Corporate Tax Rate Report
3:36 AMPosted by: John S Kiernan
Concerns over the proper role of taxation lie at the very foundation of American history. They haven’t gone away, either. In fact, overhauling the tax code is a top priority for the Trump administration, fueling partisan discussions of economic patriotism and debates over whether Main Street or top earners should foot more or less of the bill.
With President Donald Trump’s tax plan calling to slash the corporate income tax from 35 percent to 20 percent, 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 2016. You can find the results, our detailed methodology and additional expert commentary below.
- Main Findings
- Corporate Tax Rates
- Ask the Experts: Should Corporations Pay Less than Consumers?
- Historical S&P 100 Tax Rates
- Methodology
- The overall tax rate that S&P 100 companies pay, around 27 percent, is basically unchanged since 2015.
- S&P 100 companies pay roughly 30 percent lower rates on international taxes than U.S. taxes.
- Tech companies, including Facebook Inc., Alphabet Inc. and Verizon Communications Inc., are still paying more than 15 percent lower rates abroad, continuing the trend from 2013, 2014 and 2015.
- Only two S&P 100 companies are actually paying a negative overall tax rate and are therefore due a discrete net tax benefit: General Electric Co. and Exxon Mobil Corp.
- Among the remaining companies that owe taxes, Dow Chemical Co., International Business Machines Corp., Mondelez International Inc., Boeing Co. and Pfizer Inc. pay the lowest rates.
- The average S&P 100 company pays an 12 percent higher tax rate than the top 3 percent of consumers.
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Note: For visual purposes, we excluded the companies with the 5 highest and lowest effective tax rates.
Corporate Tax Rates| Company Name | Stock Symbol | 2016 Overall Tax Rate | 2016 State Tax Rate | 2016 Federal Tax Rate | 2016 U.S Tax Rate | 2016 International Tax Rate | 2016 Actual Taxes Paid Rate |
|---|---|---|---|---|---|---|---|
| Average* | - | 26.58% | 3.25% | 28.80% | 31.66% | 22.23% | 22.95% |
| 3M Co. | MMM | 28.29% | 1.92% | 27.23% | 29.16% | 26.87% | 26.77% |
| Abbott Laboratories | ABT | 24.77% | N/A | N/A | -24.84% | 38.48% | 43.88% |
| AbbVie Inc. | ABBV | 24.49% | negative income | negative income | negative income | 5.18% | 45.19% |
| Accenture PLC | ACN | 22.38% | 3.75% | 30.80% | 34.55% | 19.58% | 25.44% |
| Allergan PLC | AGN | negative income | negative income | negative income | negative income | negative income | negative income |
| Alphabet Inc. | GOOG | 19.35% | 2.55% | 28.70% | 31.25% | 7.55% | 12.99% |
| Altria Group Inc. | MO | 34.82% | 1.87% | 32.90% | 34.78% | negative income | 21.34% |
| Amazon.com Inc. | AMZN | 36.61% | 3.89% | 27.51% | 31.40% | negative income | 4.55% |
| American Express Co. | AXP | 33.20% | 3.22% | 26.02% | 29.24% | negative income | 37.06% |
| American International Group Inc. | AIG | negative income | N/A | N/A | -12.49% | negative income | negative income |
| Amgen Inc. | AMGN | 15.73% | -0.09% | 30.28% | 30.19% | 1.90% | 12.00% |
| Apple Inc. | AAPL | 25.56% | 4.20% | 62.62% | 66.83% | 5.20% | 17.02% |
| AT&T Inc. | T | 32.70% | 2.97% | 28.89% | 31.86% | negative income | 18.78% |
| Bank of America Corp. | BAC | 28.81% | -0.71% | 25.72% | 25.02% | 59.88% | 6.49% |
| Berkshire Hathaway Inc. | BRK-A | 27.45% | N/A | N/A | N/A | N/A | 14.02% |
| Biogen Idec Inc. | BIIB | 25.08% | 1.40% | 32.25% | 33.65% | 0.57% | 33.29% |
| BlackRock Inc. | BLK | 28.91% | 2.64% | 31.34% | 33.98% | 20.06% | 30.59% |
| Boeing Co. | BA | 12.09% | -0.60% | 11.11% | 10.51% | 32.82% | N/A |
| Bristol-Myers Squibb Co. | BMY | 23.80% | N/A | N/A | 33.65% | 12.97% | N/A |
| Capital One Financial Corp. | COF | 31.25% | 2.81% | 28.21% | 31.02% | 35.54% | 38.68% |
| Caterpillar Inc. | CAT | 138.13% | negative income | negative income | negative income | 27.83% | N/A |
| Celgene Corp. | CELG | 15.73% | N/A | N/A | 36.61% | 6.37% | 15.72% |
| Chevron Corp. | CVX | negative income | negative income | negative income | negative income | 27.26% | negative income |
| Cisco Systems Inc. | CSCO | 16.88% | 3.13% | 26.56% | 29.69% | 13.16% | 20.70% |
| Citigroup Inc. | C | 30.00% | 5.16% | 23.25% | 28.41% | 31.36% | 20.30% |
| Colgate-Palmolive Co. | CL | 30.82% | N/A | N/A | 33.17% | 29.72% | 24.93% |
| Comcast Corp. | CMCSA | 36.98% | 4.70% | 32.50% | 37.21% | 33.52% | 25.73% |
| ConocoPhillips | COP | negative income | negative income | negative income | negative income | negative income | negative income |
| Costco Wholesale Corp. | COST | 34.35% | 4.92% | 26.74% | 31.66% | 41.42% | 26.33% |
| CVS Health Corp. | CVS | 38.40% | N/A | N/A | N/A | N/A | 35.43% |
| Danaher Corp. | DHR | 17.54% | 3.01% | -0.05% | 2.96% | 22.34% | N/A |
| Dow Chemical Co. | DOW | 0.20% | 2.27% | -240.00% | -237.73% | 29.58% | 36.08% |
| Duke Energy Corp. | DUK | 30.64% | 2.76% | 28.84% | 31.61% | 4.44% | 6.13% |
| DuPont Co. | DD | 22.79% | -1.24% | 4.60% | 3.36% | 38.44% | 22.51% |
| Eli Lilly and Co. | LLY | 18.86% | -5.05% | 19.48% | 14.43% | 29.20% | 20.76% |
| Emerson Electric Co. | EMR | 30.09% | 1.14% | 30.18% | 31.33% | 28.49% | 41.02% |
| Exelon Corp. | EXC | 38.26% | N/A | N/A | N/A | N/A | N/A |
| Exxon Mobil Corp. | XOM | -5.09% | negative income | negative income | negative income | 19.09% | 52.88% |
| Facebook Inc. | FB | 18.38% | 2.53% | 30.94% | 33.46% | 2.76% | 9.67% |
| FedEx Corp. | FDX | 33.58% | 2.94% | 36.40% | 39.35% | 21.88% | 36.35% |
| Ford Motor Co. | F | 32.21% | 4.50% | 22.81% | 27.31% | 49.08% | 10.89% |
| General Dynamics Corp. | GD | 27.63% | 1.04% | 27.87% | 28.92% | 19.73% | 22.67% |
| General Electric Co | GE | -5.14% | -1.54% | -158.51% | -160.05% | 43.12% | 28.93% |
| General Motors Co. | GM | 25.70% | 2.92% | 13.93% | 16.85% | 198.04% | 8.05% |
| Gilead Sciences Inc. | GILD | 21.11% | 2.08% | 42.72% | 44.79% | 1.95% | 14.25% |
| Halliburton Co. | HAL | negative income | negative income | negative income | negative income | negative income | negative income |
| Honeywell International Inc. | HON | 24.83% | 3.83% | 30.48% | 34.31% | 16.71% | 17.71% |
| Intel Corp. | INTC | 20.25% | N/A | 28.42% | N/A | N/A | 6.78% |
| International Business Machines Corp. | IBM | 3.64% | 5.48% | -15.34% | -9.86% | 9.32% | 8.74% |
| Johnson & Johnson | JNJ | 16.48% | N/A | N/A | 29.37% | 8.69% | 14.36% |
| JPMorgan Chase & Co. | JPM | 28.38% | 4.74% | 25.71% | 30.45% | 21.40% | 3.05% |
| Kinder Morgan Inc. | KMI | 55.98% | 1.57% | 57.98% | 59.55% | 25.58% | 0.24% |
| Lockheed Martin Corp. | LMT | 23.19% | N/A | N/A | N/A | N/A | N/A |
| Lowe's Cos. | LOW | 40.53% | N/A | N/A | N/A | N/A | 42.63% |
| Mastercard Inc. | MA | 28.11% | 0.91% | 28.59% | 29.50% | 25.39% | 27.97% |
| McDonald's Corp. | MCD | 31.74% | 6.57% | 44.89% | 51.47% | 23.29% | 34.77% |
| Medtronic Inc. | MDT | 18.40% | N/A | N/A | 112.01% | 10.62% | 31.80% |
| Merck & Co. | MRK | 15.41% | 22.39% | -17.18% | 5.21% | 16.69% | N/A |
| MetLife Inc. | MET | negative income | negative income | negative income | negative income | 26.04% | negative income |
| Microsoft Corp. | MSFT | 14.95% | negative income | negative income | negative income | N/A | 19.75% |
| Mondelez International Inc. | MDLZ | 8.87% | negative income | negative income | negative income | 11.00% | 36.24% |
| Monsanto Co. | MON | 34.91% | 2.47% | 19.49% | 21.96% | 70.22% | 42.24% |
| Morgan Stanley | MS | 30.81% | 5.18% | 29.26% | 34.44% | 24.25% | 2.27% |
| NextEra Energy Inc. | NEE | 31.52% | N/A | N/A | N/A | N/A | 2.07% |
| Nike Inc. | NKE | 18.67% | 5.75% | 25.84% | 31.59% | 15.30% | 16.18% |
| Occidental Petroleum Corp. | OXY | negative income | negative income | negative income | negative income | 61.61% | negative income |
| Oracle Corp. | ORCL | 22.21% | 6.20% | 29.21% | 35.41% | 15.02% | 20.37% |
| PayPal Holdings Inc. | PYPL | 14.10% | negative income | negative income | negative income | 5.68% | 2.94% |
| PepsiCo Inc. | PEP | 25.42% | 2.09% | 50.49% | 52.59% | 13.35% | 16.29% |
| Pfizer Inc. | PFE | 13.45% | negative income | negative income | negative income | 8.04% | 30.19% |
| Philip Morris International Inc. | PM | 27.89% | N/A | N/A | N/A | 25.33% | N/A |
| Qualcomm Inc. | QCOM | 16.55% | 0.33% | -5.94% | -5.61% | 34.23% | N/A |
| Raytheon Co. | RTN | 28.28% | -0.07% | 27.83% | 27.77% | 43.14% | N/A |
| Schlumberger Ltd. | SLB | negative income | negative income | negative income | negative income | 49.83% | negative income |
| Simon Property Group Inc. | SPG | N/A | N/A | N/A | N/A | N/A | N/A |
| Starbucks Corp. | SBUX | 32.86% | 5.63% | 30.90% | 36.53% | 16.86% | 20.93% |
| Target Corp. | TGT | 32.69% | 4.46% | 31.11% | 35.57% | 1.49% | 38.18% |
| Texas Instruments Inc. | TXN | 27.08% | 0.25% | 29.52% | 29.77% | 16.17% | N/A |
| The Allstate Corp. | ALL | 31.84% | N/A | N/A | N/A | N/A | 13.04% |
| The Bank of New York Mellon Corp. | BK | 24.91% | 3.69% | 23.77% | 27.45% | 19.84% | 21.38% |
| The Coca-Cola Co. | KO | 19.49% | 19.47% | 273.45% | 292.92% | 15.64% | N/A |
| The Goldman Sachs Group Inc. | GS | 28.20% | 2.99% | 22.53% | 25.52% | 31.60% | 15.53% |
| The Home Depot Inc. | HD | 36.30% | 4.11% | 32.57% | 36.68% | 31.53% | 37.01% |
| The Kraft Heinz Co. | KHC | 27.49% | 0.48% | 33.53% | 34.01% | 14.35% | 32.23% |
| The Priceline Group Inc. | PCLN | 21.31% | negative income | negative income | negative income | 16.58% | 23.46% |
| The Procter & Gamble Co. | PG | 25.00% | N/A | 19.41% | 21.96% | 30.82% | 27.90% |
| The Southern Co. | SO | 27.33% | N/A | N/A | N/A | N/A | 3.33% |
| The Walt Disney Co. | DIS | 34.15% | 1.81% | 30.80% | 32.62% | 59.53% | 27.80% |
| Time Warner Inc. | TWX | 24.66% | 0.73% | 20.87% | 21.60% | 40.52% | 18.00% |
| Twenty-First Century Fox | FOX | 27.20% | N/A | N/A | N/A | N/A | 20.22% |
| U.S. Bancorp | USB | 26.66% | N/A | N/A | N/A | N/A | 7.34% |
| Union Pacific Corp. | UNP | 37.44% | N/A | N/A | N/A | N/A | 19.91% |
| United Parcel Service Inc. | UPS | 33.20% | 2.27% | 33.34% | 35.61% | 20.39% | 40.19% |
| United Technologies Corp. | UTX | 23.79% | 4.46% | 13.73% | 18.19% | 26.88% | 57.42% |
| UnitedHealth Group Inc. | UNH | 40.38% | N/A | N/A | N/A | N/A | 39.84% |
| Verizon Communications Inc. | VZ | 35.16% | 3.56% | 32.51% | 36.08% | 15.55% | N/A |
| Visa Inc. | V | 25.22% | 2.02% | 29.83% | 31.85% | 7.41% | 35.47% |
| Walgreens Boots Alliance Inc. | WBA | 19.38% | 2.41% | 31.66% | 34.07% | 4.64% | 21.38% |
| Wal-Mart Stores Inc. | WMT | 30.27% | 3.48% | 28.75% | 32.23% | 23.87% | 21.99% |
| Wells Fargo & Co. | WFC | 31.37% | 5.69% | 27.62% | 33.31% | 7.25% | 26.30% |
*Averages reflect rates for S&P 100 companies, minus those with negative income before income taxes, those with no available data, and the five highest/lowest rates in each category.
The table below shows the federal tax rates at different income levels and how they contrast with actual tax rates paid by S&P 100 companies.
| Taxable Income ($) | Tax Rate |
|---|---|
| $0 to $50,000 | 15% |
| $50,000 to $75,000 | $7,500 + 25% Of the amount over $50,000 |
| $75,000 to $100,000 | $13,750 + 34% Of the amount over $75,000 |
| $100,000 to $335,000 | $22,250 + 39% Of the amount over $100,000 |
| $335,000 to $10,000,000 | $113,900 + 34% Of the amount over $335,000 |
| $10,000,000 to $15,000,000 | $3,400,000 + 35% Of the amount over $10,000,000 |
| $15,000,000 to $18,333,333 | $5,150,000 + 38% Of the amount over $15,000,000 |
| $18,333,333 and up | 35% |
| Effective Federal Tax Rate of S&P 100 Companies in 2016 | 28% |
Ask the Experts: Should Corporations Pay Less than Consumers?
For insight into the country’s current corporate tax system as well as its potential fixes, we turned to experts in the fields of accounting and tax law for their thoughts on the following key questions:
- What is your assessment of the Trump administration’s corporate tax reform plan? What reforms do you think will ultimately be adopted?
- Is the U.S. leaving money on the table with the current corporate tax structure?
- What would you change about the way U.S. corporations are taxed?
- Do you consider tax-inversion deals to be unpatriotic?
- What should the relationship be between corporate and consumer taxes?
W. Eugene Seago Curling Professor of Accounting in the Pamplin College of Business at Virginia Polytechnic Institute and State University
Gerardo Pérez Cavazos Assistant Professor of Business Administration at Harvard Business School
Luke Watson Assistant Professor of Accounting in the Warrington College of Business Administration at University of Florida
Anup Srivastava Assistant Professor of Business Administration in the Tuck School of Business at Dartmouth College
Is the U.S. leaving money on the table with the current corporate tax structure? Yes, changes are needed to tax at least a portion of the income in foreign subsidiaries. What would you change about the way U.S. corporations are taxed? I would allow corporations a deduction for dividends paid, and tax the dividends at ordinary rates. I would tax income of foreign subsidiaries as it is earned, but at a lower rate. Do you consider tax inversion deals to be unpatriotic? It is unpatriotic and should be done only if necessary for the corporation to survive. What should the relationship be between corporate and consumer taxes? Ideally, the corporate tax burden is borne by the investors and consumer taxes are borne by the consumer. Investors are typically wealthier and have more income than consumers in general; therefore, taxing the corporation rather than the consumer should result in a more progressive tax system. Gerardo Pérez Cavazos Assistant Professor of Business Administration at Harvard Business School 
Is the U.S. leaving money on the table with the current corporate tax structure? In the short term, the U.S. government would be able to raise tax collections by increasing the tax rate or closing legal loopholes that allow corporations to pay fewer taxes. However, we don’t live in a static world. The new tax changes will cause corporations to change the manner in which they operate, because increasing the tax rate would make U.S. corporations less competitive. Following a tax increase, two realistic scenarios are that firms (1) reduce investment, or (2) relocate their operations to foreign countries that have more competitive tax rates. These “unintended consequences” would lead the new tax collection efforts to be stifled, in addition to adversely affecting corporations. In sum, while the U.S. taxation system is not optimized such that there is no money left on the table, the path to achieving that outcome is far from clear. For instance, it might require lowering the corporate tax rates with the expectation of creating a more competitive environment for businesses. This in turn could lead to higher profits and more tax dollars in aggregate. What would you change about the way U.S. corporations are taxed? As a general principle, I would recommend moving towards less complexity, because minimizing corporate taxes is a zero-sum game. Tax minimization does not create value for society; it just allows shareholders to avoid transferring wealth to the government. Consequently, even though resources invested in tax avoidance strategies make sense from the firms’ perspective, they destroy social value. Simplifying tax laws can allow resources to be better allocated to corporate activities that create value such as product development. An example of a law change that would simplify corporate tax regulation is to move from a worldwide taxation system to a territorial system. The U.S. is one of the few countries in the world that taxes corporations at the U.S. tax rate regardless of where the companies generate the income. This rule places U.S. corporations at a severe disadvantage when they operate in countries with lower tax rates. To mitigate this, the law allows firms to defer tax payments by keeping the earnings in foreign jurisdictions and classifying them as permanently reinvested earnings. As a result, many firms do this to reduce their tax liabilities and remain competitive with respect to other global players. Thus, this regulation does not increase tax collections in many cases, but imposes a costly restriction on firms by preventing them from using their capital in the most efficient manner. Do you consider tax inversion deals to be unpatriotic? Tax inversions are not unpatriotic. Corporate executives have a duty to maximize shareholder value while following the law. Therefore, reducing domestic taxes is simply a business decision. To illustrate this point, let’s consider the following hypothetical scenario: Bank of America unilaterally decides to give a monthly $20 donation to the IRS from every savings account in the bank, with an option for each depositor to opt out. If a person opted out of this donation, would you consider him unpatriotic? Most likely not. So why do we have a double standard for corporations? Executives fail on their duty to maximize shareholder value if they forego legal strategies that could save shareholders from “donating” their money to the government. I would argue that rather than focusing on the normative aspect of whether tax inversions are patriotic or unpatriotic, the debate should focus on the reasons behind managers’ choices to invert and whether there are alternatives that can increase what is known in economics as social welfare. Luke Watson Assistant Professor of Accounting in the Warrington College of Business Administration at University of Florida 
Is the U.S. leaving money on the table with the current corporate tax structure? Yes, but some of that is strategic. By offering certain tax exemptions, deductions, and credits, the U.S. government intentionally incentivizes certain economic activity. So while these items reduce government tax revenues, their help might achieve social and economic goals. Now, there is plenty of tax planning that corporations undertake with less noble aims, of course. What would you change about the way U.S. corporations are taxed? I have two main concerns in the U.S. corporate tax context. First is the statutory corporate tax rate, which at 35% is the highest among developed countries. The high rate incentivizes corporations to shift taxable economic activity outside of the United States. Second is the worldwide tax system, meaning that the U.S. taxes U.S.-domiciled corporations on their worldwide income, regardless of where it is earned. The important asterisk to the worldwide system is the deferral option, which allows corporations to avoid recognition of U.S. tax on foreign earnings for both financial statement and tax return purposes if they promise to leave their foreign income abroad. But deferral “locks” that cash out of the U.S. by requiring companies to pay repatriation tax if they bring foreign earnings back to the United States (most companies are reluctant to pay this tax). Deferral is almost ubiquitous as a tool U.S. corporations use to keep their effective tax rates down. So we have many companies avoiding the high U.S. statutory corporate tax rate by shifting income out of the U.S. and keeping it abroad. I would favor a lower statutory rate in combination with a territorial tax system. The lower rate would produce much less incentive to shift income abroad, and the territorial system would allow firms to bring their foreign earnings back to the United States with the aim of spurring domestic investment without incurring a tax cost to do so. Do you consider tax inversion deals to be unpatriotic? Inverting corporations claim that inversion will offer them relief from U.S. taxes on their foreign earnings. In a new study that I coauthored with Stephen Lusch (University of Kansas) and Jim Seida (University of Notre Dame), we found that deferral already offers that kind of tax relief for U.S.-domiciled corporations to the extent that there is no detectable U.S. tax savings on foreign earnings that results from inversion. We found that the actual tax benefits of inversion occurred through reductions in U.S. tax on U.S. earnings, and through reductions in foreign tax on foreign earnings. These findings are consistent with inverting companies using earnings stripping to shift taxable income from high-tax jurisdictions like the U.S. into lower-tax jurisdictions such as their post-inversion tax domicile (which, in the context of our study, was typically a tax haven such as Bermuda or the Cayman Islands). However, we also find that inverted companies underperform their competitors in both pretax and aftertax return on assets, suggesting that nontax costs overcome the tax benefits of inversion. Anup Srivastava Assistant Professor of Business Administration in the Tuck School of Business at Dartmouth College 
Is the U.S. leaving money on the table with the current corporate tax structure? Yes. What would you change about the way U.S. corporations are taxed? Simplify tax structure, reduce exemptions and loopholes. Do you consider tax inversion deals to be unpatriotic? No, as long as in the legal framework. What should the relationship be between corporate and consumer taxes? Shift the burden of taxes more to consumers. Historical S&P 100 Tax Rates
| Company Name | Stock Symbol | 2015 Overall Tax Rate | 2015 State Tax Rate | 2015 Federal Tax Rate | 2015 International Tax Rate | 2014 Overall Tax Rate | 2014 State Tax Rate | 2014 Federal Tax Rate | 2014 International Tax Rate | 2013 Overall Tax Rate | 2013 State Tax Rate | 2013 Federal Tax Rate | 2013 International Tax Rate | 2012 Overall Tax Rate | 2012 State Tax Rate | 2012 Federal Tax Rate | 2012 International Tax Rate | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Average | - | 27.82% | 3.37% | 31.30% | 20.26% | 28.4% | 3.3% | 28.6% | 24.8% | 28.3% | 3.8% | 29.5% | 25.0% | 26.9% | 3.1% | 29.2% | 23.1% | |||
| 3M | MMM | 29.05% | 29.17% | 2.43% | 24.42% | 28.9% | 24.4% | 2.6% | 31.0% | 28.1% | 2.8% | 25.8% | 27.5% | 29.0% | 2.9% | 25.5% | 29.4% | |||
| Abbott Laboratories | ABT | 18.13% | N/A | N/A | 8.35% | 31.7% | N/A | N/A | 22.2% | 5.5% | NA | NA | 21.6% | -89.8% | neg income | neg income | 17.5% | |||
| Abbvie | ABBV | 22.59% | neg income | neg income | 4.22% | 25.1% | neg income | neg income | 4.7% | neg income | neg income | neg income | neg income | 7.9% | NA | NA | 5.2% | |||
| Accenture | ACN | 25.77% | 39.57% | 4.61% | 17.90% | 26.1% | 37.9% | 4.4% | 20.4% | 18.1% | 0.4% | 13.6% | 19.4% | 27.6% | 5.9% | 37.3% | 23.9% | |||
| Allergan | AGN | neg income | neg income | neg income | neg income | neg income | neg income | neg income | neg income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||
| Allstate | ALL | 33.85% | N/A | N/A | N/A | 32.7% | N/A | N/A | N/A | 32.9% | NA | NA | NA | 30.2% | NA | NA | NA | |||
| Altria Group | MO | 35.10% | 29.41% | 5.68% | N/A | 34.8% | 28.7% | 6.1% | N/A | 34.7% | 6.0% | 28.7% | NA | 35.4% | 5.2% | 30.2% | 31.3% | |||
| Amazon.com | AMZN | 60.59% | 31.47% | 3.02% | neg income | neg income | 30.5% | 18.5% | neg income | 31.8% | NA | NA | neg income | 78.7% | NA | NA | neg income | |||
| American Electric Power | AEP | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 31.5% | NA | NA | NA | 32.4% | -2.3% | 34.6% | NA | |||
| American Express | AXP | 34.96% | 26.02% | 4.12% | neg income | 34.5% | 28.1% | 3.4% | 258.2% | 32.1% | 3.8% | 24.0% | 188.5% | 30.5% | 3.5% | 20.7% | neg income | |||
| American International Group | AIG | 32.28% | N/A | N/A | 22.24% | 27.9% | N/A | N/A | 27.9% | 3.8% | NA | NA | 8.1% | -27.9% | neg income | neg income | 5.4% | |||
| Amgen | AMGN | 13.02% | 21.63% | -0.98% | 5.80% | 7.6% | 15.4% | 3.6% | 3.5% | 3.5% | 2.9% | -2.0% | 4.6% | 13.3% | 0.2% | 30.5% | 4.2% | |||
| Andarko Petroleum | APC | neg income | neg income | neg income | neg income | 2994.4% | neg income | neg income | 49.4% | 55.3% | 7.7% | 48.4% | 55.1% | 31.4% | 106.1% | 11.4% | 28.1% | |||
| Apache | APA | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 45.7% | 3.7% | 40.3% | 46.4% | 59.0% | 0.6% | 27.8% | 74.0% | |||
| Apple | AAPL | 26.37% | 60.76% | 4.19% | 6.17% | 26.1% | 59.4% | 3.4% | 4.4% | 26.2% | 3.9% | 57.0% | 3.7% | 25.2% | 5.6% | 64.6% | 1.9% | |||
| At&T | T | 33.85% | 29.39% | 3.45% | neg income | 34.6% | N/A | N/A | N/A | 33.2% | NA | NA | NA | 27.8% | NA | 25.9% | NA | |||
| Bank Of America | BAC | 28.28% | 21.73% | 3.62% | 58.72% | 29.5% | 22.1% | 9.2% | 25.8% | 29.3% | 5.2% | 16.9% | 61.4% | -36.3% | 28.8% | -159.3% | 109.7% | |||
| Baxter Intl | BAX | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 21.1% | 5.2% | 33.4% | 17.4% | 19.5% | -6.7% | 60.6% | 14.2% | |||
| Berkshire Hathaway | BRK.B | 30.14% | N/A | N/A | N/A | 28.2% | N/A | N/A | N/A | 31.1% | NA | NA | NA | 31.1% | NA | NA | NA | |||
| Biogen | BIIB | 24.37% | 32.02% | 1.08% | 2.93% | 25.1% | 34.4% | 1.7% | 4.8% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||
| Boeing | BA | 27.66% | 26.44% | 0.70% | 38.53% | 23.7% | 22.0% | 0.9% | 40.6% | 26.4% | 1.3% | 24.4% | 40.9% | 34.0% | 1.8% | 33.0% | 14.8% | |||
| Bristol Myers Squibb | BMY | 21.47% | neg income | neg income | 14.77% | 14.8% | neg income | neg income | 15.4% | neg income | neg income | neg income | neg income | -6.9% | neg income | neg income | 14.4% | |||
| Capital One Financial | COF | 31.78% | 29.02% | 3.00% | 27.08% | 32.7% | 29.6% | 3.6% | 25.3% | 31.6% | 4.0% | 27.9% | 25.9% | 25.8% | 1.5% | 24.7% | 20.9% | |||
| Caterpillar | CAT | 25.99% | 9.96% | 9.96% | 26.55% | 27.1% | 27.1% | 1.3% | 26.3% | 25.7% | 1.8% | 25.1% | 25.0% | 30.7% | 1.6% | 31.9% | 28.0% | |||
| Celgene | CELG | 20.83% | N/A | N/A | 4.43% | 14.1% | N/A | N/A | 3.2% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||
| Chevron | CVX | 2.73% | neg income | neg income | 23.64% | 38.1% | 33.0% | 5.9% | 37.9% | 39.8% | 4.2% | 24.5% | 41.5% | 43.2% | 6.0% | 28.1% | 45.2% | |||
| Cisco Systems | CSCO | 19.82% | 45.55% | 3.08% | 6.34% | 19.2% | 47.1% | 4.1% | 6.6% | 11.1% | 3.5% | 20.3% | 4.8% | 20.8% | 2.0% | 48.4% | 7.0% | |||
| Citigroup | C | 29.97% | 28.69% | 1.23% | 30.03% | 47.8% | 55.5% | 20.1% | 36.1% | 30.1% | 7.9% | 35.8% | 23.5% | 0.1% | neg income | neg income | 32.4% | |||
| Coca-Cola | KO | 23.31% | 46.14% | 6.33% | 16.58% | 23.6% | 49.1% | 3.8% | 17.7% | 24.8% | 5.7% | 41.5% | 18.8% | 23.1% | 3.0% | 43.6% | 13.0% | |||
| Colgate-Palmolive | CL | 43.97% | N/A | N/A | 102.01% | 33.8% | N/A | N/A | 69.4% | 32.4% | NA | NA | 66.0% | 32.1% | NA | NA | NA | |||
| Comcast | CMCSA | 37.08% | 64.75% | 10.04% | 3.17% | 31.1% | 28.1% | 2.9% | 34.8% | 35.8% | 6.5% | 29.3% | 35.1% | 32.3% | 3.5% | 28.3% | 43.3% | |||
| ConocoPhillips | COP | neg income | neg income | neg income | neg income | 38.2% | 23.9% | -2.9% | 43.8% | 44.4% | 2.4% | 30.4% | 50.6% | 51.5% | 6.3% | 16.9% | 61.6% | |||
| Costco Wholesale | COST | 33.16% | 29.29% | 5.13% | 30.00% | 34.7% | 27.6% | 4.8% | 39.4% | 32.4% | 5.5% | 28.4% | 29.5% | 36.1% | 5.6% | 33.3% | 30.8% | |||
| Cvs Health | CVS | 39.30% | N/A | N/A | N/A | 39.5% | N/A | N/A | N/A | 38.9% | NA | NA | NA | 38.6% | 6.2% | 32.4% | NA | |||
| Devon Energy | DVN | neg income | neg income | neg income | neg income | 58.3% | 40.2% | 2.5% | neg income | 113.4% | 8.4% | 42.0% | 31.4% | neg income | neg income | neg income | neg income | |||
| Dow Chemical | DOW | 21.62% | 17.71% | 0.56% | 25.47% | 27.1% | 17.0% | 2.4% | 30.6% | 29.2% | -0.8% | 27.2% | 33.1% | 33.9% | neg income | neg income | 30.8% | |||
| E I Du Pont De Nemours | DD | 26.86% | 25.55% | 0.79% | 27.47% | 27.4% | 30.9% | 0.6% | 22.3% | 17.9% | -4.4% | -3.4% | 27.7% | 19.9% | -4.7% | 2.5% | 25.7% | |||
| eBAy | EBAY | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 17.6% | -4.4% | 79.6% | 5.7% | 15.4% | 6.4% | 59.7% | 3.0% | |||
| EMC | EMC | 24.64% | 40.64% | 0.55% | 11.38% | 23.1% | 33.0% | 0.6% | 11.7% | 20.0% | 3.9% | 34.2% | 7.7% | 24.1% | 3.3% | 37.5% | 7.6% | |||
| Emerson Electric | EMR | 34.32% | 32.01% | 3.63% | 31.21% | 34.8% | 29.2% | 2.6% | 39.7% | 35.4% | 3.6% | 37.6% | 28.5% | 35.0% | 3.3% | 35.6% | 30.1% | |||
| Exelon | EXC | 32.18% | N/A | N/A | N/A | 26.8% | N/A | N/A | N/A | 38.5% | NA | NA | NA | 34.9% | NA | NA | NA | |||
| Exxon Mobil | XOM | 34.00% | -793.20% | -8.16% | 30.04% | 41.0% | 25.9% | -5.5% | 38.0% | 42.0% | NA | 9.8% | 47.7% | 39.4% | NA | 25.7% | 40.7% | |||
| FB | 40.46% | 78.94% | 5.92% | 3.77% | 40.1% | 35.8% | 2.4% | neg income | 45.5% | 1.9% | 35.2% | neg income | 89.3% | 3.7% | 36.4% | neg income | ||||
| FedEx | FDX | 35.46% | 37.59% | 6.44% | 26.00% | 36.5% | 30.3% | 4.3% | 51.5% | 36.4% | 3.1% | 27.4% | neg income | 35.3% | 3.6% | 29.7% | 50.6% | |||
| Ford Motor | F | 28.10% | 29.20% | 4.99% | 21.40% | 37.7% | 7.4% | 5.6% | neg income | -2.5% | -8.4% | -3.4% | neg income | 28.8% | -2.5% | 31.3% | 29.2% | |||
| Freeport McMoRan Copper & Gold | FCX | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 30.0% | -2.4% | 39.6% | 37.5% | 27.5% | 1.6% | 21.1% | 34.6% | |||
| General Dynamics | GD | 27.72% | 27.12% | 1.02% | 25.13% | 29.7% | 29.3% | 0.8% | 26.6% | 31.1% | 0.9% | 29.7% | 35.3% | 161.4% | -1.9% | 98.0% | neg income | |||
| General Electric | GE | 79.23% | neg income | neg income | 55.87% | 10.3% | -2.3% | -4.3% | 18.0% | 4.2% | 4.7% | -36.6% | 26.1% | 13.6% | NA | 3.3% | 23.1% | |||
| General Motors | GM | -34.34% | 17.98% | 3.47% | neg income | 10.6% | -35.9% | 5.6% | 157.4% | 28.5% | 29.3% | 132.2% | 18.2% | neg income | neg income | neg income | neg income | |||
| Gilead Sciences | GILD | 16.40% | 40.93% | 1.72% | 1.17% | 18.8% | 39.4% | 1.8% | 0.7% | 27.3% | 1.2% | 31.3% | 3.5% | 28.8% | 1.3% | 35.9% | 3.0% | |||
| Goldman Sachs Group | GS | 30.70% | 45.04% | 1.49% | 20.26% | 31.4% | 29.4% | 8.6% | 21.8% | 31.5% | 7.8% | 35.3% | 14.9% | 33.3% | 9.6% | 34.1% | 15.7% | |||
| Alphabet (Google) | GOOG | 16.81% | 36.72% | -5.32% | 6.20% | 19.3% | 30.9% | 1.9% | 7.8% | 15.7% | 2.1% | 24.3% | 8.6% | 19.4% | 2.9% | 37.9% | 5.3% | |||
| Halliburton | HAL | neg income | neg income | neg income | -59.94% | 27.1% | 29.0% | 0.7% | 22.3% | 23.4% | 4.4% | 22.5% | 21.3% | 32.3% | 2.1% | 30.5% | 31.4% | |||
| Hewlett-Packard | HPQ | N/A | N/A | N/A | N/A | 23.5% | 23.0% | 0.4% | 23.6% | 21.5% | 8.6% | -7.3% | 35.0% | neg income | neg income | neg income | neg income | |||
| Home Depot | HD | 36.40% | 31.83% | 4.66% | 35.26% | 36.4% | 32.7% | 3.9% | 34.0% | 36.4% | 4.5% | 32.1% | 34.6% | 37.2% | 4.5% | 32.6% | 38.4% | |||
| Honeywell International | HON | 26.40% | 29.22% | 3.78% | 19.53% | 25.6% | 25.7% | 3.1% | 21.3% | 26.8% | 5.6% | 27.4% | 19.0% | 24.4% | 1.6% | 31.5% | 17.0% | |||
| Intel | INTC | 19.65% | 22.34% | N/A | N/A | 25.9% | 26.9% | N/A | N/A | 23.7% | NA | 24.7% | NA | 26.0% | NA | 26.6% | NA | |||
| Intl Business Machines | IBM | 16.19% | 3.92% | 4.13% | 20.99% | 21.2% | 16.5% | 5.8% | 20.5% | 15.6% | -2.1% | 11.0% | 19.2% | 24.2% | 4.4% | 18.2% | 25.4% | |||
| Johnson & Johnson | JNJ | 19.73% | N/A | N/A | 9.10% | 20.6% | N/A | N/A | 14.9% | 10.6% | NA | NA | 11.6% | 23.7% | NA | NA | 14.9% | |||
| Jpmorgan Chase & Co | JPM | 20.39% | 18.86% | 3.29% | 14.98% | 27.0% | 23.8% | 5.6% | 19.6% | 30.8% | 5.3% | 33.5% | 15.2% | 26.4% | 2.9% | 21.9% | 36.2% | |||
| Kinder Morgan | KMI | 73.06% | 86.42% | -1.80% | 29.19% | 21.0% | 18.9% | 1.7% | 28.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||
| Eli Lilly | LLY | 13.68% | -2.98% | 5.60% | 19.63% | 20.3% | 14.3% | 19.7% | 16.9% | 20.5% | 3.4% | 15.5% | 22.9% | 24.4% | 2.2% | 23.4% | NA | |||
| Lockheed Martin | LMT | 28.23% | N/A | N/A | N/A | 31.3% | N/A | N/A | N/A | 29.0% | NA | NA | NA | 32.6% | NA | NA | NA | |||
| Lowes Companies | LOW | 42.39% | N/A | N/A | N/A | 36.9% | N/A | N/A | N/A | 37.8% | NA | NA | NA | 37.6% | 4.6% | 31.9% | neg income | |||
| Mastercard | MA | 23.19% | 20.04% | 1.24% | 27.39% | 28.8% | 26.5% | 1.3% | 30.7% | 30.8% | 1.1% | 33.2% | 25.3% | 29.8% | 1.2% | 30.8% | 26.0% | |||
| McDonalds | MCD | 30.91% | 41.54% | 5.22% | 20.51% | 35.5% | 38.9% | 5.3% | 30.5% | 31.9% | 5.8% | 44.1% | 22.0% | 32.4% | 6.8% | 44.3% | 22.0% | |||
| Medtronic | MDT | 23.26% | N/A | N/A | 13.63% | 17.3% | N/A | N/A | 14.0% | 18.4% | NA | NA | 9.4% | 17.6% | NA | NA | 8.1% | |||
| Merck & Co | MRK | 17.44% | 8.01% | 3.60% | 21.59% | 30.9% | 31.6% | 0.9% | 15.3% | 18.5% | -2.7% | 17.0% | 25.8% | 27.9% | 0.4% | 46.6% | 7.7% | |||
| Metlife | MET | 28.76% | 34.33% | N/A | 22.89% | 28.0% | 25.5% | 0.1% | 33.2% | 16.3% | -0.8% | -13.9% | 29.1% | 8.9% | neg income | neg income | 13.5% | |||
| Microsoft | MSFT | 34.12% | N/A | N/A | N/A | 20.7% | N/A | N/A | N/A | 19.2% | NA | NA | NA | 23.8% | 9.6% | 139.7% | NA | |||
| Mondelez International | MDLZ | 7.52% | 106.98% | 6.98% | 6.94% | 13.8% | neg income | neg income | 15.6% | neg income | neg income | neg income | neg income | 9.5% | neg income | neg income | 19.1% | |||
| Monsanto | MON | 27.33% | 27.92% | 3.20% | 19.93% | 28.2% | 28.3% | 2.6% | 23.4% | 26.7% | 2.2% | 24.8% | 26.0% | 30.2% | 3.3% | 28.3% | 27.5% | |||
| Morgan Stanley | MS | 25.90% | 23.69% | 3.49% | 23.70% | -2.5% | -44.9% | 11.3% | 28.9% | 18.4% | 9.9% | 9.0% | 18.1% | -45.6% | neg income | neg income | 34.8% | |||
| National Oliwell Varco | NOV | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 30.4% | 3.1% | 34.7% | 24.2% | 29.2% | 2.6% | 30.3% | 25.1% | |||
| Nike | NKE | 22.16% | 26.94% | 3.51% | 14.88% | 24.0% | 9.1% | 3.3% | 98.7% | 24.7% | 5.2% | 35.1% | 15.2% | 25.0% | 7.0% | 30.0% | 20.7% | |||
| Norfolk Southern | NSC | 36.28% | N/A | N/A | N/A | 36.2% | N/A | N/A | N/A | 35.6% | NA | NA | NA | 36.6% | 3.7% | 32.9% | NA | |||
| Occidental Petroleum | OXY | neg income | neg income | neg income | neg income | 109.3% | neg income | neg income | 81.0% | 38.8% | 1.9% | 30.5% | 45.4% | 40.2% | 2.3% | 30.5% | 43.0% | |||
| Oracle | ORCL | 22.57% | 33.98% | 5.14% | 11.52% | 20.1% | 28.6% | 4.4% | 11.6% | 21.4% | 5.1% | 23.3% | 15.0% | 23.0% | 4.3% | 29.9% | 12.5% | |||
| PayPal | PYPL | 17.47% | neg income | neg income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||
| Pepsico | PEP | 26.08% | 39.22% | 2.47% | 16.24% | 25.1% | 52.1% | 3.0% | 12.8% | 23.7% | 3.5% | 38.3% | 14.1% | 25.2% | 5.6% | 32.9% | 16.7% | |||
| Pfizer | PFE | 22.20% | neg income | neg income | 10.57% | 25.5% | neg income | neg income | 12.8% | neg income | neg income | neg income | neg income | 19.8% | neg income | neg income | 16.4% | |||
| Philip Morris International | PM | 27.96% | N/A | N/A | 27.32% | 29.1% | N/A | N/A | 28.1% | 29.3% | NA | NA | 27.3% | 29.5% | NA | NA | 28.2% | |||
| Procter & Gamble | PG | 24.62% | 18.74% | 0.68% | 33.62% | 21.1% | 18.9% | N/A | 20.2% | 23.2% | NA | 24.7% | 16.9% | 27.1% | NA | 26.3% | NA | |||
| QUALCOMM | QCOM | 18.79% | -2.54% | 0.17% | 36.92% | 14.2% | 4.4% | 0.0% | 19.8% | 16.5% | 0.6% | 7.7% | 23.6% | 19.5% | -0.4% | 9.9% | 31.1% | |||
| Raytheon | RTN | 26.30% | 26.35% | -0.08% | 26.56% | 26.5% | 26.6% | N/A | 22.6% | 29.3% | NA | 29.1% | 33.8% | 31.6% | NA | 31.4% | 34.2% | |||
| Schlumberger | SLB | 25.89% | neg income | neg income | 28.92% | 25.2% | 26.3% | 2.1% | 24.2% | 21.3% | 2.9% | 30.1% | 18.3% | 24.4% | 2.3% | 29.9% | 21.0% | |||
| Southern | SO | 32.90% | N/A | N/A | N/A | 32.5% | N/A | N/A | N/A | 33.2% | NA | NA | NA | 35.6% | 3.9% | 31.7% | NA | |||
| Starbucks | SBUX | 29.30% | 30.22% | 5.43% | 12.39% | 34.6% | 32.4% | 5.0% | 22.0% | neg income | neg income | neg income | neg income | 32.8% | 4.7% | 30.7% | 21.1% | |||
| Target | TGT | 32.54% | 30.33% | 4.73% | N/A | 33.0% | 31.6% | 3.7% | 2.3% | 36.5% | 3.8% | 32.1% | 33.7% | 34.9% | 3.0% | 32.4% | neg income | |||
| Texas Instrument | TXN | 29.17% | 32.26% | 0.31% | 18.24% | 27.2% | 31.2% | 0.4% | 17.2% | 21.5% | 0.3% | 20.4% | 22.5% | 9.1% | -0.6% | -13.5% | 13.7% | |||
| Bank Of New York Mellon | BK | 23.92% | 24.65% | 1.59% | 19.84% | 25.6% | 24.5% | 2.9% | 21.6% | 40.9% | 3.9% | 49.6% | 19.0% | 23.6% | 5.2% | 20.4% | 20.5% | |||
| The Priceline Group | PCLN | 18.44% | 55.20% | 138.86% | 16.40% | 19.0% | 59.1% | 23.8% | 16.7% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||
| Time Warner | TWX | 30.32% | 25.21% | 3.17% | 43.20% | 16.8% | 6.5% | 0.9% | 121.7% | 33.0% | 0.0% | 27.6% | 222.6% | 34.3% | 2.3% | 23.8% | 12066.7% | |||
| Twenty-First Century Fox | FOXA | 12.62% | N/A | N/A | neg income | 24.5% | N/A | N/A | neg income | 19.3% | NA | NA | NA | 24.5% | NA | NA | NA | |||
| Union Pacific | UNP | 37.67% | N/A | N/A | N/A | 37.9% | N/A | N/A | N/A | 37.7% | NA | NA | NA | 37.5% | 4.3% | 33.2% | NA | |||
| United Parcel Service | UPS | 34.02% | 33.13% | 2.41% | 24.35% | 34.6% | 35.6% | 2.4% | 18.8% | 34.5% | 3.0% | 32.1% | 28.4% | 17.1% | -4.9% | 7.8% | 26.4% | |||
| United Technologies | UTX | 32.64% | 37.38% | 2.59% | 27.11% | 25.5% | 17.7% | 0.2% | 32.5% | 26.9% | 2.5% | 24.0% | 27.3% | 24.8% | 4.6% | 28.4% | 19.8% | |||
| Unitedhealth | UNH | 42.64% | N/A | N/A | N/A | 41.8% | N/A | N/A | N/A | 36.4% | NA | NA | NA | 35.9% | NA | NA | NA | |||
| Us Bancorp | USB | 26.11% | N/A | N/A | N/A | 26.1% | N/A | N/A | N/A | 26.2% | NA | NA | NA | 28.9% | 4.4% | 24.6% | NA | |||
| Verizon Communications | VZ | 34.93% | 32.03% | 3.38% | 13.14% | 21.7% | 20.1% | 4.9% | 3.2% | 19.6% | 3.2% | 16.9% | -11.5% | -6.7% | -3.1% | -3.6% | -6.0% | |||
| Visa | V | 29.65% | 30.11% | 2.34% | 18.30% | 29.6% | 28.9% | 3.4% | 19.1% | 31.4% | 0.9% | 32.9% | 19.9% | 2.9% | -24.3% | 9.7% | 18.3% | |||
| Walgreen | WAG | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 37.1% | 3.8% | 37.3% | 4.1% | 37.0% | NA | NA | NA | |||
| Walgreen Boots Alliance | WBA | 19.88% | 30.20% | 3.85% | N/A | 42.9% | 41.1% | 3.1% | 17.5% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||
| Walmart Stores | WMT | 30.31% | 29.12% | 3.09% | 23.90% | 32.2% | 31.0% | 4.1% | 23.5% | 32.9% | 3.9% | 32.5% | 19.9% | 31.0% | 3.2% | 29.2% | 26.9% | |||
| Walt Disney | DIS | 36.17% | 33.25% | 2.19% | 45.16% | 34.6% | 29.4% | 2.5% | 70.6% | 31.0% | 1.8% | 26.6% | 68.2% | 33.3% | 2.8% | 30.1% | 36.5% | |||
| Wells Fargo | WFC | 30.81% | 27.73% | 4.53% | 7.80% | 30.4% | 29.4% | 2.3% | 6.9% | 31.9% | 4.1% | 29.2% | 5.6% | 32.0% | 3.8% | 29.4% | 6.2% | |||
| BlackRock | BLK | 27.20% | 32.54% | 1.94% | 15.44% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
In order to determine the tax rates paid by the S&P 100, we examined data from each company’s annual reports from fiscal years 2012 to 2016, identifying each organization’s revenues, tax payments and deferral amounts at the federal, state and international levels. This allowed us to determine their effective tax rates in each jurisdiction.
For simplicity, we considered companies for inclusion in the “highest & lowest” subrankings above only if they were actually profitable. Including companies that weren't profitable in a certain jurisdiction, for example, would lead to distortionary outliers.
For similar reasons, when calculating averages, we also excluded the five companies with the highest and lowest rates in each category.
Sources: Data used to compile this report were collected from the Internal Revenue Service, Quantria Strategies and corporate annual reports.
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