.9%55.8%
ConocoOil & Gas$8.4$7.951.5%4.9%60.7%
Berkshire HathawayFinancial$14.8$6.928.0%4.3%65.0%
IBMSoftware & Consulting$16.6$5.324.0%3.3%68.2%
MicrosoftTechnology$15.5$4.622.8%2.8%71.1%
Philip Morris Int.Cigarettes$8.8$3.829.5%2.3%73.4%
Goldman SachsFinancial$7.6$3.733.0%2.3%75.7%
ComcastTelecom$6.2$3.732.0%2.3%78.0%
Procter & GambleRetail$12.9$3.623.5%2.2%80.2%
Johnson & JohnsonRetail$10.9$3.323.7%2.0%82.2%
IntelTechnology$10.3$3.223.6%2.0%84.2%
Occidental PetroleumOil & Gas$4.6$3.142.0%1.9%86.1%
United Health GrpInsurance$5.5$3.135.9%1.9%88.0%
Walt DisneyEntertainment$5.6$3.032.7%1.9%89.9%
AT&TTelecom$7.3$2.927.8%1.8%91.7%
OracleSoftware & Consulting$10.6$2.921.4%1.8%93.5%
Coca-ColaBeverage$9.0$2.723.1%1.7%95.1%
Home DepotRetail$4.5$2.737.2%1.7%96.8%
McDonaldsRestaurant$5.5$2.632.4%1.6%98.4%
GoogleTechnology$10.7$2.619.4%1.6%100.0%
Total$347.7$162.1
Top 25 Corporate Tax Payers in the USA - courtesy FactSet Research (published April 2013)

 

Facts About the Nations Top Corporate Tax Payers

When reviewing the tax payments to the country made by the listed corporations, there are a few interesting facts that most people do not realize.  In particular:

  • Walmart paid 3 times the corporate US taxes than McDonalds and Google – more then both of them combined
  • Exxon paid more corporate income taxes than Apple, Microsoft, Intel and Google, combined
  • Chevron paid more than 7 times the corporate income taxes that Coca-Cola paid
  • Exxon paid almost 4 times the corporate income taxes that Walmart paid
  • In this top 25 list of corporate tax payers, the Oil and Gas Industry paid 2.5 times the Banking and Financial Industry
  • The top 5 corporations on the list paid as much corporate income tax in the USA as the bottom 20 corporations, combined

 

For further reading:

The top corporate tax payers in 2010.

Image – courtesy of morguefile.com

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