Tax Rates by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2018

Download as an excel file instead: http://www.stern.nyu.edu/~adamodar/pc/datasets/taxrate.xls

For global datasets: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html

can be obtained by clicking here

on which companies are included in each industry


 $ Taxes  Effective Tax Rates Cash Tax Rates
Industry name Number of firms Total Taxable Income Total Taxes Paid (Accrual) Total Cash Taxes Paid Cash Taxes/Accrual Taxes Average across all companies Average across only money-making companies Aggregate tax rate Average across only money-making companies2 Aggregate tax rate3
Advertising 40  $2,949.58  $896.45 872.267 97.30% 6.38% 30.39% 33.12% 29.57% 31.17%
Aerospace/Defense 87  $40,258.80  $11,735.59 11016.305 93.87% 11.59% 29.15% 29.56% 27.36% 27.77%
Air Transport 17  $18,777.74  $6,975.92 1218.764 17.47% 24.57% 37.15% 37.16% 6.49% 6.56%
Apparel 51  $4,350.10  $808.45 1225.692 151.61% 10.35% 18.58% 25.24% 28.18% 44.37%
Auto & Truck 18  $17,463.10  $4,840.00 2109.7 43.59% 8.15% 27.72% 31.05% 12.08% 13.39%
Auto Parts 62  $5,085.17  $1,022.65 1487.962 145.50% 7.71% 20.11% 12.10% 29.26% 30.17%
Bank (Money Center) 11  $126,346.57  $35,823.93 15670.78 43.74% 27.31% 28.35% 28.35% 12.40% 12.40%
Banks (Regional) 612  $55,946.29  $16,396.06 10420.257 63.55% 25.57% 29.31% 29.54% 18.63% 18.81%
Beverage (Alcoholic) 28  $7,026.88  $2,109.17 537.705 25.49% 10.12% 30.02% 30.04% 7.65% 7.66%
Beverage (Soft) 35  $17,970.40  $4,707.17 3679.711 78.17% 6.41% 26.19% 26.55% 20.48% 20.62%
Broadcasting 27  $7,230.48  $2,066.67 2036.626 98.55% 17.18% 28.58% 33.53% 28.17% 35.24%
Brokerage & Investment Banking 42  $31,049.28  $8,861.70 4837.478 54.59% 14.56% 28.54% 28.42% 15.58% 15.64%
Building Materials 39  $5,240.74  $1,573.90 1173.385 74.55% 23.34% 30.03% 26.30% 22.39% 22.64%
Business & Consumer Services 169  $9,063.04  $2,806.11 2445.784 87.16% 11.09% 30.96% 33.10% 26.99% 29.28%
Cable TV 14  $21,939.90  $7,363.88 4801.62 65.21% 22.23% 33.56% 33.08% 21.89% 23.58%
Chemical (Basic) 38  $2,607.73  $614.30 252.904 41.17% 9.76% 23.56% 15.16% 9.70% 9.96%
Chemical (Diversified) 7  $6,043.00  $1,345.00 1762 131.00% 11.66% 22.26% 22.18% 29.16% 29.54%
Chemical (Specialty) 99  $13,602.57  $3,110.47 3813.584 122.60% 9.64% 22.87% 23.09% 28.04% 30.49%
Coal & Related Energy 30  $2,339.85  $113.12 14.849 13.13% 4.94% 4.83% NA 0.63% 0.85%
Computer Services 111  $20,783.70  $2,981.75 4279.8 143.53% 9.40% 14.35% 14.82% 20.59% 21.04%
Computers/Peripherals 58  $71,450.62  $17,154.73 13541.975 78.94% 5.03% 24.01% 23.91% 18.95% 19.17%
Construction Supplies 49  $10,322.28  $3,181.38 2604.773 81.88% 17.36% 30.82% 27.74% 25.23% 27.58%
Diversified 24  $50,439.85  $12,130.40 15346.5 126.51% 12.09% 24.05% 21.93% 30.43% 30.44%
Drugs (Biotechnology) 459  $46,429.33  $9,594.34 9801.761 102.16% 1.36% 20.66% 36.45% 21.11% 40.16%
Drugs (Pharmaceutical) 185  $45,695.91  $8,867.09 10490.809 118.31% 2.11% 19.40% 21.69% 22.96% 25.94%
Education 34  $920.34  $246.18 401.945 163.28% 8.24% 26.75% 45.20% 43.67% 82.20%
Electrical Equipment 118  $6,591.95  $1,832.47 2536.724 138.43% 5.06% 27.80% 37.86% 38.48% 50.16%
Electronics (Consumer & Office) 24  $47.92  $15.47 31.059 200.80% 5.98% 32.28% NA 64.81% NA
Electronics (General) 167  $9,749.65  $2,533.46 1892.981 74.72% 8.34% 25.99% 28.86% 19.42% 21.31%
Engineering/Construction 49  $4,128.72  $1,261.54 1263.256 100.14% 13.37% 30.56% 35.38% 30.60% 33.18%
Entertainment 90  $27,460.82  $8,022.43 6744.852 84.07% 5.45% 29.21% 29.01% 24.56% 25.40%
Environmental & Waste Services 87  $4,179.61  $1,492.46 1200.478 80.44% 4.45% 35.71% 40.39% 28.72% 32.86%
Farming/Agriculture 34  $7,141.11  $1,977.03 2031 102.73% 7.69% 27.69% 28.27% 28.44% 28.88%
Financial Svcs. (Non-bank & Insurance) 264  $82,555.98  $27,330.65 16737.457 61.24% 19.89% 33.11% 33.18% 20.27% 20.64%
Food Processing 87  $24,199.91  $6,915.89 6682.681 96.63% 15.13% 28.58% 29.04% 27.61% 28.07%
Food Wholesalers 15  $2,576.28  $868.60 932.34 107.34% 11.91% 33.72% 34.09% 36.19% 38.21%
Furn/Home Furnishings 31  $3,469.69  $809.24 893.661 110.43% 12.56% 23.32% 23.24% 25.76% 25.80%
Green & Renewable Energy 22  $178.93  $32.34 19.901 61.54% 2.41% 18.07% NA 11.12% NA
Healthcare Products 251  $18,235.94  $2,887.81 5131.318 177.69% 4.79% 15.84% 17.88% 28.14% 33.85%
Healthcare Support Services 115  $49,164.18  $15,693.52 15649.07 99.72% 13.69% 31.92% 32.24% 31.83% 32.26%
Heathcare Information and Technology 112  $8,221.07  $1,442.59 1572.621 109.01% 5.96% 17.55% 19.52% 19.13% 22.87%
Homebuilding 32  $8,984.61  $3,020.58 2095.625 69.38% 23.86% 33.62% 37.00% 23.32% 23.46%
Hospitals/Healthcare Facilities 35  $7,120.64  $2,211.65 2032.983 91.92% 10.57% 31.06% 50.10% 28.55% 48.54%
Hotel/Gaming 70  $15,425.09  $3,131.79 2278.05 72.74% 14.01% 20.30% 19.58% 14.77% 18.90%
Household Products 131  $26,823.35  $6,832.39 7258.652 106.24% 7.35% 25.47% 25.20% 27.06% 28.30%
Information Services 61  $33,823.74  $11,011.41 9052.205 82.21% 15.90% 32.56% 33.72% 26.76% 28.29%
Insurance (General) 21  $7,228.82  $1,519.35 2352.108 154.81% 14.71% 21.02% 4.81% 32.54% 54.46%
Insurance (Life) 25  $18,808.40  $4,974.32 3653.895 73.46% 15.32% 26.45% 17.84% 19.43% 29.48%
Insurance (Prop/Cas.) 50  $16,207.65  $4,585.26 3599.417 78.50% 18.50% 28.29% 37.22% 22.21% 24.24%
Investments & Asset Management 165  $29,451.24  $7,130.03 6042.468 84.75% 8.30% 24.21% 24.28% 20.52% 20.79%
Machinery 126  $16,134.93  $4,221.12 3840.092 90.97% 14.05% 26.16% 26.47% 23.80% 24.55%
Metals & Mining 102  $5,153.58  $2,180.20 880.143 40.37% 1.66% 42.30% 46.08% 17.08% 18.51%
Office Equipment & Services 24  $1,213.72  $420.72 447.2 106.29% 18.37% 34.66% 44.31% 36.85% 48.01%
Oil/Gas (Integrated) 5  $25,187.00  $4,589.00 8422 183.53% 10.96% 18.22% 18.22% 33.44% 33.44%
Oil/Gas (Production and Exploration) 311  $20,708.50  $1,068.82 1728.474 161.72% 2.18% 5.16% NA 8.35% NA
Oil/Gas Distribution 16  $4,735.81  $1,220.80 10.494 0.86% 4.84% 25.78% 23.29% 0.22% 0.27%
Oilfield Svcs/Equip. 130  $13,783.27  $4,052.70 2969.556 73.27% 5.27% 29.40% 47.00% 21.54% 40.50%
Packaging & Container 25  $7,607.90  $2,088.83 1761.38 84.32% 22.37% 27.46% 27.47% 23.15% 23.16%
Paper/Forest Products 21  $1,054.21  $240.95 178.229 73.97% 14.18% 22.86% 23.28% 16.91% 25.27%
Power 61  $61,346.90  $10,533.95 3102.982 29.46% 20.31% 17.17% 9.86% 5.06% 6.19%
Precious Metals 111  $521.53  $185.76 215.538 116.03% 2.16% 35.62% 144.26% 41.33% 65.53%
Publishing & Newspapers 41  $1,535.51  $474.28 641.338 135.22% 11.92% 30.89% 267.57% 41.77% 264.25%
R.E.I.T. 244  $42,640.08  $952.91 1382.711 145.10% 1.96% 2.23% NA 3.24% 3.38%
Real Estate (Development) 20  $265.61  $95.44 17.511 18.35% 5.80% 35.93% 32.75% 6.59% 7.47%
Real Estate (General/Diversified) 10  $212.52  $56.14 33.413 59.52% 12.77% 26.41% 39.04% 15.72% 25.44%
Real Estate (Operations & Services) 60  $2,811.01  $794.37 580.534 73.08% 8.82% 28.26% 30.49% 20.65% 22.27%
Recreation 70  $3,043.55  $1,450.59 616.063 42.47% 10.16% 47.66% 58.64% 20.24% 29.43%
Reinsurance 3  $1,358.20  $387.40 101.6 26.23% 10.92% 28.52% 23.14% 7.48% 7.95%
Restaurant/Dining 81  $18,878.36  $5,875.58 5367.5 91.35% 14.99% 31.12% 32.36% 28.43% 29.56%
Retail (Automotive) 25  $7,977.00  $2,725.90 2339.347 85.82% 19.04% 34.17% 34.49% 29.33% 30.52%
Retail (Building Supply) 8  $19,213.00  $6,972.00 6529.359 93.65% 15.36% 36.29% 36.59% 33.98% 34.27%
Retail (Distributors) 92  $8,453.54  $2,892.75 2278.066 78.75% 14.20% 34.22% 35.28% 26.95% 28.17%
Retail (General) 18  $32,921.50  $10,793.10 9595.61 88.91% 22.96% 32.78% 33.84% 29.15% 31.00%
Retail (Grocery and Food) 14  $3,016.26  $1,018.06 472.178 46.38% 21.04% 33.75% 33.13% 15.65% 15.93%
Retail (Online) 61  $11,599.45  $2,703.81 2006.044 74.19% 7.57% 23.31% 17.83% 17.29% 19.62%
Retail (Special Lines) 106  $33,033.53  $10,884.61 11131.025 102.26% 22.01% 32.95% 34.47% 33.70% 36.75%
Rubber& Tires 4  $1,225.10  $96.50 284 294.30% 7.91% 7.88% NA 23.18% 23.48%
Semiconductor 72  $44,026.10  $8,319.75 6120.43 73.57% 8.04% 18.90% 20.14% 13.90% 14.48%
Semiconductor Equip 45  $9,643.00  $1,125.26 617.728 54.90% 8.51% 11.67% 11.00% 6.41% 6.55%
Shipbuilding & Marine 9  $326.96  $119.20 22.937 19.24% 8.31% 36.46% 378.18% 7.02% 74.64%
Shoe 11  $5,088.98  $707.42 183.789 25.98% 16.75% 13.90% 13.83% 3.61% 3.61%
Software (Entertainment) 13  $2,800.19  $390.00 182.37 46.76% 2.21% 13.93% 14.09% 6.51% 6.54%
Software (Internet) 305  $50,408.25  $7,976.75 5040.041 63.18% 2.50% 15.82% 4.66% 10.00% 11.02%
Software (System & Application) 255  $46,728.21  $6,726.57 7095.827 105.49% 3.98% 14.40% 16.95% 15.19% 18.13%
Steel 37  $4,473.20  $1,170.92 923.326 78.85% 7.05% 26.18% 24.70% 20.64% 22.08%
Telecom (Wireless) 18  $3,120.70  $1,491.00 149.773 10.05% 7.95% 47.78% 65.97% 4.80% 6.58%
Telecom. Equipment 104  $18,495.58  $3,989.90 3737.003 93.66% 8.12% 21.57% 15.61% 20.20% 21.22%
Telecom. Services 66  $45,274.51  $15,031.12 12468.152 82.95% 8.05% 33.20% 34.00% 27.54% 29.05%
Tobacco 24  $33,684.81  $10,601.50 7601.123 71.70% 5.25% 31.47% 31.57% 22.57% 22.59%
Transportation 18  $11,668.52  $3,884.55 3445.328 88.69% 21.92% 33.29% 33.62% 29.53% 29.69%
Transportation (Railroads) 8  $14,243.40  $5,344.90 3471.2 64.94% 23.82% 37.53% 37.53% 24.37% 24.38%
Trucking 30  $3,215.39  $1,156.10 732.663 63.37% 20.56% 35.96% 44.09% 22.79% 31.98%
Utility (General) 18  $16,212.00  $5,045.34 489.661 9.71% 30.89% 31.12% 31.12% 3.02% 3.02%
Utility (Water) 23  $1,545.23  $507.74 65.898 12.98% 15.09% 32.86% 34.43% 4.26% 4.47%
Total Market 7247  $1,709,695.13  $437,422.96 346809.374 79.28% 10.04% 25.58% 26.06% 20.28% 22.26%
Total Market (without financials) 6057  $1,342,100.89  $330,801.67 283495.514 85.70% 7.92% 24.65% 25.19% 21.12% 23.55%

Updated January 2018
By Aswath Damodaran