Center For American Progress Action Fund or CAPAF shows that cutting the corporate tax rate down to 15% would save all sectors and companies billions of dollars in tax.
Top 100 U.S.Companies: Can expect a total annual tax cut of $48 billion despite reporting $1.1 trillion in profits in their 2023 annual report.
Top 10 U.S. Companies: Reported more than $520 billion in profits according to their 2023 annual report can expect an annual tax cut of $23 billion. These include firms like Meta Platforms Inc. (NASDAQ:META), Comcast Corp. (NASDAQ:CMCSA), and JPMorgan Chase & Co. (NYSE:JPM).
Oil: The five largest U.S. oil companies, including Exxon Mobil Corp. (NYSE:XOM), Chevron Corp. (NYSE:CVX), Marathon Petroleum Corp. (NYSE:MPC), Phillips 66 (NYSE:PSX), and Valero Energy Corp. (NYSE:VLO) will receive an estimated $2.2 billion annual tax cut, despite over $80 billion in profits.
Pharma: The five largest U.S. drug makers, Johnson & Johnson (NYSE:JNJ), Merck & Co Inc. (NYSE:MRK), Pfizer Inc. (NYSE:PFE), AbbVie Inc. (NYSE:ABBV) and Bristol-Myers Squibb Co. (NYSE:BMY) will receive an estimated $3.1 billion annual tax cut, despite over $50 billion in profits.
Banking: The five largest Wall Street banks, JPMorgan Chase, Bank of America Corp. (NYSE:BAC), Citigroup Inc. (NYSE:C), Wells Fargo & Co. (NYSE:WFC) and Goldman Sachs Group Inc. (NYSE:GS) will receive an estimated $4.1 billion annual tax cut, despite nearly $113 billion in profits.
Grocery: The five largest grocery companies, Kroger Co. (NYSE:KR), Costco Wholesale Corp. (NASDAQ:COST), Albertsons Companies Inc. (NYSE:ACI), Target Corp. (NYSE:TGT) and Walmart Inc. (NYSE:WMT) will receive an estimated $1.7 billion annual tax cut, despite over $29 billion in profits.