In performing a quick review of SEC filings of large corps with an SEC State Location Code in Texas, I found 43 large Texas Corps with Total Consolidated Pretax Income of more than $5 bil each, for the most recent 12 years.
Included in those 43 Big Texas Corps were a handful of Big Corps, now legally in Switzerland, Ireland, Bermuda, and The Netherlands Antilles, and some previously in The Cayman Islands and Bermuda, all due in large part for income tax avoidance reasons, but with heavy operational control out of Houston.
Below here is the effective state and local corporate income tax rates paid, which are computed by dividing the current state and local income tax paid by the consolidated pretax income, both in total for the past twelve years for each of these 43 Big Texas Corps.
These 43 Big Texas Corps below had a weighted average state corporate effective income tax rate paid of only 1.45%. Texas has no state corporate income tax, but does have a gross margin tax.
I present these 43 Big Texas Corps below, sorted by Pretax Income. And then later, I will add some analysis to this post. Everything is Big in Texas. Thus, it is only right that this ends up being a Big Post.
......................................State....................Effective
....................................Income....................State
......................................Tax........Pretax.......Tax
......................................Paid.......Income......Rate
.....................................12 Yrs.....12 Yrs......12 Yrs......Industry
....................................(Millions of Dollars)
.1 ExxonMobil............... 4,490....486,408.....0.92%......Oil&Gas
.2 ConocoPhillips........... 3,062....163,228(4).1.88%......Oil&Gas
.3 AT&T..........................4,521(1).147,490.....3.07%
.4 Marathon Oil.................858.......44,849(5)..1.91%.....Oil&Gas
.5 Dell....................................0(2)..37,742....0.00%
.6 Schlumberger, Ltd..........231......31,216(6)..0.74%.....Oil&Gas
.7 Apache............................23......30,343(7)..0.08%.....Oil&Gas
.8 Valero Energy................359......29,225(8).1.23%.......Oil&Gas
.9 Anadarko Petroleum......285......28,132(9)..1.01%......Oil&Gas
10 Kimberly Clark..............445......26,029......1.71%
11 Texas Instruments........105.......24,561.....0.43%
12 Burlington No Santa Fe..527......24,552.....2.15%
13 Halliburton....................168......17,543.....0.96%.......Oil&Gas
14 Spectra Energy...............213......17,481(10).1.22%.....Oil&Gas
15 Transocean, Ltd.................0......16,288(11).0.00%....Oil&Gas
16 Sysco.............................795(1)..16,088.....4.94%
17 XTO Energy....................240(3).15,756.....1.52%......Oil&Gas
18 EOG Resources.................53......13,721.....0.39%......Oil&Gas
19 Baker Hughes..................129(3).12,369.....1.04%......Oil&Gas
20 Waste Management........533......11,370.....4.69%
21 Comerica........................210......10,638.....1.97%
22 Energy Future Holdings..293......10,488(12).2.79%
23 Burlington Resources(16).122......9,728.....1.25%......Oil&Gas
24 National Oilwell Varco....147.......9,351.....1.57%.......Oil&Gas
25 JC Penney.......................281.......8,619.....3.26%
26 Electronic Data Systs(17).213......8,537.....2.50%
27 Noble Corp.........................0.......8,224.....0.00%......Oil&Gas
28 Southwest Airlines...........126.......7,833.....1.61%
29 SuperMedia.....................358.......7,554.....4.74%
30 Torchmark..........................0.......7,553.....0.00%
31 Clear Channel Comm.........175......7,549(13).2.32%
32 Diamond Offshore.................1.......7,519.....0.01%......Oil&Gas
33 Kinder Morgan..................222......6,874(14).3.23%....Oil&Gas
34 Smith International.............49......6,554.....0.75%......Oil&Gas
35 Weatherford Intl, Ltd...........46(3)..6,331.....0.73%......Oil&Gas
36 Cooper Industries plc..........77......6,224.....1.24%
37 Noble Energy.......................21......6,193.....0.34%......Oil&Gas
38 Ensco International plc..........9.....6,097.....0.15%......Oil&Gas
39 BJ Services..........................61(3)..5,893.....1.04%......Oil&Gas
40 CenterPoint Energy(18).....124......5,520.....2.25%
41 Nabors Industries, Ltd.........54......5,511.....0.98%......Oil&Gas
42 Newfield Exploration.............8....5,074(15).0.16%.....Oil&Gas
43 Fluor.................................109......5,058.....2.16%
Total for all 43 Companies.19,743..1,363,313...1.45%
(1) Also includes Current Foreign Income Tax Paid or Payable. Thus, AT&T and Sysco would have lower State Income Tax Paid, as well as lower effective State Income Tax Rates Paid, than are shown above.
(2) Dell had no disclosure of State Income Taxes, therefore it was assumed that none were paid.
(3) Includes both Current State Income Tax Paid or Payable and Deferred Income Tax Expense. Thus, XTO Energy, Baker Hughes, Weatherford, and BJ Services would all have lower State Income Tax Paid, as well as even lower effective State Income Tax Rates Paid, than are shown above.
(4) Exclusive of Asset Impairment Charges totaling $39.1 bil in 2008 and 2007.
(5) Exclusive of Goodwill Impairment Charge of $1.4 bil in 2008.
(6) Exclusive of Intangible Impairment Charge of $2.8 bil in 2002.
(7) Exclusive of Asset Impairment Charges totaling $8.2 bil in 2009 and 2008.
(8) Exclusive of Goodwill Impairment Charge of $4.0 bil in 2008.
(9) Exclusive of Asset Impairment Charge of $2.5 bil in 2001.
(10)Exclusive of Asset Impairment Charge of $3.5 bil in 2003.
(11)Exclusive of Asset Impairment Charge of $2.9 bil in 2002.
(12)Exclusive of Goodwill Impairment Charge of $8.9 bil in 2008.
(13)Exclusive of Asset Impairment Charges totaling $9.7 bil in 2009 and 2008.
(14)Exclusive of Goodwill Impairment Charge of $4.0 bil in 2008.
(15)Exclusive of Asset Impairment Charges totaling $3.4 bil in 2009, 2008, 2001 and 1998.
(16) Just includes amounts for the eight years 1998 to 2005.
(17) Just includes amounts for the ten years 1998 to 2007.
(18) Just includes amounts for the ten years 2000 to 2009.
Below here isolates the 25 Texas Oil and Gas Big Corps, included in the above 43 Texas Big Corps.
......................................State....................Effective
....................................Income....................State
......................................Tax........Pretax.......Tax.........Texas
......................................Paid.......Income......Rate........Metro
.....................................12 Yrs.....12 Yrs......12 Yrs.......Area
....................................(Millions of Dollars)
.1 ExxonMobil............... 4,490....486,408.....0.92%........Dallas*
.2 ConocoPhillips........... 3,062....163,228.....1.88%......Houston
.3 Marathon Oil..................858......44,849.....1.91%.....Houston
.4 Schlumberger.................231......31,216.....0.74%.....Houston
.5 Apache............................23......30,343.....0.08%......Houston
.6 Valero Energy................359......29,225.....1.23%....San Antonio
.7 Anadarko Petroleum......285......28,132.....1.01%......Houston
.8 Halliburton....................168......17,543.....0.96%......Houston
.9 Spectra Energy...............213......17,481.....1.22%......Houston
10 Transocean.......................0......16,288.....0.00%.....Houston
11 XTO Energy....................240.....15,756.....1.52%.......Dallas
12 EOG Resources.................53.....13,721.....0.39%......Houston
13 Baker Hughes..................129.....12,369.....1.04%......Houston
14 Burlington Resources......122......9,728.....1.25%......Houston
15 National Oilwell Varco....147.......9,351.....1.57%......Houston
16 Noble Corp.........................0.......8,224.....0.00%.....Houston
17 Diamond Offshore...............1.......7,519.....0.01%......Houston
18 Kinder Morgan................222.......6,874.....3.23%......Houston
19 Smith International...........49.......6,554.....0.75%......Houston
20 Weatherford......................46.......6,331.....0.73%......Houston
21 Noble Energy.....................21.......6,193.....0.34%......Houston
22 Ensco International.............9.......6,097.....0.15%.......Dallas
23 BJ Services.........................61.......5,893.....1.04%......Houston
24 Nabors Industries, Ltd.......54........5,511.....0.98%......Houston
25 Newfield Exploration...........8.......5,074.....0.16%......Houston
Total for all 25 Companies.10,851...989,908....1.10%
* However, most ExxonMobil employees are located in Houston.
In the most recent year, these 25 Texas Big Oil and Gas Corps had an incredibly low effective state and local corporate income tax rate paid of 0.29%. It seems to me that this might be a very fertile area for many US States to add to their severely stressed financial coffers.
The above 25 Texas Big Oil and Gas Corps generated Pretax Profits for the most recent 12 years of $989,908,000,000, which represent a massive 73% of all 43 Texas Big Corps profits of $1,363,313,000,000 (yeah, that's more than $1.36 trillion). I have to ask.....so the country gives the Oil Industry all of these very lucrative tax incentives when these Oil and Gas companies make Pretax profits like the above?
And the above 25 Texas Big Oil and Gas Corps doesn't include foreign-owned giant Big Oil Corps BP and Dutch Shell, which have massive operations in Houston.
Let me give below some perspectives on just how outrageous these Texas profits, driven by Texas Big Oil and Gas Corps, are. These numbers are all for the most recent 12 years.
What this detailed information below clearly shows is an incredible swing in profits from US non-Big Oil and Gas Corps all throughout the country to Texas Big Oil and Gas Corps. Later, when I get some time, I'll show the numbers for just the most recent years, which show an even much more dramatic swing in profits from US non-Oil and Gas Corps to Texas Big Oil and Gas Corps.
This unfortunate gigantic swing in profits has just devastated the US economy in the past decade, and was a major cause of the high US unemployment and underemployment rates in the most recent three years. US Non-Oil and Gas Big Corps, and also many smaller businesses, needed to protect their profits by doing something to offset these growing nosebleed energy costs. They elected to drastically cut US employee costs, and also to offshore jobs and to expand operations overseas, in order to pare both employee costs and income taxes.
Here's a preliminary summary of the Big Corps, with Total Pretax Profits of greater than $5 bil each over the past 12 years, headquartered in the 8 large States in America's Midwest. A large portion of these profits are from Manufacturing Corps, which have been severely harmed by the windfall profits of Texas Big Oil and Gas Corps.
........................# of........Pretax
........................Big.........Income
........................Corps.....12 Years
...................................(mils of $s)
Illinois...............20........416,412
Ohio...................15........306,525
Minnesota..........13........299,713
Missouri...............7.........88,287
Michigan..............7.........86,783
Indiana................5..........84,748
Wisconsin............5..........47,514
Iowa....................2..........16,522
Total all 8 States..74....1,346,504
Yeah, Total Texas Big Corp Pretax Profits for the past 12 years of $1,363,313,000,000 exceed those of the Big Corps in these large 8 Midwest US States by $17 bil.
And here's a preliminary summary of the Big Corps, with Total Pretax Profits of greater than $5 bil each over the past 12 years, headquartered in the 17 states in America's vast Southeast and Heartland Areas. A good portion of these profits are from Manufacturing and Retailing Corps, which have both been severely harmed by the windfall profits of Texas Big Oil and Gas Corps.
.............................# of..........Pretax
..............................Big..........Income
.............................Corps.......12 Years
...........................................(mils of $s)
North Carolina.........11.........371,899
Georgia.....................9.........278,431
Arkansas...................3.........203,480
Nebraska...................4.........141,280
Florida......................7...........79,390
Tennessee.................5............61,981
Oklahoma*................4...........52,613
Kentucky...................5...........34,562
Louisiana..................2............22,297
Colorado...................2............16,044
Alabama...................2.............15,629
Kansas......................1..............7,988
South Carolina...........1..............5,082
Mississippi................0.....................0
North Dakota.............0.....................0
South Dakota.............0.....................0
West Virginia............0.....................0
Total all 17 States.....56......1,290,676
* All 4 Oklahoma Big Corps are Oil and Gas companies.
Yeah, Total Texas Big Corp Pretax Profits for the past 12 years of $1,363,313,000,000 exceed those earned by the Big Corps in these 17 Southeast and Heartland Area US States by $73 bil.
And then here's a preliminary summary of the Big Corps, with Total Pretax Profits of greater than $5 bil each over the past 12 years, headquartered in the 12 States in America's Extended Northeast area, excluding the State of New York, but including the DC Area. A huge portion of these profits are from Manufacturing Corps, which have been severely harmed economically by the windfall profits of Texas Big Oil and Gas Corps.
.............................# of..........Pretax
..............................Big..........Income
.............................Corps.......12 Years
...........................................(mils of $s)
New Jersey.............14..........427,371
Connecticut..............8..........333,836
Pennsylvania..........15..........183,826
Virginia...................11..........157,303
Massachusetts..........6............77,679
Maryland.................6.............62,374
Rhode Island............2.............35,715
Delaware..................1.............33,513
Washington DC.........1.............11,749
Maine.......................0.....................0
New Hampshire........0.....................0
Vermont...................0.....................0
Total all 12 States....64.......1,323,366
Yeah, Total Texas Big Corp Pretax Profits for the past 12 years of $1,363,313,000,000 exceed those earned by the Big Corps in these 12 Northeast Area US States by $40 bil.
Lastly, just think about how huge California is. And think of all the stellar huge technology companies there, with Pretax Profits for the past dozen years as follows: Intel $102 bil, Cisco Systems $72 bil, Oracle $66 bil, Hewlett Packard $66 bil,and Apple $51 bil. And then there's Wells Fargo with $109 bil of Pretax Profits, and Disney with $48 bil. And on top of that, there are California's two Big Oil Corps, Chevron, with profits of a massive $212 bil, and Occidental Petroleum with profits of another $55 bil. Yeah, these two California Big Oil Corps comprised a hefty 24% of the Total Profit for California's 36 Big Corps.
Whew, you have to be impressed with the long-term operating performance of all of these California Big Corps.
But guess what? Total Pretax Profits for the past 12 years of California's 36 Big Corps of $1,124,980,000,000 is a gigantic $238 bil short of the total Pretax Profits of Texas' 43 Big Corps.
Now, let's add the rest of the Western States' Big Corps to California's Big Corps. Here's the preliminary related information for all 50 Big Corps, in the 12 Western States, with Pretax Profits above $5 bil each for the past 12 years.
..........................# of.........Pretax
..........................Big..........Income
..........................Corps......12 Years
.......................................(mils of $s)
California.............36.......1,124,980
Washington...........7..........265,203
Arizona.................3............34,771
Oregon..................2............26,723
Nevada..................1..............5,643
Utah......................1..............5,345
Alaska...................0....................0
Hawaii...................0....................0
Idaho....................0....................0
Montana................0....................0
New Mexico...........0....................0
Wyoming...............0....................0
Total all 12 States..50.....1,462,665
Oklahoma has four Big Corps, all Big Oil and Gas Companies, with Pretax Income for the past 12 years in excess of $5 bil each. The Total Pretax Profits of these four Oklahoma Big Oil and Gas Corps totaled $52,613 mil for the past 12 years. When I combine Oklahoma with Texas, I get Total Pretax Income of $1,415,926,000,000 for the Big Corps in these two Big Oil and Gas States. This is just $47 bil short of the above Total Pretax Profit for the past 12 years for the entire vast, very prosperous, leading-edge Western US, 12 States in total.
Let me now focus on the Income Shift among US States in the past decade. Here's some information on the Total Pretax Income of the Big Corps in the country's largest three States, in the country as a whole, and in the US Big Oil and Gas Industry:
..........................................................Two Years...........Percentage
.................................# of...............Pretax Income.........Increase
..............................Big Corps....2008-09.......1998-99...(Decrease)
Texas...........................43........$339.6 bil.......$85.9 bil.....+295%
California*...................36........$293.8 bil.....$102.2 bil......+187%
New York.....................38........$178.6 bil.....$194.5 bil.........(8)%
All US but Big Oil...290....$1,229.8 bil....$808.9 bil......+52%
Texas Oil&Gas.........25......$265.0 bil.......$36.3 bil...+630%
All US Oil&Gas.........35......$373.3 bil.......$44.3 bil...+743%
* Exclusive of Big Oil Corps Chevron and Occidental Petroleum, California's remaining 34 Big Corps Total Pretax Income for 2008 and 2009 drops from $293.8 bil above to $216.2 bil and its decade percentage profit increase drops from 187% above down to 128%.
Yeah, those above numbers are correct.....the increase in profits in the past decade in the entire US Big Oil and Gas Industry of 743% is more than 14 times the increase in profits in the past decade of the rest of the very best US Big Corps of 52%....the only Big Corps included are ones which earned more than $5 bil in the past 12 years. Whoa!....US Big Oil and Gas ruled in the 2000s decade.....and still does.
Well, that US Big Oil 743% monstrous profit increase in the past decade certainly has moderated in 2010? Believe it or not, it hasn't. It's been full speed ahead for US Big Oil profits in 2010. Just check out the following Core Pretax Income increases for the largest of US Big Oil for the nine months ended September 30, 2010.
.......................................Core Pretax Income
..............................Nine Months Ended September 30
..................................2010...........2009....% Increase
ExxonMobil............$37.6 bil.....$24.6 bil........+53%
Chevron..................$23.3 bil.....$12.7 bil........+83%
ConocoPhillips........$15.5 bil.......$6.8 bil.......+126%
Oxy Petroleum..........$5.5 bil.......$3.1 bil........+78%
Apache.....................$3.9 bil.......$2.0 bil.........+95%
Marathon Oil.............$3.9 bil.......$2.5 bil.........+54%
Hess..........................$3.0 bil.......$0.8 bil.......+264%
Devon Energy............$2.9 bil.......$1.0 bil.......+185%
Total of all 8.............$95.6 bil.....$53.6 bil........+78%
I think that US Big Oil and Gas Corp CEOs should spend less time gloating over their very robust P&Ls and more time at their local Food Banks.
It is pretty clear to me that one of the main reasons that the US unemployment and US underemployment rates are so high, and that median wages are so low, is the severe widespread cost pressure placed on other US businesses by US Big Oil and Gas companies. And then the personal financial status, as well as the standard of living, of US citizens have also dramatically deteriorated due to US Big Oil and Gas company unnecessary cost pressure placed on US individuals. Also, Federal, State and Local Governmental entities have all been seriously harmed by the severe inappropriate cost pressure applied by US Big Oil and Gas companies.
What happened in the past 12 years was an unfortunate, massive transfer of wealth from US individuals, from US non-Oil and Gas businesses, and from all US government entities.....federal, state, and local.....to the bottom-line profits of US Big Oil and Gas, mostly headquartered in Texas. The resultant structural problems with the US economy will not be fixed until the out-sized profits of US Big Oil and Gas Corps are properly dealt with in wise, creative ways by the US Government. So far, it has totally failed, and US citizens and all non-Oil and Gas businesses have every right to be very disappointed.
Clearly, for US businesses to be much more competitive, what is needed here is a whole-scale, revolutionary effort to reduce energy costs for all US businesses. To accomplish this, I think there should be incredibly attractive tax incentives for US businesses to do just that. Businesses react to profits. If the US government adopts tax incentives for energy initiatives that will result in higher US business profits, watch how quickly and extensively US businesses will react to them.
There are so many ways to do this. Let me put out for discussion one very simple annual energy tax incentive here. Say a business has total revenues in Year 2 of $110 mil, which is up $10 mil, or 10%, from total revenues in Year 1 of $100 mil. Then say total energy costs, as defined by the US Dept of Energy, in Year 2 are $10.3 mil, which is up $.3 mil, or 3%, from total energy costs in Year 1 of $10 mil. This business would get an Energy Cost Reduction Tax Credit for Year 2 computed something like this:
Year 2 Energy Cost Reduction Tax Credit Computation:
..Revenue Percentage Increase in Year 2............................10.0%
..-Energy Cost Percentage Increase in Year 2........................3.0%
..Excess................................................................................7.0%
..-Minimum Energy Cost Reduction Threshold..Assume it's...5.0%
..= Energy Tax Credit Reduction Percentage in Year 2...........2.0%
..Year 1 Total Energy Costs.....................................$10,000,000
..Assumed Annual Energy Tax Credit Percentage...Say...........30%
..Year 2 Energy Cost Reduction Tax Credit Earned:
.....$10,000,000 X 2.0% X 30% = $60,000
And if you want to make it more of an incentive to reduce energy costs, you can simply increase the 30%, or you can reduce the 5% Threshold, or even do both.
To best tax incentivize businesses to really move the needle toward US energy independence and wise income shifting from Big Oil and Gas Corps to all other US businesses and to US individuals, with the resultant increase in US real GDP growth, lower US unemployment, and lower US underemployment, I would consider the following.....have the Energy Tax Credit Percentage Earned each year move upward as the spread of the Revenue percentage increase over the Energy Cost percentage increase widens, perhaps in a pattern something similar to this.
.......Excess of
..Revenue % Growth..........Resultant
.........Over...................Energy Tax Credit
Energy Cost % Growth.........% Earned
....Less than 1%.......................0%
....1% to 2%...........................10%
....2% to 3%...........................20%
....3% to 4%...........................30%
....4% to 5%...........................40%
....5% to 6%...........................50%
....6% to 7%...........................60%
....7% to 8%...........................70%
....8% to 9%...........................80%
....9% to 10%.........................90%
....More than 10%................100%
Now that's the kind of tax incentive that would make businesses all throughout the country intensely work the critical energy cost issue simultaneously!
In regards to the current Tax Deal debate, granted the very wasteful Corn Ethanol Subsidy has no business being in the new Tax Deal. And neither does the Section 199 Tax Deduction extension for Puerto Rico manufacturing, clearly the result of the all-powerful Big Pharma lobby (yeah, this is a clear federal income tax incentive that Big Pharma gets for shipping its jobs offshore to a tax haven...I'm not kidding...how crazy).
But the Corn Ethanol Subsidy and the Section 199 Big Pharma largesse are both a drop in the bucket as compared with all of the many, very lucrative US Big Oil and Gas Company Tax Subsidies. So US Big Oil and Gas Corps not only get these massive Pretax Profits, which devastate economically all other businesses and individuals, but they also get incredibly high US government tax incentives to do just that. And you want to know why the country has such a low opinion of the US Congress.
Shifting gears to the horrible financial condition so many of the US States are in, now that I have reviewed every US State, let me summarize the weighted average effective State and Local Corporate Income Tax Paid Rates of the 22 US States where its Big Corps, with Pretax Income of more than $5 bil each for the past 12 years, have Total Pretax Income of more than $50 bil each for the past 12 years. The State of Maryland clearly comes out the best, and the State of Indiana wins the Race to the Bottom.....having the lowest weighted average effective State and Local Corporate Income Tax Paid Rate.
For Past 12 Years:
...Big Corps with Pretax Income > $5 bil
...States with Big Corps Generating Total Pretax Income > $50 bil
..................................Effective
...............................State&Local
..................................Income
.................................Tax Rate
....................................Paid
22. Maryland............4.55%
21. Massachusetts........3.29%
20. North Carolina.......3.20%
19. Tennessee...............3.08%
18. Missouri.................3.07%
17. Arkansas................2.80%
16. Georgia..................2.78%
15. Minnesota..............2.75%
14. California...............2.75%
13. New York...............2.60%
12. Virginia..................2.56%
11. Ohio.......................2.32%
10. Illinois...................2.31%
.9. New Jersey.............2.27%
.8. Pennsylvania..........2.26%
.7. Michigan................2.15%
.6. Florida...................2.10%
.5. Washington............2.00%
.4. Connecticut........1.48%
.3. Texas....................1.45%
.2. Nebraska..............1.43%
.1. Indiana.................1.27%
Of the above 22 States, three of them don't have State Corporate Income Taxes: Texas, Washington, and Ohio. For the other 19 States, here is a ranking of the Percentage Discount (State Corporate Income Tax Loophole) each is getting from the State's Statutory Corporate Income Tax Rate. The State of Maryland again comes out best, and the State of Indiana again unveils its hidden Tax Haven Lure to Big Corps, clearly at the expense of both its many financially desperate citizens and its State Educational Institutions.
For Past 12 Years:
...Big Corps with Pretax Income > $5 bil
...States with Big Corps Generating Total Pretax Income > $50 bil
..............................Effective.......State..........State
...........................State&Local..Corporate.......Tax
...............................Income.....Income......Loophole
..............................Tax Rate........Tax........Percentage
................................Paid...........Rate.........Discount
19. Maryland........4.55%........8.25%......44.8%
18. Missouri.............3.07%........6.25%........50.9%
17. Tennessee..........3.08%........6.50%........52.6%
16. North Carolina...3.20%........6.90%........53.6%
15. Georgia..............2.78%........6.00%........53.7%
14. Arkansas............2.80%........6.50%........56.9%
13. Virginia..............2.56%........6.00%........57.3%
12. Florida...............2.10%........5.50%........61.8%
11. Massachusetts....3.29%........8.80%........62.6%
10. New York...........2.60%........7.10%........63.4%
.9. Michigan.............2.15%........6.00%........64.2%
.8. Illinois................2.31%.........7.30%.......68.4%
.7. California............2.75%........8.84%........68.9%
.6. Minnesota...........2.75%........9.80%........71.9%
.5. New Jersey..........2.27%........9.00%.......74.8%
.4. Pennsylvania.......2.26%........9.99%........77.4%
.3. Connecticut.........1.48%........7.50%........80.3%
.2. Nebraska.............1.43%........7.81%.........81.7%
.1. Indiana..............1.27%.......8.50%.......85.1%
Average of All 19......2.56%........7.50%.......65.9%
It should be pointed out that some Cities and Counties, such as New York City, have City and/or County Corporate Income Taxes, which results in their State Corporate Income Tax Loophole Discount Percentages being much higher than those shown above.
The country is finally focusing now on the huge US Federal Income Tax Loopholes that Big Corps have taken advantage of. However, from my extensive research, the State Corporate Income Tax Loophole Percentage Discounts are substantially higher than the US Federal Corporate Income Tax Loophole Percentage Discounts. It shouldn't be too difficult for US State Governments to figure out why that is the case.
To improve their very stressful State financial conditions, as one step, I think it makes sense for all US States to take actions to bring down these huge State Corporate Income Tax Loophole Discount Percentages for Big Corps...66% for these above 19 US States. And I also think many US States should be taking actions to make sure they are picking up their fair share of taxes on Texas Big Oil and Gas Corps massive amount of income.....and also from foreign-owned Big Oil and Gas giants like BP and Dutch Shell.....and frankly, from all foreign-owned Corps, playing particular attention to the way income is allocated.
