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Top 10 US Based Companies Who Pay The Highest Income Tax

Written by Top 100 Arena on 2012-09-15
Governments impose corporate taxes on the firms to bring in revenue and increase the economic power of the country. Corporate tax is a levy on the profit acquired by the firm for the government revenue. Below is the list of top 10 companies in the USA who pay the highest income tax:

10 Freeport-McMoran Copper & Gold Inc

Item 10

Freeport-McMoran Copper & Gold Inc. is the metal manufacturing and mining company which produces low cost copper. Founded in 1912 it produces largest amount of gold in the world. Apart from being a fortune 500 company, it is also the highest taxpayer in Indonesia because of its mine in the Papua region. In 2011, it made total revenue of $ 20.9 billion and paid income tax worth $ 3.4 billion to the US government. More info

9 Apple

Item 9

The brilliant idea of Steve Jobs, Steve Woznaik and Ronald Wayne; Apple was founded in 1976. The company manufactures and sells electronic, digital gadgets and software. It has grown to be the most popular company in the industry with its new age and innovative gadgets like Ipad, Ipod and Mac. Its operating system has drawn much adoration from the public because of the use of cutting edge technology. In terms of profit and revenue, the company has been ranked on first position in the technology industry in the world. Apart from having an online store, Apple has expanded its retail in 13 countries with more than 300 outlets. In 2011, it made $ 128 billion in revenue and paid taxes worth $ 4 billion in cash. More info

8 IBM

Item 8

International Business Machines Corporation is an American multinational corporation headquartered in New York. Its business comprises of manufacture and sales of computer technology, information technology services and consulting. IBM was founded in 1911 as a merger between two companies. The employees of the corporation have won various national accolades for their contribution in the field of technology and science. Apart from being one of the Fortune 5oos, the company is top ranked in terms of employment, market capitalization and profitability. With tax rate as 24.5%, it made total revenue as $107 billion. $4.2 billion were paid in income taxes. More info

7 Wells Fargo

Item 7

Founded in 1852, Wells Fargo is an American Multinational Corporation which offers banking and financial services to its customers and clients. Headquartered in California, Wells Fargo is the largest banks in terms of market capitalization. The company covers three aspects of business that are Community Banking, Wholesale Banking, and Wealth, Brokerage and Retirement. With its tax rate as 31.5%, it paid $ 4.9 billion in income taxes out of their total revenue of $ 87.6 billion. More info

6 Microsoft

Item 6

One of the leading companies in the technology industry, Microsoft was founded in 1975 by Bill Gates and Paul Allen. After its collaboration with IBM in 1981, Microsoft soon became a leader in computer programming. Microsoft is an American MNC with its operation in computer software and online services. In terms of revenue, Microsoft is the biggest computer software maker. Its revenue amounted to $ 72 billion out of which $ 5.3 billion were paid for income tax. It has always been a top ranked corporation in the fortune 500 companies. More info

5 Walmart

Item 5

Founded by Sam Walton in 1962, Walmart consists of departmental and storage stores. It is the third largest public corporation in the world with over 2 million employees. It is spread in 15 countries with over 8000 stores. Statistic studies found out that around one third of the US population visited Walmart every week. In 2011, its total revenue amounted to $ 447 billion which was a jump from the previous year by around 5.9%. 5.9 billions of dollars were payments to the income tax making its net income $ 15.7 billion. More info

4 JPMorgan Chase

Item 4

Founded in 2000, JP Morgan Chase is the banking corporation from USA. It provides financial securities, hedge funds and other finance related services to its customers. Head quartered in New York, the JP Morgan Chase is the mixture of J.P. Morgan & Co., Manhattan Bank, Washington Mutual, Bank One and Bear Stearns. It is one of the biggest banks of America with total revenue of $ 111 billion. The income tax paid by the corporation is $ 8.2 billion which is the fourth largest in the US. More info

3 ConocoPhillips

Item 3

The ConocoPhillips merger happened in August 2002. Headquartered in Texas, it is a multinational energy corporation in the world. The company’s total revenue last year was $ 251 billion out of which $ 10.6 billion were paid in taxes. ConocoPhillips is a fortune 500 company which employs around 30,000 employees from various countries. The company’s main advantages are reservoir management, up gradation of petroleum and coke and removal of sulphur. More info

2 Chevron

Item 2

Headquartered in California, Chevron is an oil and gas multinational company with its offices in more than 200 countries. A top ranked fortune 500 company, Chevron is one of the largest revenue making companies. It is the second highest income tax paying company in the US. In 2011, its revenue amounted to $ 254 billion. Around $ 17.4 billion dollars were spent in income tax payments. . More info

1 ExxonMobil

Item 1

An American oil and gas company having its headquarters in Texas, ExxonMobil is the largest revenue making company. ExxonMobil owns most no. of oil refineries in various countries which making it the largest refiner of oil in the world. It produces around 3 million barrels of oil equivalent every day. It made $ 486 billion out which its tax rate is 42%. Hence it paid $ 27.3 billion for income tax which is the largest in USA. All together their net income amounted to $ 41 billion. More info

The companies increase the GDP of the economy with their performance. Apart from paying taxes, these companies also get a lot of business concessions from the government as per the law.

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