Report: U.S. Corporations Pay 77 Percent Higher Tax Rate Than Top 1 Percent of Consumers

The newly released Corporate Tax Report, produced by personal finance website WalletHub, provides an overview of the taxes the largest and most established businesses in the U.S. pay.

"In this study, we analyzed the largest and most established companies on the stock market in order to determine the federal, state and international tax rates they paid in 2017," Jill Gonzalez, a WalletHub analyst, told Watchdog.org. "We wanted to give some insight into the country's current corporate tax system, especially now that businesses are looking forward to a large tax cut in the future."

With 2017’s tax overhaul permanently reducing the federal corporate income tax rate from 35 percent to 21 percent, "concerns over the proper role of taxation lie at the very foundation of American history," John S. Kiernan, WalletHub’s senior writer and editor, writes. "Republicans champion the tax plan as beneficial to business and consumers and Democrats claim it will only increase the wealth of the already wealthy."

The new report found that S&P 100 companies paid 39 percent in their overall tax rate in 2017, roughly 10 percentage points higher than what they paid in 2016.

Additionally, "the average S&P 100 company pays a 77 percent higher tax rate than the top 1 percent of consumers."

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