Tax Rates by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2025

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


        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 companies Aggregate tax rate
Advertising 54  $                          3,984.48  $                                               1,166.40 1167.805 100.12% 7.67% 29.27% 42.85% 29.31% 45.11%
Aerospace/Defense 67  $                        37,763.57  $                                               6,223.01 8225.889 132.19% 11.02% 16.48% 22.86% 21.78% 30.92%
Air Transport 24  $                        10,650.65  $                                               2,355.03 73.6 3.13% 10.15% 22.11% 30.21% 0.69% 1.00%
Apparel 37  $                          4,042.08  $                                                 744.24 1666.243 223.89% 8.08% 18.41% 23.54% 41.22% 54.41%
Auto & Truck 34  $                        24,653.42  $                                               1,552.69 4275.94 275.39% 2.11% 6.30% NA 17.34% 28.87%
Auto Parts 33  $                          4,242.47  $                                                 909.51 1341.637 147.51% 12.77% 21.44% 23.65% 31.62% 44.50%
Bank (Money Center) 15  $                       147,304.09  $                                             27,304.60 25334 92.78% 18.10% 18.54% 18.54% 17.20% 17.20%
Banks (Regional) 591  $                        49,443.70  $                                             10,421.50 9096.895 87.29% 16.84% 21.08% 25.18% 18.40% 25.18%
Beverage (Alcoholic) 18  $                          3,568.78  $                                                 770.50 859.519 111.55% 8.28% 21.59% 21.79% 24.08% 24.31%
Beverage (Soft) 29  $                        30,972.30  $                                               6,105.70 6705.161 109.82% 6.94% 19.71% 19.77% 21.65% 21.71%
Broadcasting 22  $                          4,446.41  $                                               1,191.41 970.885 81.49% 10.74% 26.79% NA 21.84% NA
Brokerage & Investment Banking 30  $                        49,266.70  $                                             10,404.43 10009.951 96.21% 14.42% 21.12% 21.23% 20.32% 20.49%
Building Materials 39  $                        14,623.50  $                                               3,468.86 4333.562 124.93% 19.11% 23.72% 24.22% 29.63% 29.87%
Business & Consumer Services 152  $                        26,453.73  $                                               6,306.53 6901.959 109.44% 12.48% 23.84% 26.31% 26.09% 28.76%
Cable TV 9  $                        27,529.00  $                                               6,770.80 9106.7 134.50% 10.47% 24.60% 28.40% 33.08% 40.31%
Chemical (Basic) 31  $                          5,127.19  $                                                 905.02 2058.293 227.43% 7.97% 17.65% 21.51% 40.14% 48.16%
Chemical (Diversified) 4  $                              49.00  $                                                      -   129.539 #DIV/0! 0.00% 0.00% 5.37% 264.37% 963.83%
Chemical (Specialty) 60  $                        22,047.75  $                                               4,529.78 6490.051 143.28% 9.99% 20.55% 15.31% 29.44% 39.91%
Coal & Related Energy 16  $                          1,284.60  $                                                 228.20 242.5 106.27% 2.77% 17.76% 19.80% 18.88% 23.91%
Computer Services 63  $                        16,911.79  $                                               2,676.85 6152.414 229.84% 10.78% 15.83% 16.37% 36.38% 37.79%
Computers/Peripherals 35  $                       137,691.79  $                                             31,494.94 29771.497 94.53% 8.99% 22.87% 23.21% 21.62% 21.89%
Construction Supplies 46  $                        32,843.48  $                                               7,138.34 8015.376 112.29% 13.55% 21.73% 22.59% 24.40% 25.77%
Diversified 21  $                       146,807.21  $                                             28,218.20 22663.784 80.32% 5.01% 19.22% 19.55% 15.44% 15.76%
Drugs (Biotechnology) 535  $                        26,528.83  $                                               5,168.60 16943.771 327.82% 1.05% 19.48% NA 63.87% NA
Drugs (Pharmaceutical) 231  $                        56,310.92  $                                               7,648.55 27600.811 360.86% 2.58% 13.58% 18.86% 49.02% 68.89%
Education 29  $                          2,310.49  $                                                 591.75 632.887 106.95% 11.89% 25.61% 55.58% 27.39% 46.78%
Electrical Equipment 101  $                        11,523.32  $                                               2,326.39 3248.973 139.66% 5.14% 20.19% 54.84% 28.19% 85.41%
Electronics (Consumer & Office) 11  $                                 -    $                                                      -   36.962 #DIV/0! 0.00% #DIV/0! NA #DIV/0! NA
Electronics (General) 122  $                        12,928.79  $                                               2,486.07 3833.571 154.20% 6.59% 19.23% 21.10% 29.65% 34.51%
Engineering/Construction 42  $                          7,025.00  $                                               1,858.30 1476.487 79.45% 14.71% 26.45% 28.18% 21.02% 23.35%
Entertainment 96  $                        20,245.91  $                                               3,812.81 7423.76 194.71% 2.06% 18.83% NA 36.67% NA
Environmental & Waste Services 50  $                          8,856.98  $                                               1,996.28 1866.908 93.52% 6.84% 22.54% 24.06% 21.08% 22.05%
Farming/Agriculture 35  $                        15,410.33  $                                               3,609.97 4803.686 133.07% 8.89% 23.43% 24.18% 31.17% 32.22%
Financial Svcs. (Non-bank & Insurance) 166  $                       160,242.85  $                                             29,836.21 36813.744 123.39% 11.81% 18.62% 17.96% 22.97% 23.94%
Food Processing 77  $                        23,503.56  $                                               5,677.50 5733.054 100.98% 10.12% 24.16% 24.76% 24.39% 25.12%
Food Wholesalers 14  $                          4,272.94  $                                               1,019.00 894.347 87.77% 15.53% 23.85% 23.97% 20.93% 21.50%
Furn/Home Furnishings 28  $                          2,676.76  $                                                 566.52 905.629 159.86% 11.61% 21.16% 13.87% 33.83% 65.67%
Green & Renewable Energy 18  $                            159.50  $                                                    9.13 150.308 1646.31% 1.22% 5.72% NA 94.24% NA
Healthcare Products 218  $                        32,267.41  $                                               5,151.83 8440.379 163.83% 4.10% 15.97% 19.94% 26.16% 34.77%
Healthcare Support Services 113  $                        58,873.33  $                                             13,591.42 16815.642 123.72% 8.80% 23.09% 25.42% 28.56% 31.57%
Heathcare Information and Technology 116  $                        20,620.36  $                                               3,404.62 6570.103 192.98% 3.82% 16.51% 30.33% 31.86% 66.13%
Homebuilding 30  $                        27,437.30  $                                               6,359.50 5172.177 81.33% 17.73% 23.18% 23.20% 18.85% 18.87%
Hospitals/Healthcare Facilities 33  $                        17,972.20  $                                               3,996.10 3247.985 81.28% 9.05% 22.23% 23.51% 18.07% 18.57%
Hotel/Gaming 65  $                        29,394.73  $                                               4,371.62 5827.592 133.30% 10.65% 14.87% 14.80% 19.83% 22.45%
Household Products 101  $                        31,069.49  $                                               6,988.15 8999.288 128.78% 8.00% 22.49% 23.94% 28.97% 29.97%
Information Services 16  $                          3,662.70  $                                                 851.33 1272.69 149.49% 15.37% 23.24% 26.08% 34.75% 38.36%
Insurance (General) 22  $                        12,722.83  $                                               2,157.13 3404.018 157.80% 8.78% 16.95% 17.70% 26.76% 27.54%
Insurance (Life) 19  $                        20,574.50  $                                               4,376.57 5127.52 117.16% 14.51% 21.27% 19.99% 24.92% 27.49%
Insurance (Prop/Cas.) 53  $                        47,995.11  $                                               9,751.43 7360.509 75.48% 16.05% 20.32% 20.75% 15.34% 15.64%
Investments & Asset Management 231  $                        46,191.37  $                                               8,646.41 7727.278 89.37% 6.19% 18.72% 19.22% 16.73% 17.38%
Machinery 109  $                        26,632.90  $                                               5,595.44 7461.449 133.35% 11.22% 21.01% 22.55% 28.02% 29.84%
Metals & Mining 64  $                        12,787.20  $                                               4,634.49 3910.001 84.37% 1.80% 36.24% 42.07% 30.58% 33.73%
Office Equipment & Services 14  $                          1,007.30  $                                                 218.06 271.814 124.65% 13.45% 21.65% 5.30% 26.98% 73.99%
Oil/Gas (Integrated) 4  $                        80,526.10  $                                             24,365.10 25123 103.11% 25.23% 30.26% 30.26% 31.20% 31.20%
Oil/Gas (Production and Exploration) 147  $                        59,740.80  $                                             14,136.91 8920.33 63.10% 7.10% 23.66% 22.50% 14.93% 15.47%
Oil/Gas Distribution 24  $                        22,353.08  $                                               4,408.87 192.282 4.36% 12.48% 19.72% 19.19% 0.86% 0.88%
Oilfield Svcs/Equip. 97  $                        34,994.96  $                                               6,916.20 7848.713 113.48% 9.08% 19.76% 19.17% 22.43% 24.14%
Packaging & Container 22  $                          6,821.17  $                                               1,459.73 2576.53 176.51% 14.29% 21.40% 18.39% 37.77% 40.65%
Paper/Forest Products 6  $                            954.30  $                                                 244.30 211.4 86.53% 23.69% 25.60% 25.60% 22.15% 22.15%
Power 48  $                        48,213.66  $                                               6,392.23 2551.555 39.92% 12.11% 13.26% 10.39% 5.29% 5.55%
Precious Metals 60  $                          1,553.26  $                                                 666.40 1050.39 157.62% 1.99% 42.90% NA 67.62% NA
Publishing & Newspapers 19  $                          1,420.40  $                                                 456.40 500.396 109.64% 9.76% 32.13% 41.04% 35.23% 45.05%
R.E.I.T. 192  $                        36,679.57  $                                               1,284.70 1239.129 96.45% 1.80% 3.50% 3.71% 3.38% 4.59%
Real Estate (Development) 15  $                            374.90  $                                                   68.49 57.46 83.89% 2.49% 18.27% NA 15.33% NA
Real Estate (General/Diversified) 11  $                            281.07  $                                                   40.14 57.987 144.47% 5.45% 14.28% 13.23% 20.63% 25.89%
Real Estate (Operations & Services) 60  $                          2,295.96  $                                                 432.08 1012.592 234.35% 4.26% 18.82% NA 44.10% NA
Recreation 50  $                          3,186.41  $                                                 700.69 898.162 128.18% 7.33% 21.99% 66.78% 28.19% 120.87%
Reinsurance 1  $                            919.00  $                                                 185.00 108 58.38% 20.13% 20.13% 20.13% 11.75% 11.75%
Restaurant/Dining 62  $                        23,232.25  $                                               4,754.55 6423.077 135.09% 8.84% 20.47% 20.85% 27.65% 28.37%
Retail (Automotive) 29  $                        12,701.10  $                                               2,867.70 2414.488 84.20% 12.12% 22.58% 24.84% 19.01% 20.69%
Retail (Building Supply) 13  $                        30,101.12  $                                               7,169.32 7036.761 98.15% 13.66% 23.82% 24.81% 23.38% 24.12%
Retail (Distributors) 66  $                        20,832.38  $                                               5,077.27 5027.605 99.02% 13.50% 24.37% 23.80% 24.13% 24.40%
Retail (General) 24  $                       110,424.39  $                                             21,903.71 24247.53 110.70% 16.75% 19.84% 19.71% 21.96% 22.34%
Retail (Grocery and Food) 17  $                          6,898.70  $                                               1,455.37 1532.101 105.27% 13.28% 21.10% 21.23% 22.21% 22.33%
Retail (REITs) 28  $                          7,546.98  $                                                 241.75 123.31 51.01% 1.19% 3.20% 3.38% 1.63% 1.72%
Retail (Special Lines) 98  $                        22,695.91  $                                               5,303.19 7655.666 144.36% 8.23% 23.37% 98.32% 33.73% 119.85%
Rubber& Tires 3  $                                 -    $                                                      -   200 #DIV/0! 0.00% #DIV/0! NA #DIV/0! NA
Semiconductor 63  $                       114,140.68  $                                             16,197.36 27697.588 171.00% 4.19% 14.19% 23.22% 24.27% 27.45%
Semiconductor Equip 30  $                        18,698.77  $                                               2,353.43 3653.33 155.23% 9.95% 12.59% 12.65% 19.54% 19.73%
Shipbuilding & Marine 8  $                          1,021.70  $                                                 210.47 16.8 7.98% 5.78% 20.60% 20.82% 1.64% 1.66%
Shoe 12  $                          9,037.30  $                                               1,514.96 686.52 45.32% 11.06% 16.76% 16.13% 7.60% 7.85%
Software (Entertainment) 81  $                       177,828.81  $                                             26,768.88 32829.979 122.64% 6.73% 15.05% 15.39% 18.46% 18.87%
Software (Internet) 29  $                          2,828.88  $                                                 357.09 522.453 146.31% 2.18% 12.62% NA 18.47% NA
Software (System & Application) 333  $                       164,787.86  $                                             28,627.13 36816.055 128.61% 4.44% 17.37% 16.08% 22.34% 24.27%
Steel 27  $                        10,458.50  $                                               1,952.54 2416.09 123.74% 11.76% 18.67% 18.39% 23.10% 25.27%
Telecom (Wireless) 11  $                        14,096.39  $                                               3,395.72 373.201 10.99% 14.90% 24.09% 25.12% 2.65% 2.80%
Telecom. Equipment 61  $                        16,615.95  $                                               1,702.14 7595.36 446.22% 4.35% 10.24% 14.86% 45.71% 56.04%
Telecom. Services 32  $                        29,136.86  $                                               8,246.22 4132.424 50.11% 3.65% 28.30% 31.29% 14.18% 15.92%
Tobacco 12  $                        26,653.40  $                                               5,887.60 4924.006 83.63% 12.50% 22.09% 22.16% 18.47% 18.53%
Transportation 21  $                        19,763.69  $                                               3,882.46 4649.192 119.75% 11.90% 19.64% 21.39% 23.52% 30.82%
Transportation (Railroads) 4  $                        16,574.00  $                                               3,855.00 2624.459 68.08% 17.14% 23.26% 23.62% 15.83% 16.07%
Trucking 24  $                          5,685.77  $                                               1,369.78 1260.45 92.02% 18.60% 24.09% 27.14% 22.17% 25.07%
Utility (General) 14  $                        18,920.50  $                                               2,013.16 745.6 37.04% 10.65% 10.64% 10.17% 3.94% 3.94%
Utility (Water) 15  $                          2,400.29  $                                                 392.66 76.009 19.36% 11.36% 16.36% 15.65% 3.17% 3.23%
Total Market 6062  $                    2,726,309.43  $                                            526,844.46 607594.523 115.33% 8.03% 19.32% 21.14% 22.29% 25.21%
Total Market (without financials) 4935  $                    2,192,568.28  $                                            423,946.18 502720.608 118.58% 6.75% 19.34% 21.61% 22.93% 26.43%

 

Updated January 2025
By Aswath Damodaran