WASHINGTON: The Republican House of Representative has presented a corporate tax reduction plan from 35% to 20%. The website WalletHub.com issued a report on 2016 tax rates at the state, federal and international levels in the case of the S&P 100 companies. S&P companies are the largest and most established businesses in the U.S.
Attached to our Wallethub.com report is a table conntact.com created based on Yahoo financial data of a select group of public companies that are headquartered in, have significant operations or employment in Connecticut.
An analysis of these companies shows that they average federal income tax rates is typically in excess of the 20% that the legislation promises. The Connecticut company table does not include, state income, sales or property taxes.
Wallethub National Data
Companies Paying the Highest Taxes Companies Paying the Lowest Taxes
1 Caterpillar Inc. (138.1%) 1 General Electric Co. (-5.1%)
2 Kinder Morgan Inc. (56.0%) 2 Exxon Mobil Corp. (-5.1%)
3 Lowe’s Cos. (40.5%) 3 Dow Chemical Co. (0.2%)
4 UnitedHealth Group Inc. (40.4%) 4 Inter. Busi. Machines. (3.6%)
5 CVS Health Corp. (38.4%) 5 Mondelez International Inc. (8.9%)
6 Exelon Corp. (38.3%) 6 Boeing Co. (12.1%)
7 Union Pacific Corp. (37.4%) 7 Pfizer Inc. (13.4%)
8 Comcast Corp. (37.0%) 8 PayPal Holdings Inc. (14.1%)
9 Amazon.com Inc. (36.6%) 9 Microsoft Corp. (15.0%)
10 The Home Depot Inc. (36.3%) 10 Merck & Co. (15.4%)
The overall tax rate that S&P 100 companies pay is around 27 percent.
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 refund: General Electric Co. and Exxon Mobil Corp.
The average S&P 100 company pays an 12 percent higher tax rate than the top 3 percent of consumers.
Connecticut Public Companies, Taxation
$ in millions
|Alexion||Income Before Tax||$576,000||498,000||872,000|
|Income Tax Expense||177,000||354,000||215,000|
|Aetna||Income Before Tax||3,991,000||4,236,000||3,500,000|
|Income Tax Expense||1,735,000||1,841,000||1,455,000|
|Amazon||Income Before Tax||3,892,000||1,568,000||-111,000|
|Income Tax Expense||1,425,000||950,000||167,000|
|Amphenol||Income Before Tax||1,141,100||1,052,800||972,500|
|Income Tax Expense||308,500||280,500||257,300|
|Charter Communications||Income Before Tax||820,000||-331,000||53,000|
|Income Tax Expense||-2,925,000||-60,000||236,000|
|Cigna||ncome Before Tax||2,979,000||3,327,000||3,304,000|
|Income Tax Expense||1,136,000||1,250,000||1,210,000|
|Disney||Income Before Tax||14,868,000||13,868,000||12,246,000|
|Income Tax Expense||5,078,000||5,016,000||4,242,000|
|Ethan Allen||Income Before Tax||56,995||87,956||56,683|
|Income Tax Expense||20,801||31,319||19,541|
|Eversource||Income Before Tax||1,504,818||1,425,971||1,295,362|
|Income Tax Expense||554,997||539,967||468,297|
|GE||Income Before Tax||9,030,000||8,186,000||10,263,000|
|Income Tax Expense||-464,000||6,485,000||773,000|
|Hartford Insurance||Income Before Tax||804,000||1,978,000||1,699,000|
|Income Tax Expense||-92,000||305,000||350,000|
|Hubbell||Income Before Tax||430,400||418,600||485,500|
|Income Tax Expense||132,600||136,500||158,300|
|Interactive Brokers||Income Before Tax||761,000||458,000||506,000|
|Income Tax Expense||62,000||43,000||47,000|
|Lockheed Martin||Income Before Tax||4,886,000||4,299,000||4,677,000|
|Income Tax Expense||1,133,000||1,173,000||1,424,000|
|Peoples Bank||Income Before Tax||409,500||390,500||380,600|
|Income Tax Expense||128,500||130,400||128,900|
|Praxair||Income Before Tax||2,048,000||2,160,000||2,395,000|
|Income Tax Expense||551,000||612,000||691,000|
|Priceline||Income Before Tax||2,713,238||3,128,320||2,989,448|
|Income Tax Expense||578,251||576,960||567,695|
|Stanley||Income Before Tax||1,226,100||1,150,800||1,084,800|
|Income Tax Expense||261,200||248,600||227,100|
|Travelers||Income Before Tax||4,053,000||4,740,000||5,089,000|
|Income Tax Expense||1,039,000||1,301,000||1,397,000|
|UTC||Income Before Tax||7,133,000||6,467,000||8,712,000|
|Income Tax Expense||1,697,000||2,111,000||2,244,000|
|Webster Bank||Income Before Tax||303,450||297,761||291,699|
|Income Tax Expense||96,323||93,032||91,973|
|Walmart||Income Before Tax||20,497,000||21,638,000||24,799,000|
|Income Tax Expense||6,204,000||6,558,000||7,985,000|