- Daily Zen
Thanks to the Tax Cuts and Jobs Act (TCJA) of 2017, the US Corporate Tax has been reduced from 40% – the second highest in the world as of 2017 – to 21% in 2018. The new rate is below the 24.03% global average. This dramatic decrease, however, hasn’t stopped a number of US companies from dodging their dues.
According to WalletHub, a personal finance website, companies in the S&P stock index paid about 7% lower rates in the US taxes than they did internationally.
Tech giant including Facebook, Apple, and Cisco, are still paying more than 15% lower rates internationally, continuing the trend from 2013.
AbbVie, Berkshire Hathaway, FedEx, NVIDIA, and PepsiCo are five S&P 100 companies paying a negative overall tax rate.
Among the companies that owe taxes are Adobe, Exelon, General Motors, Pfizer and Netflix which are paying some of the lowest rates.
Companies Paying the Highest Taxes (Overall Tax Rate)
A list without the mention of S&P 100 companies that paid the lowest taxes last year would be an incomplete one.
Companies Paying the Lowest Taxes (Overall Tax Rate)