Report: CVS makes list of companies with highest corporate tax rates

CVS HEALTH CORP. pays among the highest taxes in the nation, according to a corporate tax rate report from WalletHub. / COURTESY WALLETHUB
CVS HEALTH CORP. pays among the highest taxes in the nation, according to a corporate tax rate report from WalletHub. / COURTESY WALLETHUB

PROVIDENCE – WalletHub released its latest corporate tax rate report, and Woonsocket-based CVS Health Corp. is eighth on the list of companies paying the highest overall tax rate in the nation at 39.3 percent.
At the other end of the spectrum, Amgen Inc., based in Thousand Oaks, Calif., nd with a West Greenwich facility, was among companies paying the lowest overall taxes at 13 percent.
The financial services website said it conducted the study as the presidential election is just days away and tax reform is one of the top issues. It said it analyzed the 2015 rates at which S&P companies are taxed at the state, federal and international levels.
WalletHub said the overall tax rate that S&P 100 companies pay is about 28 percent, and that S&P 100 companies pay approximately 44 percent lower rates on international taxes than U.S. taxes. It also said that the average S&P 100 company pays a 22 percent higher tax rate than the top 3 percent of consumers.
The study found that General Electric Co. pays the highest overall tax rate at 79.2 percent. Earlier this year, GE said it would move its headquarters to Boston from Fairfield, Conn.. It later announced it would open a GE Digital office in downtown Providence.
WalletHub said only one company is actually paying a negative overall tax rate at 34.3 percent, and is therefore due a refund: General Motors Co.
Other companies with a local presence that made the list are:

  • Honeywell International, based in Morristown, N.J., which has a plant in Smithfield, has a 26.4 percent overall rate.
  • Medtronic PLC, based in Ireland with operations in Mansfield, has a 23.3 percent rate.
  • Verizon Communications has a 34.9 percent overall rate.

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