Big corporations would get a multibillion-dollar tax break at 14% tax rate: Estimated taxes major corporations owe on offshore profits, 35% versus proposed 14% tax rate (less foreign taxes paid), 2015 (billions)
Company | 35% rate | 14% rate |
---|---|---|
Apple | $60.90 | $24.40 |
Microsoft | $34.50 | $13.80 |
Citigroup | $12.70 | $5.60 |
Amgen | $11.40 | $4.50 |
Oracle | $11.80 | $5.00 |
Qualcomm | $10.20 | $4.10 |
Bank of America | $5.00 | $2.30 |
Source: ATF and EPI analysis of CTJ (2016b)