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