Tech companies, including Apple, Cisco Systems and Google, are still paying more than 25 percent lower rates abroad, continuing the trend from 2013, according to WalletHub’s S&P 100 Tax Rates report. The report provides an in-depth analysis of the 2014 rates at which S&P 100 companies — collectively worth more than $11 trillion as of Sept. 30 — are taxed at the state, federal and international levels.
For 2014, Apple’s overall tax rate was 26.1%. Its state, federal and international tax rates were 3.4%, 59%, and 4.4%, respectively.
According to WalletHub, the overall tax rate that S&P 100 companies pay is basically unchanged compared with 2013. S&P 100 companies pay roughly 24 percent lower rates on international taxes than U.S. taxes. Only one S&P 100 company is actually paying a negative overall tax rate and is therefore due a discrete net tax benefit: Morgan Stanley.
Among the remaining companies that owe taxes, Allergan, Amgen, General Electric, General Motors and Mondelez International pay the lowest rates. The average S&P 100 company pays an 11 percent higher tax rate than the top 3 percent of consumers.
For the full S&P 100 Tax Rate report, go here. WalletHub is a “one-stop destination for all the tools and information consumers and small business owners need to make better financial decisions and save money.”