CVS Pays Among the Highest Corporate Taxes in US
Wednesday, October 21, 2015
recent study by WalletHub. In 2014, CVS had an overall tax rate of 39.5% which falls just short of Facebook in the eighth highest spot and ahead of ConocoPhilips in the tenth highest spot.
Anadarko Petroleum pays the highest taxes with a 2014 tax rate of 2994.4% and Occidental Petroleum pays the second highest taxes with a 2014 rate of 109.3%.
The lowest tax rate belongs to Morgan Stanley who in 2014 had a tax rate of -2.5%.
Amgen is ranked #2 for paying the lowest and GE comes in #3, GM at #4, and Mondelez International at the 5th lowest corporate taxpayer.
For an interactive look, see the chart below:
Key Statistics on S&P 100 Companies
• S&P 100 companies pay roughly 24 percent lower rates on international taxes than U.S. taxes.
• Tech companies, including Apple, Cisco Systems and Google, are still paying more than 25 percent lower rates abroad, continuing the trend from 2013.
• The average S&P 100 company pays an 11 percent higher tax rate than the top 3 percent of consumers.
In order to put this report together, WalletHub used data from each S&P 100 company's 2014 annual report and identified each organization's revenues, tax payments, and deferral amounts on the state, federal and international level
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