Tax
Rates by Sector (US)Data Used: Multiple data services
Date of Analysis: Data used is as of January 2023
Download as an excel file instead: https://www.stern.nyu.edu/~adamodar/pc/datasets/taxrate.xls
For global datasets: https://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 | 58 | $3,891.41 | $961.68 | 940.393 | 97.79% | 6.39% | 24.71% | 37.70% | 24.17% | 34.69% |
| Aerospace/Defense | 77 | $30,920.17 | $5,106.38 | 7441.776 | 145.73% | 8.60% | 16.51% | 23.80% | 24.07% | 38.74% |
| Air Transport | 21 | $1,820.39 | $655.21 | 240.024 | 36.63% | 10.47% | 35.99% | NA | 13.19% | NA |
| Apparel | 39 | $5,422.69 | $1,112.11 | 1479.292 | 133.02% | 12.04% | 20.51% | 20.69% | 27.28% | 32.10% |
| Auto & Truck | 31 | $33,358.20 | $3,529.00 | 2446.896 | 69.34% | 3.00% | 10.58% | 7.94% | 7.34% | 11.37% |
| Auto Parts | 37 | $4,200.23 | $905.55 | 1298.506 | 143.39% | 9.30% | 21.56% | 33.68% | 30.92% | 42.92% |
| Bank (Money Center) | 7 | $124,977.19 | $21,450.27 | 12205 | 56.90% | 16.25% | 17.16% | 17.16% | 9.77% | 9.77% |
| Banks (Regional) | 557 | $85,659.23 | $18,035.35 | 32391.214 | 179.60% | 18.84% | 21.05% | 21.04% | 37.81% | 37.82% |
| Beverage (Alcoholic) | 23 | $2,643.70 | $923.34 | 804.714 | 87.15% | 9.39% | 34.93% | 36.06% | 30.44% | 31.41% |
| Beverage (Soft) | 31 | $28,431.20 | $5,170.93 | 5315.261 | 102.79% | 6.42% | 18.19% | 18.54% | 18.70% | 18.88% |
| Broadcasting | 26 | $11,808.34 | $2,592.14 | 1261.26 | 48.66% | 15.76% | 21.95% | 21.91% | 10.68% | 11.17% |
| Brokerage & Investment Banking | 30 | $52,532.79 | $10,939.42 | 12537.104 | 114.60% | 15.32% | 20.82% | 21.39% | 23.87% | 24.48% |
| Building Materials | 45 | $19,465.75 | $4,291.34 | 4094.025 | 95.40% | 16.71% | 22.05% | 22.92% | 21.03% | 21.79% |
| Business & Consumer Services | 164 | $18,477.28 | $4,164.27 | 4534.729 | 108.90% | 9.43% | 22.54% | 28.40% | 24.54% | 32.35% |
| Cable TV | 10 | $25,912.30 | $7,726.20 | 6595.7 | 85.37% | 21.95% | 29.82% | 29.82% | 25.45% | 25.45% |
| Chemical (Basic) | 38 | $19,590.78 | $4,107.52 | 2257.59 | 54.96% | 9.83% | 20.97% | 20.12% | 11.52% | 11.61% |
| Chemical (Diversified) | 4 | $2,819.50 | $494.90 | 344.32 | 69.57% | 12.02% | 17.55% | 17.57% | 12.21% | 12.23% |
| Chemical (Specialty) | 76 | $32,843.49 | $7,067.41 | 6000.614 | 84.91% | 10.75% | 21.52% | 27.26% | 18.27% | 23.28% |
| Coal & Related Energy | 19 | $3,025.34 | $175.10 | 23.7 | 13.54% | 2.28% | 5.79% | 5.09% | 0.78% | 0.89% |
| Computer Services | 80 | $12,837.58 | $2,683.33 | 4721.034 | 175.94% | 6.47% | 20.90% | 23.73% | 36.78% | 46.18% |
| Computers/Peripherals | 42 | $130,404.95 | $21,779.47 | 22648.56 | 103.99% | 9.13% | 16.70% | 16.75% | 17.37% | 17.62% |
| Construction Supplies | 49 | $20,521.74 | $4,340.16 | 3858.571 | 88.90% | 10.52% | 21.15% | 23.66% | 18.80% | 20.94% |
| Diversified | 23 | $15,059.60 | $2,404.90 | 9101.828 | 378.47% | 2.98% | 15.97% | NA | 60.44% | 160.28% |
| Drugs (Biotechnology) | 598 | $59,505.96 | $8,480.33 | 12408.015 | 146.32% | 0.94% | 14.25% | 97.04% | 20.85% | 150.58% |
| Drugs (Pharmaceutical) | 281 | $95,301.32 | $11,581.18 | 24143.713 | 208.47% | 2.37% | 12.15% | 13.96% | 25.33% | 28.66% |
| Education | 33 | $1,282.40 | $369.70 | 561.261 | 151.82% | 7.10% | 28.83% | 47.99% | 43.77% | 175.97% |
| Electrical Equipment | 110 | $13,059.93 | $2,625.55 | 2889.04 | 110.04% | 4.47% | 20.10% | 30.71% | 22.12% | 34.13% |
| Electronics (Consumer & Office) | 16 | $175.70 | $17.68 | 37.875 | 214.18% | 3.98% | 10.06% | 20.97% | 21.56% | 88.05% |
| Electronics (General) | 138 | $13,560.41 | $2,576.40 | 2565.911 | 99.59% | 6.29% | 19.00% | 22.28% | 18.92% | 23.02% |
| Engineering/Construction | 43 | $4,452.05 | $1,018.78 | 729.673 | 71.62% | 13.30% | 22.88% | 25.56% | 16.39% | 19.29% |
| Entertainment | 110 | $16,613.99 | $3,504.64 | 4032.532 | 115.06% | 3.45% | 21.09% | 44.47% | 24.27% | 78.50% |
| Environmental & Waste Services | 62 | $6,606.47 | $1,460.97 | 976.708 | 66.85% | 5.42% | 22.11% | 23.86% | 14.78% | 15.83% |
| Farming/Agriculture | 39 | $19,423.90 | $3,891.30 | 3787.074 | 97.32% | 6.64% | 20.03% | 21.18% | 19.50% | 20.70% |
| Financial Svcs. (Non-bank & Insurance) | 223 | $136,450.82 | $28,491.87 | 22331.683 | 78.38% | 14.61% | 20.88% | 21.66% | 16.37% | 18.27% |
| Food Processing | 92 | $26,368.22 | $5,246.15 | 6901.425 | 131.55% | 7.74% | 19.90% | 21.03% | 26.17% | 27.88% |
| Food Wholesalers | 14 | $3,119.40 | $694.20 | 505.65 | 72.84% | 11.94% | 22.25% | 22.49% | 16.21% | 16.32% |
| Furn/Home Furnishings | 32 | $3,134.80 | $1,027.66 | 1125.188 | 109.49% | 12.67% | 32.78% | 54.38% | 35.89% | 57.35% |
| Green & Renewable Energy | 19 | $2,471.19 | $347.06 | 95.879 | 27.63% | 6.73% | 14.04% | 14.81% | 3.88% | 4.09% |
| Healthcare Products | 254 | $27,444.92 | $4,253.46 | 6427.905 | 151.12% | 3.70% | 15.50% | 22.96% | 23.42% | 35.40% |
| Healthcare Support Services | 131 | $67,809.82 | $14,939.72 | 15428.422 | 103.27% | 6.74% | 22.03% | 26.42% | 22.75% | 27.77% |
| Heathcare Information and Technology | 138 | $27,164.36 | $4,297.60 | 6888.842 | 160.30% | 4.30% | 15.82% | 1429.49% | 25.36% | 4042.96% |
| Homebuilding | 32 | $32,663.50 | $7,553.31 | 5652.22 | 74.83% | 17.81% | 23.12% | 23.12% | 17.30% | 17.30% |
| Hospitals/Healthcare Facilities | 34 | $12,355.13 | $2,979.26 | 2611.014 | 87.64% | 9.56% | 24.11% | 25.06% | 21.13% | 22.15% |
| Hotel/Gaming | 69 | $16,641.26 | $3,968.18 | 3796.443 | 95.67% | 8.14% | 23.85% | NA | 22.81% | NA |
| Household Products | 127 | $30,616.81 | $6,172.31 | 7358.871 | 119.22% | 6.73% | 20.16% | 21.12% | 24.04% | 25.48% |
| Information Services | 73 | $49,631.13 | $9,482.03 | 11161.666 | 117.71% | 12.45% | 19.11% | 20.17% | 22.49% | 23.85% |
| Insurance (General) | 21 | $28,714.79 | $5,851.69 | 2934.036 | 50.14% | 10.26% | 20.38% | 21.18% | 10.22% | 10.83% |
| Insurance (Life) | 27 | $23,040.94 | $3,352.16 | 4123.882 | 123.02% | 11.41% | 14.55% | 14.98% | 17.90% | 22.49% |
| Insurance (Prop/Cas.) | 51 | $17,408.70 | $3,459.46 | 5570.129 | 161.01% | 10.92% | 19.87% | 20.83% | 32.00% | 38.92% |
| Investments & Asset Management | 600 | $43,946.03 | $7,998.83 | 9450.869 | 118.15% | 4.01% | 18.20% | 18.79% | 21.51% | 22.27% |
| Machinery | 116 | $21,096.83 | $4,427.08 | 5507.827 | 124.41% | 10.37% | 20.98% | 22.55% | 26.11% | 29.47% |
| Metals & Mining | 68 | $13,170.54 | $5,058.41 | 3400.439 | 67.22% | 4.15% | 38.41% | 40.46% | 25.82% | 27.02% |
| Office Equipment & Services | 16 | $652.00 | $157.97 | 184.478 | 116.78% | 19.53% | 24.23% | 24.92% | 28.29% | 28.71% |
| Oil/Gas (Integrated) | 4 | $131,383.10 | $30,387.17 | 22217.31 | 73.11% | 14.22% | 23.13% | 23.13% | 16.91% | 16.91% |
| Oil/Gas (Production and Exploration) | 174 | $115,632.91 | $24,231.14 | 11970.642 | 49.40% | 4.60% | 20.96% | 21.17% | 10.35% | 10.61% |
| Oil/Gas Distribution | 23 | $11,420.18 | $1,910.85 | 109.032 | 5.71% | 6.90% | 16.73% | 30.39% | 0.95% | 1.87% |
| Oilfield Svcs/Equip. | 101 | $58,215.58 | $12,273.74 | 5895.05 | 48.03% | 7.07% | 21.08% | 21.69% | 10.13% | 10.35% |
| Packaging & Container | 25 | $12,094.93 | $2,464.60 | 2880.64 | 116.88% | 14.66% | 20.38% | 16.67% | 23.82% | 24.70% |
| Paper/Forest Products | 7 | $2,125.80 | $548.40 | 408.8 | 74.54% | 12.76% | 25.80% | 27.59% | 19.23% | 21.20% |
| Power | 48 | $38,842.12 | $5,233.07 | 2289.728 | 43.75% | 12.30% | 13.47% | 9.20% | 5.89% | 6.15% |
| Precious Metals | 74 | $1,675.57 | $747.52 | 1837.354 | 245.79% | 2.87% | 44.61% | 58.69% | 109.66% | 155.77% |
| Publishing & Newspapers | 20 | $1,360.30 | $208.10 | 394.955 | 189.79% | 9.67% | 15.30% | 22.18% | 29.03% | 35.48% |
| R.E.I.T. | 223 | $58,872.92 | $2,521.54 | 1933.726 | 76.69% | 3.38% | 4.28% | 4.63% | 3.28% | 3.75% |
| Real Estate (Development) | 18 | $658.41 | $151.19 | 66.603 | 44.05% | 6.66% | 22.96% | 25.75% | 10.12% | 11.33% |
| Real Estate (General/Diversified) | 12 | $251.69 | $57.58 | 42.407 | 73.65% | 9.37% | 22.88% | 23.70% | 16.85% | 17.55% |
| Real Estate (Operations & Services) | 60 | $6,114.98 | $1,236.99 | 1426.088 | 115.29% | 5.47% | 20.23% | NA | 23.32% | NA |
| Recreation | 57 | $5,840.23 | $1,170.72 | 1191.095 | 101.74% | 9.49% | 20.05% | 50.26% | 20.39% | 57.50% |
| Reinsurance | 1 | $617.00 | $40.00 | 163 | 407.50% | 6.48% | 6.48% | 6.48% | 26.42% | 26.42% |
| Restaurant/Dining | 70 | $18,326.14 | $3,904.00 | 4484.914 | 114.88% | 8.54% | 21.30% | 21.94% | 24.47% | 25.62% |
| Retail (Automotive) | 30 | $17,548.78 | $4,134.30 | 3743.026 | 90.54% | 15.84% | 23.56% | 28.06% | 21.33% | 25.53% |
| Retail (Building Supply) | 15 | $34,697.00 | $8,645.21 | 8272.94 | 95.69% | 13.39% | 24.92% | 26.14% | 23.84% | 24.69% |
| Retail (Distributors) | 69 | $20,043.64 | $4,701.60 | 3790.42 | 80.62% | 13.59% | 23.46% | 23.99% | 18.91% | 19.47% |
| Retail (General) | 15 | $35,470.90 | $9,012.10 | 11642.26 | 129.18% | 21.26% | 25.41% | 25.46% | 32.82% | 33.08% |
| Retail (Grocery and Food) | 13 | $6,743.10 | $1,503.52 | 1317.732 | 87.64% | 16.45% | 22.30% | 22.69% | 19.54% | 19.89% |
| Retail (Online) | 63 | $10,270.76 | $45.23 | 5817.395 | 12862.38% | 4.09% | 0.44% | NA | 56.64% | NA |
| Retail (Special Lines) | 78 | $24,931.46 | $5,129.41 | 5660.914 | 110.36% | 15.02% | 20.57% | 21.64% | 22.71% | 25.19% |
| Rubber& Tires | 3 | $692.12 | $0.00 | 201 | #DIV/0! | 0.00% | 0.00% | NA | 29.04% | 29.04% |
| Semiconductor | 68 | $81,555.44 | $8,329.07 | 13839.779 | 166.16% | 8.18% | 10.21% | 9.86% | 16.97% | 17.14% |
| Semiconductor Equip | 30 | $21,173.36 | $2,859.21 | 3629.544 | 126.94% | 10.94% | 13.50% | 13.54% | 17.14% | 17.16% |
| Shipbuilding & Marine | 8 | $2,490.50 | $387.40 | 293.36 | 75.72% | 6.23% | 15.56% | 15.66% | 11.78% | 11.86% |
| Shoe | 13 | $8,846.10 | $1,256.65 | 493.2 | 39.25% | 10.70% | 14.21% | 11.46% | 5.58% | 5.63% |
| Software (Entertainment) | 91 | $115,204.90 | $18,337.01 | 19016.346 | 103.70% | 3.82% | 15.92% | 16.34% | 16.51% | 17.35% |
| Software (Internet) | 33 | $2,065.30 | $394.60 | 527.761 | 133.75% | 2.37% | 19.11% | NA | 25.55% | NA |
| Software (System & Application) | 390 | $117,515.38 | $20,894.61 | 23839.879 | 114.10% | 3.40% | 17.78% | 23.30% | 20.29% | 26.45% |
| Steel | 28 | $33,060.03 | $6,819.11 | 4812.107 | 70.57% | 14.95% | 20.63% | 20.66% | 14.56% | 14.59% |
| Telecom (Wireless) | 16 | $2,288.90 | $108.60 | 146.132 | 134.56% | 3.83% | 4.74% | NA | 6.38% | 6.75% |
| Telecom. Equipment | 79 | $19,138.63 | $3,530.43 | 5291.668 | 149.89% | 4.06% | 18.45% | 20.22% | 27.65% | 30.03% |
| Telecom. Services | 49 | $53,415.46 | $11,807.39 | 4065.627 | 34.43% | 6.54% | 22.10% | 22.43% | 7.61% | 7.74% |
| Tobacco | 15 | $19,044.37 | $4,802.09 | 5750.909 | 119.76% | 9.83% | 25.22% | 25.51% | 30.20% | 30.36% |
| Transportation | 18 | $23,909.13 | $5,299.93 | 3449.639 | 65.09% | 16.39% | 22.17% | 22.21% | 14.43% | 14.45% |
| Transportation (Railroads) | 4 | $18,521.00 | $4,128.00 | 3585.334 | 86.85% | 16.57% | 22.29% | 22.51% | 19.36% | 19.53% |
| Trucking | 35 | $17,324.36 | $4,233.55 | 2088.072 | 49.32% | 14.79% | 24.44% | 66.49% | 12.05% | 34.41% |
| Utility (General) | 15 | $17,050.00 | $2,838.76 | 1781.66 | 62.76% | 13.20% | 16.65% | 16.22% | 10.45% | 10.45% |
| Utility (Water) | 16 | $2,530.70 | $457.08 | 51.987 | 11.37% | 8.45% | 18.06% | 17.33% | 2.05% | 2.08% |
| Total Market | 7165 | $2,669,470.33 | $502,642.37 | 506550.816 | 100.78% | 7.52% | 18.83% | 20.74% | 18.98% | 21.89% |
| Total Market (without financials) | 5649 | $2,156,739.85 | $403,063.33 | 405006.899 | 100.48% | 6.38% | 18.69% | 20.99% | 18.78% | 22.16% |
Updated January 2023
By Aswath Damodaran