Top 10 Billion Dollar Companies That Pay Almost No Taxes

If you are one of the largest companies in the US, you can even benefit from a negative tax rate. Some of the big companies even got their taxes back, reports Money Talks.

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That's according to a recent analysis by the Center for American Progress, which examined public investor documents from the largest US companies by revenue - the Fortune 100 list - and identified those that pay the least in taxes. He also noted that "other big name companies are paying similarly low rates."

Here's a look at the Fortune 100 companies that pay the least taxes in terms of their effective tax rate.

What is the effective tax rate?

In theory, corporations pay federal income tax at a rate of 21%.

However, this figure only refers to their taxable income, which is the portion of their income that is subject to federal income tax, and not to their total income.

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The figure representing the amount that companies pay in taxes as a percentage of their total income is called the "effective tax rate". Here is how the Center for American Progress explains its calculations:

“The authors calculated effective tax rates by dividing current U.S. federal income tax expense reported by a corporation to the SEC by its U.S. income before federal income tax (its pre-tax U.S. income less current state and local income tax expense). )".

10. Bank of America Corp.

Effective federal corporate income tax rate: 3,5%.

Bank of America, which reported $30,6 billion in US revenue for 2021, paid just $1,1 billion in federal income tax.

Add this to the list of reasons why Bank of America is the most hated bank in America.

9 ExxonMobil Corp.

Effective federal corporate income tax rate: 2,8%.

ExxonMobil made $9,3 billion in the US in 2021 but paid just $262 million in federal income tax.

The next time you fill up your tank, think about the few extra gallons you could get for a million or two dollars.

8 Chevron Corp.

Effective federal corporate income tax rate: 1,8%.

Exxon isn't the only fuel company with ultra-low taxes. Chevron earned a similar figure in 2021, $9,5 billion, but paid even less in taxes, only $174 million.

7. Met Life Inc.

Effective federal corporate income tax rate: 1,3%.

Insurance giant MetLife snatches Uncle Sam's money even faster than Peanuts' Lucy pulls a soccer ball out from under Charlie Brown. Last year, she paid just $62 million in federal income tax on $4,8 billion in income.

6 Ford Motor Co.

Effective federal corporate income tax rate: 1%.

The automaker managed to pay just $102 million in federal income tax out of $10 billion in 2021 revenue, according to the Center for American Progress.

5. General Motors Co.

Effective federal corporate income tax rate: 0,2%.

Last year, GM didn't make as much as Ford — $9,4 billion — but it outperformed Ford in at least one area, trailing only $20 million in federal income tax.

4 Charter Communications Inc.

Effective federal corporate tax rate: -0,2%.

Broadband access company Charter Communications (owner of Spectrum), along with the rest of the companies on this list, managed to pull off a clever trick: despite making billions last year, they managed to get tax refunds.

Charter reported a profit of $6 billion and a tax refund of $12 million.

3.American International Group Inc.

Effective federal corporate tax rate: -2,2%.

You can say that the insurance company AIG, which, as you remember, received a fairly large bailout from the federal government in 2008, is again collecting money from American taxpayers. The company received a tax refund of $9,8 million from a profit of $2021 billion in 216.

2. Dow Inc.

Effective federal corporate tax rate: -3,1%.

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Chemicals maker Dow has come up with a $46 million refund of $1,5 billion in 2021 profits. The front page of its annual report, titled How do we secure a sustainable future? does not mention paying taxes in his answer.

1AT&T Inc.

Effective federal corporate tax rate: -4,1%.

Most surprisingly, the world's largest telecommunications company, AT&T, reported a $1,2 billion tax credit on its $2021 billion 29,6 profit.

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