10 Companies With Lower Tax Rates Than Most Americans
The Tax Cuts and Jobs Act is coming up on its two-year anniversary, which makes it a good time to look at just how much it really changed the landscape for America's biggest firms.
The bottom line? A horde of the nation's largest companies have lower tax rates than most citizens.
The number crunchers at WalletHub analyzed annual reports for the S&P 100 - a blue-chip index of the largest companies in the U.S. stock market - to determine the federal, state and international tax rates they paid in 2018. Although individual companies' tax rates diverge widely, corporate America as a whole is paying much less to Uncle Sam than ever before.
The TCJA, signed by President Donald Trump in late 2017, permanently lowered the federal corporate tax rate to 21% from 35%. Data shows it worked. WalletHub says the overall tax rate (which includes federal, state and international) that S&P 100 companies pay is around 21%, which is more than 15 percentage points lower than they paid in 2017.
To get a sense of how small some of the nation's largest companies' tax bills are, we sorted through the WalletHub data to find the 10 corporations with the lowest overall tax rates.) to receive a 36.67% annual tax refund in perpetuity.
