WalletHub is out with its annual report analyzing 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. Some Connecticut companies showed up among the lowest and highest taxpayers.
General Electric, currently based in Fairfield, had the third lowest U.S. tax rate at -6.59 percent, according to WalletHub. It also had the third lowest overall tax rate of 10.28 percent. Its international tax rate is 18 percent and its state tax rate is -4.3 percent.
GE made national headlines this year, complaining about Connecticut’s high taxes and threatening to leave the state. The company could make a decision about its headquarters by the end of this year.
Priceline Group, based in Norwalk, was rated first for companies with the biggest difference between U.S. and international tax rates. Priceline’s U.S. tax rate is 82.8 percent vs. an international tax rate of 16.74 percent. Priceline had the second highest overall U.S. tax rate among the companies surveyed. Its overall tax rate is 19 percent and its state tax rate is 23.8 percent.
WalletHub analyzed the annual reports for the S&P 100 – the largest and most established companies on the stock market –to determine the rates at which they pay taxes at the state, federal and international levels as well as how their tax burdens compare to those of American individuals.
United Technologies Corp, which didn’t make any of WalletHub’s top 5 lists, has a 2014 overall tax rate of 25.5 percent, a 2014 state tax rate of 0.2 percent, 2014 federal tax rate of 17.7 percent, and an international tax rate of 32.5 percent.
These are the main findings of the WalletHub research:
- 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.
- Tech companies, including Apple, Cisco Systems and Google, are still paying more than 25 percent lower rates abroad, continuing the trend from 2013.
- 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.
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