Since I have recently made posts on US Federal Income Taxes Paid, and Effective US Federal Income Tax Rate Paid (ETR), in 2010 by US Big Corps in each of the Sectors, in this post I will summarize the overall results.
The below summary shows US Big Corps with a 2010 ETR below 10% and also ones with a 2010 ETR below 15%. The summary also shows an estimate of positive ten-year CBO scoring to the US Government if a minimum tax of at least 10%, and also one of at least 15%, of worldwide pretax income on these Big US Corps were enacted.
................................US Big Corps with 2010 ETR Below........
......................................10%..............................15%...........
..............................................10 Year........................10 Year
............................................CBO Scoring..................CBO Scoring
..........................# of.....Total......10%.......# of....Total.....15%
...........................Big....2010..Minimum....Big....2010.Minimum
..........................Corps...ETR......Tax........Corps..ETR.......Tax
...............................................bils of $s.......................bils of $s
Big Oil...................35.....3.3%....273.5.......39.....3.6%.....480.5
Big Financial.........23...(6.2)%....259.4.......27....(2.0)%...345.0
Big Conglomerates..6..(11.1)%....131.3.........7....(7.0)%...163.0
Big Health Care.......5....(6.9)%.....95.2........10.....3.2%.....142.1
Big Utility.............30...(7.1)%.....82.6........32....(4.8)%....108.7
Big High Tech........14.....1.5%......73.0........21.....2.3%.....158.7
Big Telecom............6...(0.5)%.....72.9.........8.....0.7%.....110.2
Big Other Sectors..56.....2.4%....155.9........67.....5.2%.....282.7
Total all Sectors..175..(0.7)%..1,143.8.....211.....1.9%..1,790.9
Yeah, that's correct, the 175 most profitable US Big Corps, which paid effective US Federal Income Taxes of less than 10% in 2010, generated $565.7 bil of Consolidated Pretax Profits in 2010.....and how much Total US Federal Income Tax did these 175 US huge US Corps pay in 2010?
Well, in total not a dime, but rather they got Total Net US Federal Income Tax Refunds of $4.0 Bil.....thus a Total US Federal Income Tax Rate Refund of 0.7%.....I'm not kidding.
And how many times have you heard Republicans in the US Senate, and frankly even all of the Republican US Presidential candidates, talk about how US Corporations are paying way too much in US Corporate Federal Income Taxes, and that this is the main reason the US economy is so horrible and US unemployment is so high?
How can you possibly solve a problem when you have no clue what's going on? Instead of thinking independently and acting in the best interests of the country, these US Senate Republicans are just simply parroting what their Big Corp lobbyists are telling them to say.
The SEC is great in football, but the US Senate Republican Leadership from SEC States have little, if any, understanding on the US economy.
It's high time for the US Republicans in both the US Senate and in the US House to reverse course and step up, take the patriotic high road, and work with the Obama Administration in helping the country get out of its horrible economic mess. They have stopped nearly every good economic initiative that the Obama Administration has proposed.
Below here are the 175 US Big Corps with a 2010 Effective US Federal Income Tax Rate Paid below 10% each:
................................Current US..........................Effective
...............................Fed Inc Tax..Consolidated...Tax Rate
..............................Paid(Benefit).........PTI.......Paid(Refund)
...................................2010...............2010...........2010
.......................................(million of $s).....
Big Oil & Gas
Nabors Industries.......(138).................343..........(40.2)%
Weatherford Intl...........(34).................205..........(16.6)%
Halliburton.............(400)............2,655..........(15.1)%
Valero Energy...............(75)..............1,498...........(5.0)%
QEP Resources..............(17).................453...........(3.8)%
El Paso Corp....................(4)..............1,310...........(0.3)%
Newfield Exploration.......(1).................829...........(0.1)%
Chesapeake Energy...........0...............2,884.............0.0%
Pioneer Natural Res..........0.................788.............0.0%
EXCO Resources...............1..................674.............0.1%
Pride Intl..........................1..................252.............0.4%
Apache...........................25...............5,206.............0.5%
Southern Union................2..................350.............0.6%
Southwestern Energy......10..................995.............1.0%
Schlumberger.................76...............5,156.............1.5%
EOG Resources................17................1,151.............1.5%
Ensco Intl.......................10..................645.............1.6%
Exxon Mobil..........1,270............52,959.............2.4%
Noble Energy..................25...............1,031.............2.4%
Ultra Petroleum.............22..................723.............3.0%
Denbury Resources........16..................479.............3.3%
Marathon Oil................183................5,122.............3.6%
FMC Technologies..........21..................538.............3.9%
Hess.............................151................3,311.............4.6%
Chevron.................1,501............32,055.............4.7%
Cimarex Energy.............43..................914.............4.7%
Rowan Companies..........25..................379.............6.6%
ConocoPhillips......1,312............19,750.............6.6%
Devon Energy..............244...............3,568.............6.8%
Helmerich&Payne..........31..................438.............7.1%
Murphy Oil...................105...............1,414.............7.4%
OneOK...........................59..................755.............7.8%
Occidental Petroleum..614...............7,359.............8.3%
Noble Corp....................81..................917.............8.8%
Spectra Energy............105...............1,123.............9.3%
Total 35 Big Oil..........5,281..........158,229.............3.3%
Big Financial Corps
GE Capital Svcs...(3,991).............2,172........(183.7)%
State Street............(885).............2,086..........(42.4)%
Reinsurance Group....(218).................864...........(25.2)%
Lincoln National........(244)..............1,234...........(19.8)%
Bank NY Mellon....(670)............3,694...........(18.1)%
Prudential Fincl...(722).............4,422...........(16.3)%
Ameriprise Financial..(224).............1,594...........(14.1)%
Marsh&McLennan.......(90)................769...........(11.7)%
Bank of America...(666)...........11,077...........(6.0)%
PNC Financial...........(207)..............4,061............(5.1)%
Capital One Financial.(152)..............4,330............(3.5)%
Toyota Motor Credit...(26)..............3,003............(0.9)%
AON.............................16................1,059..............1.5%
NYSE Euronext............18...................686..............2.6%
Morgan Stanley..........213................6,202..............3.4%
MetLife.......................141................3,958..............3.6%
Invesco Ltd.................45...................834..............5.4%
Interactive Brokers......21...................341..............6.2%
Wells Fargo.........1,425..............19,001..............7.5%
Principal Financial......74...................841..............8.8%
American Express......532...............5,964..............8.9%
Western Union...........104................1,145..............9.1%
AFLAC.......................349................3,585..............9.7%
Total 23 Big Fincl...(5,157)............82,922............(6.2)%
Big Conglomerates
GE........................(3,253)...........14,208.........(22.9)%
Honeywell............(471)..............2,843..........(16.6)%
United Technolgy.122...............6,538...............1.9%
Tyco Intl....................45................1,270...............3.5%
Loews.......................154................2,902...............5.3%
Johnson Controls......112................1,763...............6.4%
Total 6 Big Cnglms.(3,291)............29,524............(11.1)%
Big Health Care
Pfizer..................(2,774)............9,422.........(29.4)%
Boston Scientific.......(83).................754...........(11.0)%
Merck....................399.............10,660............3.7%
Baxter.......................73................1,890..............3.9%
Eli Lilly....................376...............6,525..............5.8%
Total 5 BigHealth.(2,009)............29,251...........(6.9)%
Big Utilities
PacifiCorp..............(498)................777...........(64.1)%
MidAmerican Engy.(822).............1,465...........(56.1)%
Edison Intl.............(432)..............1,657...........(26.1)%
PinnacleWestCaptl.(109)................515...........(21.2)%
DTE Energy............(172)................950...........(18.1)%
NiSource.................(62)................436...........(14.2)%
Consolidated Ed.....(144)..............1,399...........(10.3)%
SCANA....................(47)................534............(8.8)%
AEP.......................(134)..............1,849............(7.2)%
EQT.........................(25)................355............(7.0)%
ConstellationEngy...(47)................702............(6.7)%
PublicSrvcEntrpr...(166).............2,616............(6.3)%
PPL.........................(51)..............1,239.............(4.1)%
CMS Energy.............(21)................590.............(3.6)%
Progress Energy......(46)..............1,406.............(3.3)%
FirstEnergy.............(23)..............1,242.............(1.9)%
PG&E.......................(12)..............1,660............(0.7)%
Duke Energy.............(5)..............2,210.............(0.2)%
Nextera Energy.........11..............2,489...............0.4%
Alliant Energy............3.................453...............0.7%
Allegheny Energy......7.................628...............1.1%
Southern Co.............42..............3,066...............1.4%
Xcel Energy.............17...............1,189...............1.4%
TECO Energy.............6.................410...............1.5%
Northeast Utilities....9.................605...............1.5%
Ameren...................13.................476...............2.7%
Sempra Energy........27................786...............3.4%
OGE Energy.............16.................461...............3.5%
CenterPoint Engy....40................705...............5.7%
Entergy.................145..............1,888...............7.7%
Total 30BigUtil.(2,480)...........34,758............(7.1)%
Big High Tech
Garmin Ltd............(46)................577............(8.0)%
Ebay....................(131).............2,098............(6.2)%
Seagate Technlgy....(6)................579............(1.0)%
Juniper Networks...(8)................778............(1.0)%
Corning....................0..............3,845..............0.0%
Priceline..................5.................746..............0.7%
IBM....................190............19,723.............1.0%
Computer Sci.........19.................968..............2.0%
Symantec..............17..................729..............2.3%
Yahoo...................26...............1,070..............2.4%
Western Digital......21..................780..............2.7%
Altera...................30..................868..............3.5%
HP......................484............10,974.............4.4%
CA Technologies..110...............1,209..............9.1%
Total 14BigTech.1,312............88,679..............1.5%
Big Telecom
Verizon..........(705)...........12,684...........(5.6)%
Qwest Comm........(14)................925.............(1.5)%
NII Holdings...........0.................598..............0.0%
AT&T...............307............18,238.............1.7%
TimeWarnerCbl..127...............2,196..............5.8%
CBS......................89...............1,222.............7.3%
Total6BigTelcom.(196).........35,863...........(0.5)%
Big Other Sectors
Intl Paper...........(249)..............822............(30.3)%
Nucor...................(66)..............267............(24.7)%
Dow Chemical.(576)........2,802............(20.6)%
Whirlpool........(101).............586............(17.2)%
Fortune Brands....(61)..............588............(10.4)%
DuPont...............(109)...........3,711.............(2.9)%
Avon Products.....(21)..............945.............(2.2)%
AES.......................(8)............2,265.............(0.4)%
Eaton....................(2)............1,036.............(0.2)%
Carnival.................0.............1,979..............0.0%
Royal Caribbean.....0...............548..............0.0%
Crown Holdings......0...............614..............0.0%
Boeing..................13............4,507..............0.3%
Supervalu..............2...............347..............0.6%
Cummins...............11............1,617..............0.7%
MolsonCoors Brw...8...............809..............1.0%
Coca Cola Enter......8...............746..............1.1%
Bunge, Ltd............33............3,050..............1.1%
PhillipMorris..157..........10,324..............1.5%
CHS.......................9................584..............1.5%
Southern Copper.40.............2,431..............1.6%
Mattel..................14...............847..............1.7%
Rockwell Autom..10...............544..............1.8%
FreeportMcMor.207...........8,512..............2.4%
Flowserve............13...............530..............2.5%
Kraft Foods..........91............3,642..............2.5%
Sara Lee...............13...............487..............2.7%
HJ Heinz..............39............1,374..............2.8%
Ingersoll-Rand.....29............1,007..............2.9%
FedEx..................79............2,265..............3.5%
Dover..................34...............925..............3.7%
Paccar.................25...............660..............3.8%
Fluor...................22...............560..............3.9%
Mosaic...............135............3,271..............4.1%
PPG Industries.....62............1,295..............4.8%
Coca Cola...........470...........9,709..............4.8%
Joy Global............33..............679..............4.9%
NewmontMining.214...........3,997..............5.4%
Cooper Industr....29...............530..............5.5%
Kellogg................97.............1,742..............5.6%
MeadJohnsnNutr.38...............634..............6.0%
Caterpillar.........247............3,750..............6.6%
Praxair..............133.............1,964..............6.8%
AirProd&Chem..101.............1,394..............7.2%
Avnet..................64...............871..............7.3%
Omnicom Grp....107............1,350..............7.9%
Ball Corp.............49...............606..............8.1%
CliffsNaturalRes.108............1,298..............8.3%
Goodrich.............67...............805..............8.3%
ArchDanMdlnd..251.............3,015..............8.3%
Raytheon...........205............2,432..............8.4%
Parker Hannifin..121.............1,414..............8.6%
KBR.....................56...............586..............9.6%
Lubrizol..............97............1,004..............9.7%
Yum Brands.......155............1,594..............9.7%
Wyndham WW.....55...............563..............9.8%
Total 56 Big Corps in
..Other22Sectors.2,558....106,434.............2.4%
Grand Total all Sectors
…175 Big Corps..(3,982)...565,660..........(0.7)%
