It’s election season so you know that taxes, particularly corporate tax rates, are front and center during the campaign trail and presidential debates. So far, Donald Trump would lower the corporate tax rate from 35 percent to 15 percent (SEE: A look at Donald Trump’s ‘magnificent’ tax proposal), which many of his opponents say is unsustainable.
With the next Republican debate about a week away, WalletHub, a personal finance website, released a new report entitled “S&P 100 Tax Rate Report – FY 2014.” It lists how much U.S. corporations pay in taxes.
Here is the list:
Companies paying the highest taxes:
1. Anadarko Petroluem
2. Occidental Petroleum
3. Devon Energy
4. Citigroup
5. Walgreens Boots Alliance
6. Unitedhealth Group
7. Exxon Mobil
8. Facebook
9. CVS Caremark
10. ConocoPhillips
Companies paying the lowest taxes:
1. Morgan Stanley
2. Amgen
3. General Electric
4. General Motors
5. Mondelez International
6. Celgene
7. QUALCOMM
8. Bristol-Myers Squibb
9. Time Warner
10. Medtronic
The report also found that S&P 100 companies paid about 24 percent lower rates on international taxes than U.S. taxes. Meanwhile, tech titans – Google, Apple and Cisco, are paying more than 25 percent lower rates internationally.
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