Study: Top 10 American Companies Paid 9% U.S. Tax Rate


While some of America's biggest corporations may complain that they pay too much in taxes, a recent analysis shows that many are actually getting off pretty easy.

According to the financial site NerdWallet, the 10 most profitable U.S. companies paid an average federal tax rate of just 9 percent last year. The group includes heavyweights Exxon Mobil, Apple, Microsoft, JPMorgan Chase and General Electric.

Some of these companies paid more than 9 percent -- JPMorgan earned $26.7 billion in 2011, for example, and paid $3.7 billion of it, or 14 percent, to the federal government -- and some paid less, like Exxon Mobil, which only sent 2 percent of its $73.3 billion earnings to the IRS.

But the 10 companies all paid much less than the nominal corporate tax rate of 35 percent -- a number that investor and tax-the-rich advocate Warren Buffett has dismissed as "a myth," but one that presidential front-runners Barack Obama and Mitt Romney have both proposed to lower.

Here are the top 3 of the ten most profitable U.S. companies with their taxes for last year, both total provision and payments to the U.S. government.  NerdWallet has also created a corporate tax rate tool with this information for 500 American companies.

 

EXXON (XOM)
 

Pre-tax earnings: $73.3 Billion

Tax Provision: $31.1 Billion (42%)

Actual Taxes Paid to U.S. federal government: $1.5 billion (2%)

Exxon paid $1.5 billion to the U.S. federal government in 2011 and deferred paying an additional $1.6 billion.  It paid the majority of its taxes to foreign governments where it operates ($28.8 billion).

CHEVRON (CVX)

Pre-tax earnings: $47.6 Billion

Tax Provision: $20.6 Billion (43%)

Actual Taxes Paid to U.S. federal government: $1.9 Billion (4%)

Chevron paid $1.9 billion to the U.S. federal government in 2011 and deferred paying an additional $877 million.  It paid the majority of its taxes to foreign governments where it operates ($16.5 billion).  Chevron also paid $596 million to state and local government.

APPLE (AAPL)

Pre-tax earnings: $34.2 Billion

Tax Provision: $8.3 Billion (24%)

Actual Taxes Paid to U.S. federal government: $3.9 Billion (11%)

Apple paid $3.9 billion to the U.S. federal government in 2011 and deferred paying an additional $3.0 billion.  It paid $762 million to state and local government, $769 million to foreign governments.

FOR REMAINING COMPANIES PLEASE VISIT: http://www.nerdwallet.com/blog/markets/2012/corporate-taxes-only-9-...http://www.presstv.ir/usdetail/254846.html AND http://www.forbes.com/sites/timworstall/2012/08/06/the-appalling-nonsense-of-americas-9-corporate-income-tax-rate/

Views: 65

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Doc Vega commented on tjdavis's photo
Thumbnail

Now Playing

"They sure as hell are! "
18 hours ago
Doc Vega commented on Doc Vega's blog post Plausible Explanation Behind Recent Cryptid Sightings in the Wild!
"cheeki kea, yes they have already produced a Wooly Mammoth by crossing DNA from frozen remains in…"
18 hours ago
Less Prone favorited tjdavis's photo
19 hours ago
Less Prone favorited Bob of the Family Renner's photo
23 hours ago
Less Prone favorited tjdavis's photo
23 hours ago
Less Prone left a comment for Misteri
"Welcome back!"
23 hours ago
tjdavis posted blog posts
yesterday
tjdavis posted photos
yesterday
tjdavis posted a video

The Inversion: The 'Sentient World Simulation' (SWS)

Kingsley L. Dennis discussing subjects from his new book - 'The Inversion: How We Have Been Tricked into Perceiving a False Reality' (published September 26,...
yesterday
Doc Vega posted a blog post

Major Technical Developments in 1960 and a Major CIA Disclosure

 In 1960, there were some very significant changes in science, flight research, and oceanography…See More
Monday
Doc Vega's 5 blog posts were featured
Monday
Less Prone favorited Doc Vega's blog post The Saga of Joe Adams May Have Solved What's Behind the Numerous Disappearances Going on in our National Forests
Monday
Zfort Group posted a blog post
Monday
Misteri joined Central Scrutinizer's group
Monday
Misteri joined Machinegunmomma's group
Thumbnail

The Gathering

A place to meet and share contact information with people in your area as an emergency back up…See More
Monday
Misteri is now friends with bob hob and Vladimir Putin
Monday
Misteri updated their profile
Monday
Profile IconMichelle Reichert and Zfort Group joined 12160 Social Network
Monday
Burbia commented on KLC's group MUSICWARS
Monday
cheeki kea commented on Doc Vega's blog post Plausible Explanation Behind Recent Cryptid Sightings in the Wild!
"Anythings possible mad science would bring back all of jurassic park if they could. From a birds…"
Sunday

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted