Tax Rates by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2022

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 49  $                                    3,385.66  $                                                                   805.74 768.943 95.43% 5.76% 23.80% 43.18% 22.71% 37.93%
Aerospace/Defense 73  $                                  27,763.11  $                                                                4,649.29 5921.009 127.35% 6.83% 16.75% 25.33% 21.33% 35.78%
Air Transport 21  $                                       479.80  $                                                                   101.83 344.981 338.78% 5.32% 21.22% NA 71.90% NA
Apparel 39  $                                    6,256.96  $                                                                1,246.86 984.974 79.00% 12.06% 19.93% 18.61% 15.74% 15.94%
Auto & Truck 26  $                                  22,913.90  $                                                                3,907.70 1579.002 40.41% 3.88% 17.05% 22.34% 6.89% 9.26%
Auto Parts 38  $                                    5,026.46  $                                                                1,218.78 1250.417 102.60% 13.62% 24.25% 45.16% 24.88% 42.88%
Bank (Money Center) 7  $                                155,517.60  $                                                              23,952.71 28815 120.30% 14.69% 15.40% 15.40% 18.53% 18.53%
Banks (Regional) 563  $                                  88,971.72  $                                                              18,722.12 14438.07 77.12% 19.29% 21.04% 21.04% 16.23% 16.23%
Beverage (Alcoholic) 21  $                                    2,473.86  $                                                                   668.44 643.882 96.33% 7.93% 27.02% 40.42% 26.03% 28.68%
Beverage (Soft) 32  $                                  26,999.65  $                                                                6,299.13 4380.279 69.54% 4.53% 23.33% 23.48% 16.22% 16.30%
Broadcasting 28  $                                  11,336.10  $                                                                2,241.76 2358.222 105.20% 11.54% 19.78% 20.10% 20.80% 21.64%
Brokerage & Investment Banking 31  $                                  66,951.67  $                                                              14,252.03 14231.167 99.85% 14.76% 21.29% 22.41% 21.26% 22.37%
Building Materials 44  $                                  14,343.67  $                                                                3,572.43 3408.486 95.41% 17.03% 24.91% 25.50% 23.76% 24.37%
Business & Consumer Services 160  $                                  16,663.30  $                                                                4,138.68 3583.981 86.60% 10.17% 24.84% 30.28% 21.51% 27.12%
Cable TV 11  $                                  32,125.20  $                                                                7,926.90 3688.303 46.53% 18.08% 24.68% 25.15% 11.48% 11.50%
Chemical (Basic) 35  $                                  19,981.03  $                                                                4,154.43 1096.348 26.39% 10.02% 20.79% 21.37% 5.49% 5.64%
Chemical (Diversified) 4  $                                    1,415.00  $                                                                   154.00 235 152.60% 3.90% 10.88% 10.93% 16.61% 16.89%
Chemical (Specialty) 81  $                                  24,159.40  $                                                                3,861.16 4845.846 125.50% 10.12% 15.98% 15.66% 20.06% 20.98%
Coal & Related Energy 18  $                                       147.20  $                                                                       4.88 1.48 30.33% 0.74% 3.32% NA 1.01% NA
Computer Services 83  $                                  15,774.22  $                                                                3,484.73 5238.227 150.32% 8.19% 22.09% 29.48% 33.21% 40.31%
Computers/Peripherals 46  $                                133,023.22  $                                                              17,619.62 29652.698 168.29% 4.96% 13.25% 13.29% 22.29% 22.38%
Construction Supplies 48  $                                  17,366.91  $                                                                3,642.71 3010.899 82.66% 13.00% 20.98% 22.65% 17.34% 19.00%
Diversified 22  $                                126,897.70  $                                                              24,566.60 10625.411 43.25% 7.24% 19.36% 19.20% 8.37% 8.37%
Drugs (Biotechnology) 581  $                                  46,697.45  $                                                                5,316.12 7911.044 148.81% 0.53% 11.38% 397.99% 16.94% 865.46%
Drugs (Pharmaceutical) 298  $                                  66,753.24  $                                                                7,694.94 17061.508 221.72% 2.18% 11.53% 18.87% 25.56% 34.24%
Education 35  $                                    1,464.21  $                                                                   340.25 405.751 119.25% 7.64% 23.24% 108.22% 27.71% 70.34%
Electrical Equipment 104  $                                  10,807.44  $                                                                2,057.26 2197.22 106.80% 4.98% 19.04% 28.75% 20.33% 31.39%
Electronics (Consumer & Office) 16  $                                       342.68  $                                                                     40.37 42.126 104.34% 4.87% 11.78% NA 12.29% 15.36%
Electronics (General) 137  $                                  12,285.36  $                                                                2,196.30 1932.79 88.00% 6.66% 17.88% 19.58% 15.73% 18.10%
Engineering/Construction 48  $                                    3,792.46  $                                                                   890.51 1049.52 117.86% 13.53% 23.48% 29.15% 27.67% 33.09%
Entertainment 108  $                                  14,269.26  $                                                                1,789.93 3534.357 197.46% 2.64% 12.54% 19.06% 24.77% 45.74%
Environmental & Waste Services 58  $                                    5,262.91  $                                                                1,148.28 1083.078 94.32% 5.90% 21.82% 22.76% 20.58% 22.28%
Farming/Agriculture 36  $                                  16,189.58  $                                                                3,113.11 3002.291 96.44% 7.65% 19.23% 19.54% 18.54% 18.97%
Financial Svcs. (Non-bank & Insurance) 223  $                                150,735.62  $                                                              29,099.74 25345.055 87.10% 15.60% 19.31% 18.80% 16.81% 17.42%
Food Processing 92  $                                  28,969.86  $                                                                6,753.92 5880.453 87.07% 10.54% 23.31% 23.61% 20.30% 20.66%
Food Wholesalers 15  $                                    1,480.40  $                                                                   259.44 200.47 77.27% 8.60% 17.52% 16.65% 13.54% 14.40%
Furn/Home Furnishings 32  $                                    6,218.61  $                                                                1,244.40 1022.152 82.14% 11.74% 20.01% 21.66% 16.44% 17.91%
Green & Renewable Energy 20  $                                       109.72  $                                                                     31.10 125.146 402.40% 1.43% 28.34% NA 114.06% NA
Healthcare Products 244  $                                  30,116.94  $                                                                4,263.11 5302.125 124.37% 4.15% 14.16% 5.47% 17.61% 21.04%
Healthcare Support Services 131  $                                  69,974.75  $                                                              15,724.82 17494.18 111.25% 7.72% 22.47% 24.45% 25.00% 28.97%
Heathcare Information and Technology 142  $                                  37,029.98  $                                                                6,334.68 5827.087 91.99% 3.57% 17.11% 19.29% 15.74% 18.49%
Homebuilding 29  $                                  23,735.89  $                                                                5,269.70 3317.2 62.95% 18.63% 22.20% 20.44% 13.98% 13.98%
Hospitals/Healthcare Facilities 31  $                                  15,784.86  $                                                                3,304.96 2314.045 70.02% 8.99% 20.94% 21.29% 14.66% 14.94%
Hotel/Gaming 66  $                                    4,917.03  $                                                                1,285.07 1746.114 135.88% 6.02% 26.14% NA 35.51% NA
Household Products 118  $                                  33,060.58  $                                                                6,432.56 7482.272 116.32% 5.87% 19.46% 20.92% 22.63% 23.67%
Information Services 79  $                                  46,455.32  $                                                                9,059.68 9099.288 100.44% 11.22% 19.50% 21.06% 19.59% 21.13%
Insurance (General) 23  $                                  18,512.68  $                                                                3,185.66 3161.632 99.25% 11.43% 17.21% 17.60% 17.08% 17.49%
Insurance (Life) 24  $                                  30,103.02  $                                                                5,558.13 3046.493 54.81% 14.28% 18.46% 18.90% 10.12% 11.14%
Insurance (Prop/Cas.) 52  $                                  39,802.07  $                                                                7,961.37 5870.668 73.74% 13.37% 20.00% 20.58% 14.75% 15.42%
Investments & Asset Management 687  $                                  79,239.95  $                                                              11,630.60 6903.676 59.36% 1.42% 14.68% 15.40% 8.71% 9.20%
Machinery 111  $                                  23,471.26  $                                                                4,480.11 4892.362 109.20% 10.58% 19.09% 19.65% 20.84% 21.56%
Metals & Mining 74  $                                  14,003.40  $                                                                4,758.96 1448.65 30.44% 2.07% 33.98% 35.91% 10.34% 11.24%
Office Equipment & Services 18  $                                       532.91  $                                                                     98.33 198.606 201.98% 8.96% 18.45% 13.66% 37.27% 38.39%
Oil/Gas (Integrated) 4  $                                  13,947.00  $                                                                3,916.00 7563 193.13% 19.34% 28.08% 42.41% 54.23% 110.93%
Oil/Gas (Production and Exploration) 183  $                                  29,082.99  $                                                                5,295.95 2003.917 37.84% 2.04% 18.21% 29.68% 6.89% 24.16%
Oil/Gas Distribution 21  $                                    8,877.91  $                                                                1,800.80 172.58 9.58% 9.76% 20.28% NA 1.94% 2.81%
Oilfield Svcs/Equip. 100  $                                    6,872.13  $                                                                1,816.81 4382.578 241.22% 3.89% 26.44% 65.92% 63.77% 262.70%
Packaging & Container 26  $                                  11,182.51  $                                                                2,596.67 2235.83 86.10% 17.09% 23.22% 22.61% 19.99% 20.52%
Paper/Forest Products 11  $                                    2,387.90  $                                                                   531.98 358.83 67.45% 12.01% 22.28% 21.57% 15.03% 16.38%
Power 50  $                                  35,934.29  $                                                                6,654.61 1345.495 20.22% 15.61% 18.52% 18.10% 3.74% 4.10%
Precious Metals 76  $                                    3,428.99  $                                                                1,247.90 554.805 44.46% 3.11% 36.39% 38.50% 16.18% 17.29%
Publishing & Newspapers 21  $                                    1,754.98  $                                                                   371.22 403.914 108.81% 11.64% 21.15% 25.96% 23.02% 27.42%
R.E.I.T. 238  $                                  50,129.52  $                                                                2,402.72 1702.272 70.85% 1.94% 4.79% 4.60% 3.40% 4.06%
Real Estate (Development) 19  $                                       186.23  $                                                                     39.73 5.44 13.69% 2.60% 21.33% NA 2.92% NA
Real Estate (General/Diversified) 10  $                                       236.24  $                                                                     48.76 24.23 49.70% 9.94% 20.64% 18.90% 10.26% 11.68%
Real Estate (Operations & Services) 51  $                                    5,405.95  $                                                                1,238.79 699.664 56.48% 6.54% 22.92% NA 12.94% NA
Recreation 60  $                                    5,815.10  $                                                                1,148.89 958.248 83.41% 7.75% 19.76% 19.91% 16.48% 29.77%
Reinsurance 2  $                                    1,735.90  $                                                                   394.50 497 125.98% 22.96% 22.73% 22.73% 28.63% 28.63%
Restaurant/Dining 70  $                                  20,195.45  $                                                                3,245.19 3086.029 95.10% 7.11% 16.07% 16.33% 15.28% 15.75%
Retail (Automotive) 32  $                                  15,705.18  $                                                                3,603.22 2752.668 76.39% 14.20% 22.94% 24.33% 17.53% 18.59%
Retail (Building Supply) 16  $                                  35,055.20  $                                                                8,359.44 8935.9 106.90% 15.50% 23.85% 23.57% 25.49% 25.77%
Retail (Distributors) 68  $                                  13,223.34  $                                                                3,140.80 2549.597 81.18% 11.70% 23.75% 24.78% 19.28% 20.20%
Retail (General) 16  $                                  38,156.20  $                                                              10,616.20 10322.978 97.24% 18.45% 27.82% 27.68% 27.05% 27.10%
Retail (Grocery and Food) 15  $                                    3,517.90  $                                                                   724.92 1247.136 172.04% 13.31% 20.61% 21.44% 35.45% 37.03%
Retail (Online) 60  $                                  36,255.50  $                                                                5,619.41 4634.965 82.48% 4.76% 15.50% 15.77% 12.78% 13.79%
Retail (Special Lines) 76  $                                  26,825.65  $                                                                6,375.47 4873.073 76.43% 14.67% 23.77% 24.13% 18.17% 19.06%
Rubber& Tires 2  $                                       445.27  $                                                                   155.00 45 29.03% 17.42% 34.81% 34.81% 10.11% 10.11%
Semiconductor 67  $                                  78,087.85  $                                                                6,824.54 7140.803 104.63% 6.80% 8.74% 7.59% 9.14% 9.39%
Semiconductor Equip 34  $                                  18,030.76  $                                                                1,895.00 2145.41 113.21% 9.19% 10.51% 10.10% 11.90% 12.01%
Shipbuilding & Marine 8  $                                       999.70  $                                                                   195.11 164 84.06% 3.19% 19.52% 19.10% 16.40% 23.69%
Shoe 12  $                                    9,010.47  $                                                                1,183.87 326.462 27.58% 9.86% 13.14% 10.95% 3.62% 3.69%
Software (Entertainment) 88  $                                135,414.61  $                                                              22,155.88 14206.339 64.12% 2.21% 16.36% 16.11% 10.49% 10.70%
Software (Internet) 36  $                                    1,703.94  $                                                                   205.48 398.994 194.17% 1.29% 12.06% NA 23.42% NA
Software (System & Application) 375  $                                109,333.32  $                                                              11,398.08 20564.005 180.42% 3.36% 10.43% 9.00% 18.81% 22.40%
Steel 28  $                                  18,951.40  $                                                                3,325.58 1184.818 35.63% 13.30% 17.55% 18.69% 6.25% 6.76%
Telecom (Wireless) 17  $                                    4,336.40  $                                                                   668.00 270.498 40.49% 3.26% 15.40% 17.23% 6.24% 6.75%
Telecom. Equipment 82  $                                  19,478.52  $                                                                3,613.91 4807.223 133.02% 5.29% 18.55% 16.75% 24.68% 26.07%
Telecom. Services 42  $                                  39,744.95  $                                                                9,524.49 4222.663 44.33% 5.86% 23.96% 25.65% 10.62% 10.84%
Tobacco 16  $                                  16,885.03  $                                                                4,142.80 5502.98 132.83% 8.23% 24.54% 24.84% 32.59% 32.98%
Transportation 17  $                                  18,716.58  $                                                                4,367.25 2800.897 64.13% 14.40% 23.33% 23.29% 14.96% 14.97%
Transportation (Railroads) 4  $                                  16,543.00  $                                                                3,828.00 2855 74.58% 17.34% 23.14% 23.14% 17.26% 17.26%
Trucking 34  $                                    9,111.36  $                                                                2,185.35 1430.227 65.45% 16.04% 23.98% 44.50% 15.70% 34.96%
Utility (General) 16  $                                  12,026.40  $                                                                1,455.50 940.133 64.59% 9.75% 12.10% 4.72% 7.82% 9.64%
Utility (Water) 14  $                                    1,746.81  $                                                                   218.81 53.498 24.45% 10.01% 12.53% 12.15% 3.06% 3.15%
Total Market 7229  $                             2,528,571.20  $                                                            451,048.52 420369.083 93.20% 7.05% 17.84% 19.00% 16.62% 18.86%
Total Market (without financials) 5619  $                             1,898,736.88  $                                                            336,686.16 318557.322 94.62% 6.01% 17.73% 19.26% 16.78% 19.70%

Updated January 20222
By Aswath Damodaran