As the administration's tax plan aims to cut the corporate income tax from 35% to 20%, WalletHub analyzed annual reports for the S&P 100 — the largest and most established companies on the stock market — in order to determine the federal, state and international tax rates they paid in 2016.
Key findings from the report:
- The overall tax rate that S&P 100 companies pay, around 27%, is basically unchanged since 2015.
- S&P 100 companies pay roughly 30% lower rates on international taxes than U.S. taxes.
- Only two S&P 100 companies are actually paying a negative overall tax rate and are therefore due a discrete net tax benefit: General Electric Co. and Exxon Mobil Corp.
- The average S&P 100 company pays a 12% higher tax rate than the top 3% of consumers.