corporate taxWASHINGTON: 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%) 

Key Stats

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

 

Company   2016 2015 2014
Alexion Income Before Tax $576,000 498,000 872,000
Income Tax Expense 177,000 354,000 215,000
Income Rate 31% 71% 25%
       
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
Income Rate 43% 43% 42%
       
Amazon Income Before Tax 3,892,000 1,568,000 -111,000
Income Tax Expense 1,425,000 950,000 167,000
Income Rate 37% 61% -150%
       
Amphenol Income Before Tax 1,141,100 1,052,800 972,500
Income Tax Expense 308,500 280,500 257,300
Income Rate 27% 27% 26%
       
Charter Communications Income Before Tax 820,000 -331,000 53,000
Income Tax Expense -2,925,000 -60,000 236,000
Income Rate -357% 18% 445%
       
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
Income Rate 37% 38% 37%
       
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
Income Rate 34% 36% 35%
       
Ethan Allen Income Before Tax 56,995 87,956 56,683
Income Tax Expense 20,801 31,319 19,541
Income Rate 36% 36% 34%
       
Eversource Income Before Tax 1,504,818 1,425,971 1,295,362
Income Tax Expense 554,997 539,967 468,297
Income Rate 37% 38% 36%
       
GE Income Before Tax 9,030,000 8,186,000 10,263,000
Income Tax Expense -464,000 6,485,000 773,000
Income Rate -5% 79% 8%
       
Hartford Insurance Income Before Tax 804,000 1,978,000 1,699,000
Income Tax Expense -92,000 305,000 350,000
Income Rate -11% 15% 21%
       
Hubbell Income Before Tax 430,400 418,600 485,500
Income Tax Expense 132,600 136,500 158,300
Income Rate 31% 33% 33%
       
Interactive Brokers Income Before Tax 761,000 458,000 506,000
Income Tax Expense 62,000 43,000 47,000
Income Rate      
  8% 9% 9%
       
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
Income Rate 23% 27% 30%
       
Peoples Bank Income Before Tax 409,500 390,500 380,600
Income Tax Expense 128,500 130,400 128,900
Income Rate 31% 33% 34%
       
Praxair Income Before Tax 2,048,000 2,160,000 2,395,000
Income Tax Expense 551,000 612,000 691,000
Income Rate 27% 28% 29%
       
Priceline Income Before Tax 2,713,238 3,128,320 2,989,448
Income Tax Expense 578,251 576,960 567,695
Income Rate 21% 18% 19%
       
Stanley Income Before Tax 1,226,100 1,150,800 1,084,800
Income Tax Expense 261,200 248,600 227,100
Income Rate 21% 22% 21%
       
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
Income Rate 26% 27% 27%
       
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
Income Rate 24% 33% 26%
       
Webster Bank Income Before Tax 303,450 297,761 291,699
Income Tax Expense 96,323 93,032 91,973
Income Rate 32% 31% 32%
       
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
  Income Rate 30% 30% 32%