Tags: General | Dynamics | tax | rate

WalletHub: General Dynamics Pays Highest Tax Rate in S&P 100

By    |   Tuesday, 15 Apr 2014 08:57 PM

General Dynamics paid 161 percent of its income in federal, state and international taxes in 2012, according to personal finance web site WalletHub.

That puts the aerospace and defense company at the top of the list among S&P 100 corporations, according to WalletHub's study.

Social network Facebook placed second at 89 percent, followed by online retailer Amazon.com at 79 percent, oil producer Apache at 59 percent and fellow oil producer ConocoPhillips at 52 percent.

Editor’s Note: 5 Shocking Reasons the Dow Will Hit 60,000

As for the lowest tax rates, drug company Abbott Laboratories took the prize at negative 90 percent, meaning it received a refund of that amount.

Investment bank Morgan Stanley came in second at negative 46 percent, followed by Bank of America at minus 36 percent, insurer AIG at negative 28 percent and pharmaceutical company Bristol-Myers Squibb at minus 7 percent.

International taxes are about 30 percent lower for S&P 100 companies than U.S. taxes, the study found. The disparity is even greater for technology companies, including Apple, eBay and Google—80 percent.

In light of the differential between domestic and foreign taxes, some investors are pushing drugstore chain Walgreens to move its headquarters overseas from Deerfield, Ill.

But Andrew Wolf, a stock analyst at BB&T Capital Markets, questions the wisdom of that idea.

"It is hard to imagine a company with the majority of its business in the United States not being headquartered in the United States. It doesn't make much sense," he told the Chicago Tribune. "If they were to do that now, the political fallout would be very harsh."

Editor’s Note: 5 Shocking Reasons the Dow Will Hit 60,000

Related Articles:

© 2017 Newsmax Finance. All rights reserved.

   
1Like our page
2Share
Economy
General Dynamics paid 161 percent of its income in federal, state and international taxes in 2012, according to personal finance web site WalletHub.
General, Dynamics, tax, rate
294
2014-57-15
Tuesday, 15 Apr 2014 08:57 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved