The 25 U.S. Corporations That Pay The Highest Taxes

[TexasGranny]

Introduction

The United States has the highest corporate tax rate in the world, at 35%. Add in state and local taxes and it averages 40%. No wonder America's most profitable, highest taxed companies will stop at nothing to keep their earnings overseas and out of the grasp of Uncle Sam. Here's a list of the 25 megacorps that pay megataxes...All data reflects trailing 12 months to April 1, 2013. Via FactSet Research Systems. 

 

1. ExxonMobil

Good thing Exxon has a few bucks left over to build out this Energy Center at its new complex in The Woodlands, Texas.
Income tax expense: $31 billion
Net income: $45 billion
Effective tax rate: 39%

 

2. Chevron

The oil giant pay among the highest tax rates because of overseas royalties that float with the price of oil.
Income tax expense: $20 billion
Net income: $26 billion
Effective tax rate: 43%

 

 

3. Apple

Income tax expense: $14.2 billion
Net income: $41.7 billion
Effective tax rate: 25%

 

 

4. Wells Fargo

A consolation for Wells Fargo CEO John Stumpf: you can't pay big taxes without big profits.
Income tax expense: $9.2 billion
Net income: $19.8 billion
Effective tax rate: 31.2%

 

5. JPMorgan Chase

CEO Jamie Dimon arrives for a Senate grilling last year on how Chase lost $2 billion on oversized trades.
Income tax expense: $8.1 billion
Net income: $22.9 billion
Effective tax rate: 26%

 

 

6. Walmart

Founder Sam Walton's children stand in front of a picture of the storefront that became the first Walmart.
Income tax expense: $8 billion
Net income: $17 billion
Effective tax rate: 31%

 

7. ConocoPhillips

Conoco paid the highest effective tax rate of any company on the list.
Income tax expense: $7.9 billion
Net income: $8.4 billion
Effective tax rate: 51.5%

 

8. Berkshire Hathaway

Still complaining about paying a lower tax rate than his secretary, Buffett could just do us all a favor and pay double to the U.S. Treasury.
Income tax expense: $6.9 billion
Net income: $14.8 billion
Effective tax rate: 28%

 

9. IBM

Big Blue has in recent years shifted tens of thousands of jobs from the U.S. to lower-cost (and lower-taxed) India.
Income tax expense: $5.3 billion
Net income: $16.6 billion
Effective tax rate: 24%

 

10. Microsoft

Microsoft saves on taxes by routing revenues through the likes of low-tax Ireland, Singapore and Puerto Rico.
Income tax expense: $4.6 billion
Net income: $15.5 billion
Effective tax rate: 22.8%

 

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I only posted the top 10. If you want to see the other 15, click here http://www.forbes.com/pictures/mef45kghl/1-exxon-mobil/

 

 

 

 

 

[greeneyedlady]

Apple and Walmart are mentioned in this video for "not" paying their fair share of taxes, among others.

Very insightful video...

[rightsonword]

So in other words, only 3 in the top ten are actually paying a 35% tax rate . . . . . .

[Indraman]

IMHO, they are all paying too much. Any money that is pulled from the private sector in the form of confiscatory taxes is less money for corporations and businesses in invest and hire new workers. The US has one of the highest realized corporate tax rates, even with the safe havens and tax shelters that are utilized.

Indy