Take a Look at What 10 Big US Companies Are Paying in Taxes

As countless small business owners wonder what the new year will bring to their profit margins- a year already colored by the looming specters of the fiscal cliff and healthcare reform- it seems several big businesses are sitting quite cozy, indeed. In September of this year, a congressional report put a spotlight on maneuverings that allowed two tech giants, Microsoft and Hewllet-Packard, to avoid paying taxes on billions of dollars in offshore profits.

These companies are certainly not alone. The corporate annuls are filled to the brim with sophisticated tax dodging that often goes hand-in-hand with enormous outlays of money dedicated to political lobbying.

How bad is it?

Here are stats on ten of the most profitable companies in the US: how much they made last year; how much they actually paid in US taxes (keep in mind that the official corporate tax rate is 35%); how much they spent on political lobbying.

Judge for yourself…

1. Exxon Mobil

Pre-tax earnings 2011: $73.3 Billion

Actual Federal US Taxes Paid: $1.5 Billion (2%)

Total Lobbying Expenditures: $9,870,000

 

2. Chevron

Pre-tax earnings 2011: $47.6 Billion

Actual Federal US Taxes Paid: $1.9 Billion (4%)

Total Lobbying Expenditures: $7,080,000

 

 

 

3. Apple

Pre-tax earnings: $34.2 Billion

Actual Federal US Taxes Paid: $3.9 Billion (11%)

Total Lobbying Expenditures: $1,430,000

 

 

 

4. Microsoft

Pre-tax earnings: $28.1 Billion

Actual Federal US Taxes Paid: $3.1 Billion (11%)

Total Lobbying Expenditures: $5,656,000

 

 

5. JPMorgan Chase

Pre-tax earnings: $26.7 Billion

Actual Federal US Taxes Paid:$3.7 Billion (14%)

Total Lobbying Expenditures:  $4,900,000

 

6. Wal-Mart

Pre-tax earnings: $24.4 Billion

Actual Federal US Taxes Paid: $4.6 Billion (19%)

Total Lobbying Expenditures: $4,650,000

 

7. Wells Fargo

Pre-tax earnings: $23.7 Billion

Actual Federal US Taxes Paid: $3.4 Billion (14%)

Total Lobbying Expenditures: $5,290,000

 

8. ConocoPhillips

Pre-tax earnings: $23.0 Billion

Actual Federal US Taxes Paid: $1.9 Billion (8%)

Total Lobbying Expenditures: $2,359,000

 

9. IBM

Pre-tax earnings: $21.0 Billion

Actual Federal US Taxes Paid: $0.268 Billion (1%)

Total Lobbying Expenditures: $3,560,000

 

10. General Electric

Pre-tax earnings: $20.1 Billion

Actual Federal US Taxes Paid: $1.0 Billion (5%)

Total Lobbying Expenditures: $15,550,000

Sources:

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