No. 1: Wal-Mart Stores
- Sales: $401 billion
- Pretax income: $20.9 billion
- Income taxes: $7.1 billion
- Tax rate: 34.2%
$1.2 billion of Wal-Mart Stores’ taxes are international.
No. 2: ExxonMobil
- Sales: $311 billion
- Pretax income: $37.3 billion
- Income taxes: $17.6 billion
- Tax rate: 47%
None of ExxonMobil’s income taxes were paid in the U.S. In 2008 the company’s income tax bill was $36 billion.
No. 3: Chevron
- Sales: $172 billion
- Pretax income: $18.5 billion
- Income taxes: $8 billion
- Tax rate: 43%
Chevron paid $19 billion income tax in 2008. Of this year’s taxes, just $200 million were paid in the U.S.
No. 4: General Electric
- Sales: $157 billion
- Pretax income: $10.3 billion
- Income taxes: (-$1.1 billion)
- Tax rate: N/A
GE’s financial services unit, GE Capital, keeps the overall tax bill so low. Over the last two years, GE Capital has displayed an uncanny ability to lose lots of money in the U.S. and make lots of money overseas, where tax rates are lower.
No. 5: ConocoPhillips
- Sales: $152 billion
- Pretax income: $10 billion
- Income taxes: $5.1 billion
- Tax rate: 51%
ConocoPhillips paid $13 billion in taxes in 2008.
No. 6: AT&T
AT&T’s executive officers are eligible to bill the company $14,000 a year for their own income tax preparations.
No. 7: Bank of America
- Sales: $120 billion
- Pretax income: $4.4 billion
- Income taxes: (-$1.9 billion)
- Tax rate: N/A
How did Bank of America not pay any taxes on $4.4 billion in income? Because of deductions like $860 million in tax-exempt income, $670 million in low-income housing credits and a $600 million loss on shares of foreign subsidiaries. With a provision for credit losses of $49 billion, Bank of America probably won’t be paying taxes for a long time.
No. 8: Ford Motor
- Sales: $118 billion
- Pretax income: $3 billion
- Income taxes: $69 million
- Tax rate: 2.3%
Ford’s tax rate is so low because of past years’ losses from U.S. operations.
No. 9: Hewlett-Packard
- Sales: $115 billion
- Pretax income: $9.4 billion
- Income taxes: $1.75 billion
Tax rate: 18.6%
HP’s low tax rate is due to lower tax rates in foreign countries. The company says in its annual report that President Obama’s proposals to end tax deferrals on international operations would mean a big tax hike.
No. 10: Berkshire Hathaway
- Sales: $112 billion
- Pretax income: $11.5 billion
- Income taxes: $3.5 billion
- Tax rate: 31%
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Very interesting piece. I don't understand how Valero is losing money.
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