25 U.S. Corporate the largest tax contributor
NEW YORK – Tax to be an important factor for a country. Because, to finance an economy, the country needs revenue. Well, that average income is dominated by the income tax.
In the U.S, Thanks to high crude oil prices, the three large U.S. corporations rake in huge profits in oil sales. ExxonMobil recorded a net profit of USD41 billion, Chevron collected profits $ 27 billion, and ConocoPhillips USD12, 4 billion.
“With these profits, why do these people do not pay enough taxes?” So the question U.S. President Barack Obama. Obama urges Congress to end tax incentives for them to stop. The reason, the removal of this incentive will generate $ 25 billion in additional tax revenue boost.
“They can stand as a major oil company, or they can stand up as Americans,” Obama said as quoted by Forbes, Tuesday (04/17/2012).
However, the proposal was rejected by the Senate, with the proportion of 51 agreed 47 votes rejected. In fact, the bill needed 60 votes to make this rule apply. The Senate rate, tax rate of 42.9 percent of Exxon, Chevron 48, 3 percent and Conoco 41.5 percent, higher than the U.S. federal rate of 35 percent, the highest tax rate among developed countries. Once the importance of taxes, so the campaign against tax incentives are still some pros and cons in the U.S.
Therefore, Forbes released there were 25 companies that contributed the largest tax in the U.S.
A. ExxonMobil
Income taxes: $ 27, 3 billion
Total income: USD486 billion
Net income: USD41 billion
Tax ratio: 42 percent
2. Chevron
Income tax: USD17, 4 billion
Total income: USD254 billion
Net income: $ 26, 9 billion
Tax ratio: 43.3 percent
3. ConocoPhillips
Income tax: USD10, 6 billion
Total income: USD251 billion
Net income: USD12, 4 billion
Tax ratio: 45.6 percent
4. JPMorgan Chase
Income taxes: $ 8, 2 billion
Total income: USD111 billion
Net income: USD19 billion
Tax ratio: 29.1 percent
5. Wal-Mart Stores
Income taxes: $ 5, 9 billion
Total income: USD447 billion
Net income: $ 15, 7 billion
Tax ratio: 32.6 percent
6. Microsoft
Income taxes: $ 5, 3 billion
Total income: USD72 billion
Net income: USD23, 5 billion
Tax ratio: 15.9 percent
7. Wells Fargo
Tax revenue: $ 4, 9 billion
Total income: USD87, 6 billion
Net income: $ 15, 9 billion
Tax ratio: 31.5 percent
8. International Business Machines
Tax revenue: $ 4, 2 billion
Total income: USD107 billion
Net income: $ 15, 9 billion
Tax ratio: 24.5 percent
9. Apple
Income taxes: $ 4 billion
Total income: USD128 billion
Net income: USD33 billion
Tax ratio: 24.6 percent
10. Freeport-McMoRan Copper & Gold
Income taxes: $ 3, 4 billion
Total revenue: $ 20, 9 billion
Net income: $ 4, $ 6 billion
Tax ratio: 35 percent
11. Philip Morris
Income taxes: $ 3, 36 billion
Total income: USD76, 4 billion
Net income: $ 8, $ 6 billion
Tax ratio: 29.1 percent
12. intelligence
Income taxes: $ 3, 3 billion
Total income: USD54 billion
Net income: USD12, 9 billion
Tax ratio: 27.2 percent
13. Procter & Gamble
Income taxes: $ 3 billion
Total income: USD85 billion
Net income: $ 10 billion
Tax ratio: 25.8 percent
14. Johnson & Johnson
Income taxes: $ 2, 97 billion
Total income: USD65 billion
Net income: USD9, 7 billion
Tax ratio: 21.8 percent
15. Pfizer
Income taxes: $ 2, 94 billion
Total income: USD67, 4 billion
Net income: $ 10 billion
Tax ratio: 31.5 percent
16. Oracle
Income taxes: $ 2, 93 billion
Total income: USD37 billion
Net income: USD9, 7 billion
Tax ratio: 23.6 percent
17. General Electric
Income taxes: $ 2, 92 billion
Total revenue: 147 dollars, 3 billion
Net income: $ 15, 9 billion
Tax ratio: 28.5 percent
18. Occidental Petroleum
Income taxes: $ 2, 9 billion
Total income: USD24 billion
Net income: $ 6, 8 billion
Tax ratio: 40.2 percent
19. UnitedHealth Group
Income taxes: $ 2, 74 billion
Total income: USD102 billion
Net income: $ 5, 1 billion
Tax ratio: 35.4 percent
20. Citigroup
Income taxes: $ 2, 7 billion
Total income: USD103 billion
Net income: USD11 billion
Tax ratio: 24.1 percent
21. Merck
Income taxes: $ 2, 7 billion
Total revenue: $ 48 billion
Net income: $ 6, 3 billion
Tax ratio: 12.8 percent
22. Walt Disney
Income taxes: $ 2, 3 billion
Total income: USD41 billion
Net income: $ 5 billion
Tax ratio: 33.8 percent
23. PepsiCo
Income taxes: $ 2, 2 billion
Total income: USD66, 5 billion
Net income: $ 6, 4 billion
Tax ratio: 27 percent
24. Qualcomm
Income taxes: $ 2, 1 billion
Total revenue: $ 16, 3 billion
Net income: $ 4, 5 billion
Tax ratio: 20.8 percent
25. McDonald’s
Income taxes: $ 2, 1 billion
Total revenue: $ 27 billion
Net income: $ 5, 5 billion
Tax ratio: 31.3 percent
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