10 Most Profitable U.S. Companies Paid 9% In Federal Income Taxes

10 Most Profitable U.S. Companies Paid 9% in Federal Income Taxes (AllGov, Aug 18, 2012):

The largest corporations in the U.S., consisting of oil, retail, banking and technology giants, paid an average of only 9% of their earnings in income taxes to the Internal Revenue Service last year.

According to the tax code, companies are supposed to pay 35% income tax. But NerdWallet determined that the top 10 came nowhere near that.

Exxon Mobil, the country’s biggest business, made more than $73 billion in 2011, but paid only $1.5 billion to the IRS.

The second largest company, Chevron, paid $1.9 billion in taxes after collecting $47.6 billion in revenue.

No. 3 on the list, Apple, made $34.2 billion. It paid $3.9 billion to the IRS.

These were followed by:

Microsoft (made $28 billion, paid $3.1 billion)

JPMorgan Chase (made $26.7 billion, paid $3.7 billion)

Walmart (made $24.4 billion, paid $4.6 billion)

Wells Fargo (made $23.7 billion, paid $3.4 billion)

ConocoPhillips (made $23 billion, paid $1.9 billion)

IBM (made $21 billion, paid $268 million)

General Electric (made $20.1 billion, paid $1 billion)

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