American Nvidia Corp. paid $16.76 billion in corporate taxes (income taxes) in the US last year, according to The Wall Street Journal and Calcbench as part of an analysis of reports from 1,100 American companies.
This corresponds to about 4% of all American corporate taxes and exceeds the figures of any other company.
The Magnificent Six
Alphabet Inc. (the parent company of Google) took second place in payments with $13.66 billion, third place went to Berkshire Hathaway with $11.75 billion, fourth place to Meta with $4.12 billion, fifth place to Home Depot Inc. with $3.59 billion, and sixth place to Johnson & Johnson with $3.58 billion.
In total, the top six paid more than $53 billion in federal income taxes (13% of all payments).
At least $1 billion was paid by 43 companies – in total, they accounted for more than a quarter of the payments.
Ireland Profits from Americans
Outside the US, American companies paid the most taxes in Ireland – about $12 billion, including $6.6 billion contributed by the pharmaceutical company Eli Lilly. Ireland has long served as a hub for pharmaceutical companies for production and intellectual property.
A number of American companies did not pay taxes in the States. In particular, the mining company Freeport-McMoRan paid $2.2 billion in Indonesia and $704 million in other countries, but did not contribute any money to the federal budget of the US or to the budgets of individual states.
The company explained that its American business has historically been much less profitable than its international operations.
Sometimes They Come Back
Some companies received tax refunds from the federal budget. For example, JPMorgan Chase & Co. was refunded $1.1 billion. In other jurisdictions, it paid taxes amounting to $6.4 billion, including $987 million in the UK, $582 million in India, and $538 million in New York State.
JPMorgan claims that the refund is related to overpaid taxes from previous years.
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