Tax Rates by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2019

Download as an excel file instead: http://www.stern.nyu.edu/~adamodar/pc/datasets/taxrate.xls

For global datasets: http://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 48  $                          3,106.98  $                                               1,065.70 714.435 67.04% 5.69% 34.30% 33.24% 22.99% 41.06%
Aerospace/Defense 85  $                        43,988.05  $                                             10,971.68 5628.746 51.30% 11.40% 24.94% 24.98% 12.80% 13.16%
Air Transport 18  $                        14,549.54  $                                               2,351.27 909.358 38.68% 6.48% 16.16% 3.60% 6.25% 6.25%
Apparel 50  $                          5,004.31  $                                               1,727.90 758.127 43.88% 14.19% 34.53% 35.00% 15.15% 17.08%
Auto & Truck 14  $                        17,715.10  $                                               9,448.50 1833 19.40% 10.15% 53.34% 60.39% 10.35% 11.68%
Auto Parts 52  $                          6,331.21  $                                               1,615.70 1317.18 81.52% 11.57% 25.52% 26.46% 20.80% 21.72%
Bank (Money Center) 10  $                       129,353.72  $                                             51,525.97 13535.56 26.27% 26.01% 39.83% 39.82% 10.46% 10.46%
Banks (Regional) 633  $                        65,376.66  $                                             14,577.04 8098.187 55.55% 26.99% 22.30% 21.40% 12.39% 12.39%
Beverage (Alcoholic) 31  $                          6,127.55  $                                                 406.19 488.783 120.33% 2.55% 6.63% 3.93% 7.98% 8.00%
Beverage (Soft) 37  $                        20,177.10  $                                             10,312.20 4247.312 41.19% 3.87% 51.11% 49.59% 21.05% 21.22%
Broadcasting 24  $                          4,771.94  $                                                 584.05 1077.9 184.56% 2.54% 12.24% NA 22.59% 29.35%
Brokerage & Investment Banking 38  $                        38,280.43  $                                             14,843.59 5327.069 35.89% 22.47% 38.78% 38.79% 13.92% 13.92%
Building Materials 42  $                          5,744.16  $                                               1,800.01 1445.024 80.28% 16.11% 31.34% 30.88% 25.16% 25.29%
Business & Consumer Services 168  $                        10,604.26  $                                               1,905.87 2555.61 134.09% 7.60% 17.97% 6.25% 24.10% 28.67%
Cable TV 14  $                        25,004.50  $                                                 888.50 2503.4 281.76% 3.61% 3.55% NA 10.01% 10.88%
Chemical (Basic) 39  $                          3,386.77  $                                                 632.74 404.249 63.89% 7.33% 18.68% NA 11.94% 12.36%
Chemical (Diversified) 6  $                          5,606.00  $                                                 224.00 1745 779.02% 3.18% 4.00% NA 31.13% 31.63%
Chemical (Specialty) 89  $                        15,640.10  $                                               4,140.54 3553.628 85.83% 10.71% 26.47% 21.33% 22.72% 23.46%
Coal & Related Energy 23  $                          1,372.62  $                                                   73.00 11.16 15.29% 1.75% 5.32% NA 0.81% 1.22%
Computer Services 119  $                        22,299.56  $                                               8,664.25 4280.974 49.41% 8.75% 38.85% 39.14% 19.20% 19.88%
Computers/Peripherals 57  $                        80,420.17  $                                             16,732.82 13657.741 81.62% 6.60% 20.81% 16.00% 16.98% 18.01%
Construction Supplies 48  $                        18,353.93  $                                               6,508.53 3446.839 52.96% 13.21% 35.46% 30.92% 18.78% 18.83%
Diversified 23  $                        60,138.40  $                                               7,922.00 11820.1 149.21% 7.41% 13.17% NA 19.65% 41.48%
Drugs (Biotechnology) 481  $                        43,470.90  $                                             21,613.07 9787.97 45.29% 0.93% 49.72% 112.07% 22.52% 51.13%
Drugs (Pharmaceutical) 237  $                        51,867.99  $                                             27,638.78 12571.265 45.48% 2.26% 53.29% 37.71% 24.24% 27.89%
Education 35  $                          1,268.86  $                                                 237.05 325.728 137.41% 6.14% 18.68% 5.53% 25.67% 32.49%
Electrical Equipment 116  $                          8,214.33  $                                               1,996.45 1725.914 86.45% 4.36% 24.30% 30.63% 21.01% 25.86%
Electronics (Consumer & Office) 19  $                            121.04  $                                                   44.62 24.667 55.29% 7.67% 36.86% NA 20.38% NA
Electronics (General) 160  $                          8,889.47  $                                               6,012.56 2092.067 34.79% 11.67% 67.64% 69.41% 23.53% 26.86%
Engineering/Construction 52  $                          4,404.08  $                                               1,272.07 727.118 57.16% 7.62% 28.88% 22.48% 16.51% 18.01%
Entertainment 120  $                        26,078.26  $                                               3,164.10 4026.417 127.25% 1.93% 12.13% 6.94% 15.44% 16.22%
Environmental & Waste Services 91  $                          5,224.76  $                                                 163.77 1119.804 683.75% 3.23% 3.13% NA 21.43% 23.32%
Farming/Agriculture 33  $                          8,424.66  $                                               2,383.27 1899.928 79.72% 9.64% 28.29% 27.35% 22.55% 22.68%
Financial Svcs. (Non-bank & Insurance) 259  $                        84,326.90  $                                             39,884.28 14505.662 36.37% 20.38% 47.30% 43.45% 17.20% 17.34%
Food Processing 83  $                        23,360.31  $                                               2,155.15 4801.87 222.81% 5.17% 9.23% NA 20.56% 21.25%
Food Wholesalers 18  $                          2,908.76  $                                                 481.28 495.185 102.89% 4.71% 16.55% 11.50% 17.02% 17.09%
Furn/Home Furnishings 30  $                          2,386.85  $                                                 655.57 976.459 148.95% 16.96% 27.47% 52.53% 40.91% 42.94%
Green & Renewable Energy 21  $                            133.59   $              -    23.819 #DIV/0! 0.00% 0.00% NA 17.83% NA
Healthcare Products 248  $                        19,489.10  $                                               7,521.47 4083.431 54.29% 5.46% 38.59% 37.20% 20.95% 27.63%
Healthcare Support Services 111  $                        40,833.11  $                                               7,355.30 12977.479 176.44% 8.33% 18.01% 15.69% 31.78% 32.77%
Heathcare Information and Technology 119  $                        10,801.78  $                                               3,139.87 1559.515 49.67% 5.65% 29.07% 21.45% 14.44% 16.32%
Homebuilding 31  $                        10,796.77  $                                               3,303.98 1893.103 57.30% 24.35% 30.60% 30.75% 17.53% 17.62%
Hospitals/Healthcare Facilities 34  $                          8,405.61  $                                               2,426.44 1563.505 64.44% 6.88% 28.87% 48.82% 18.60% 38.57%
Hotel/Gaming 70  $                        18,522.34  $                                               2,386.92 2354.965 98.66% 9.55% 12.89% NA 12.71% 13.32%
Household Products 141  $                        25,116.11  $                                               7,432.73 6375.451 85.78% 7.14% 29.59% 25.67% 25.38% 37.78%
Information Services 71  $                        37,976.05  $                                               8,750.82 7938.297 90.71% 10.37% 23.04% 19.39% 20.90% 21.38%
Insurance (General) 20  $                        11,215.64  $                                             10,631.81 1349.149 12.69% 13.97% 94.79% 91.63% 12.03% 12.09%
Insurance (Life) 23  $                        20,393.16  $                                                 320.96 3904.197 1216.41% 3.47% 1.57% NA 19.14% 20.35%
Insurance (Prop/Cas.) 50  $                        21,022.64  $                                               3,276.17 3657.789 111.65% 15.95% 15.58% 13.74% 17.40% 17.77%
Investments & Asset Management 172  $                        37,131.16  $                                               6,658.85 5202.998 78.14% 7.09% 17.93% 17.84% 14.01% 14.15%
Machinery 127  $                        17,846.87  $                                               5,341.63 4048.155 75.78% 13.62% 29.93% 28.81% 22.68% 23.13%
Metals & Mining 94  $                          9,965.56  $                                               4,531.28 1683.96 37.16% 3.06% 45.47% 46.60% 16.90% 17.35%
Office Equipment & Services 24  $                          1,181.76  $                                                 237.51 197.112 82.99% 13.71% 20.10% 13.17% 16.68% 18.51%
Oil/Gas (Integrated) 5  $                        47,849.00  $                                               6,048.00 15133 250.21% 8.91% 12.64% 12.64% 31.63% 31.63%
Oil/Gas (Production and Exploration) 301  $                        29,447.26  $                                               4,882.04 4825.974 98.85% 1.93% 16.58% NA 16.39% 29.33%
Oil/Gas Distribution 20  $                          6,641.40  $                                               2,402.00 96.126 4.00% 8.05% 36.17% 2.09% 1.45% 1.56%
Oilfield Svcs/Equip. 134  $                        21,111.87  $                                               2,534.88 3330.582 131.39% 4.22% 12.01% NA 15.78% 18.71%
Packaging & Container 27  $                          8,982.50  $                                               2,073.97 1432.226 69.06% 13.01% 23.09% 1.44% 15.94% 15.98%
Paper/Forest Products 20  $                          1,165.62  $                                                 252.72 281.505 111.39% 8.42% 21.68% 7.96% 24.15% 33.30%
Power 51  $                        34,694.93  $                                               5,381.56 1768.69 32.87% 13.59% 15.51% 14.47% 5.10% 5.49%
Precious Metals 91  $                            842.22  $                                                 966.99 306.733 31.72% 2.08% 114.81% 257.99% 36.42% 81.63%
Publishing & Newspapers 33  $                          1,106.27  $                                                 514.17 461.125 89.68% 12.00% 46.48% NA 41.68% NA
R.E.I.T. 238  $                        49,018.88  $                                               1,063.10 1001.803 94.23% 2.42% 2.17% NA 2.04% 2.15%
Real Estate (Development) 18  $                            154.60   $              -    0.05 #DIV/0! 0.00% 0.00% NA 0.03% 0.04%
Real Estate (General/Diversified) 11  $                            407.51  $                                                   63.22 40.83 64.58% 7.10% 15.51% 6.12% 10.02% 10.02%
Real Estate (Operations & Services) 59  $                          3,364.13  $                                               1,126.84 656.876 58.29% 8.46% 33.50% 30.02% 19.53% 20.28%
Recreation 72  $                          3,362.85  $                                               1,237.61 665.448 53.77% 7.43% 36.80% 38.72% 19.79% 29.92%
Reinsurance 2  $                          2,104.70  $                                                 223.80 122.2 54.60% 9.80% 10.63% NA 5.81% 5.81%
Restaurant/Dining 78  $                        21,061.30  $                                               5,546.47 5099.436 91.94% 8.96% 26.33% 25.14% 24.21% 25.08%
Retail (Automotive) 24  $                          7,737.50  $                                               1,325.79 1826.407 137.76% 8.89% 17.13% 15.64% 23.60% 24.38%
Retail (Building Supply) 17  $                        21,112.27  $                                               5,643.60 5740.568 101.72% 20.08% 26.73% 26.52% 27.19% 27.41%
Retail (Distributors) 88  $                          9,880.34  $                                               1,743.88 1875.537 107.55% 8.15% 17.65% 4.83% 18.98% 19.32%
Retail (General) 19  $                        24,823.20  $                                               5,376.20 10364.266 192.78% 10.85% 21.66% 19.85% 41.75% 46.84%
Retail (Grocery and Food) 12  $                          4,206.21  $                                                   28.86 607.996 2106.64% 3.01% 0.69% NA 14.45% 15.05%
Retail (Online) 79  $                        37,977.08  $                                               6,998.08 3468.156 49.56% 3.85% 18.43% NA 9.13% 10.47%
Retail (Special Lines) 91  $                        24,140.12  $                                               6,088.76 5687.472 93.41% 13.81% 25.22% 26.81% 23.56% 26.37%
Rubber& Tires 4  $                          1,236.93  $                                                 689.90 211.801 30.70% 25.00% 55.78% 56.63% 17.12% 17.39%
Semiconductor 72  $                        62,860.63  $                                             18,892.19 8831.695 46.75% 10.19% 30.05% 17.58% 14.05% 14.67%
Semiconductor Equip 41  $                        11,900.10  $                                               3,565.92 1102.326 30.91% 13.77% 29.97% 29.65% 9.26% 9.61%
Shipbuilding & Marine 9  $                            253.60   $              -    15.617 #DIV/0! 0.00% 0.00% NA 6.16% 8.85%
Shoe 10  $                          5,661.52  $                                               2,807.07 219.59 7.82% 18.57% 49.58% 49.57% 3.88% 3.88%
Software (Entertainment) 92  $                        59,575.59  $                                             19,772.36 9458.774 47.84% 3.47% 33.19% 33.39% 15.88% 16.97%
Software (Internet) 44  $                          1,038.40  $                                                 171.53 168.388 98.17% 0.85% 16.52% 42.72% 16.22% 44.34%
Software (System & Application) 355  $                        68,597.50  $                                             32,638.70 9673.558 29.64% 4.62% 47.58% 52.00% 14.10% 15.96%
Steel 37  $                          8,030.80  $                                                 743.65 1370.372 184.28% 4.18% 9.26% 2.62% 17.06% 17.18%
Telecom (Wireless) 21  $                          4,467.09  $                                                   24.20 173.412 716.58% 2.38% 0.54% NA 3.88% 4.32%
Telecom. Equipment 98  $                        17,933.22  $                                             15,114.11 4801.342 31.77% 6.20% 84.28% 87.12% 26.77% 28.61%
Telecom. Services 67  $                        40,372.13  $                                                 153.16 4494.142 2934.37% 3.72% 0.38% NA 11.13% 12.79%
Tobacco 17  $                        21,371.70  $                                               4,226.46 6552.42 155.03% 7.27% 19.78% 15.48% 30.66% 30.73%
Transportation 19  $                        14,115.03  $                                               1,824.66 2173.791 119.13% 5.29% 12.93% 8.19% 15.40% 15.40%
Transportation (Railroads) 10  $                        16,619.95   $              -    2828 #DIV/0! 0.00% 0.00% NA 17.02% 17.03%
Trucking 28  $                          4,499.00  $                                                 160.82 653.822 406.56% 1.23% 3.57% NA 14.53% 16.31%
Utility (General) 18  $                        14,219.60  $                                               2,138.66 642.454 30.04% 14.66% 15.04% NA 4.52% 4.64%
Utility (Water) 19  $                          1,390.18  $                                                 437.73 81.288 18.57% 9.49% 31.49% 31.86% 5.85% 5.96%
Total Market  7209  $                    1,880,466.21  $                                            514,823.42 321498.159 62.45% 8.76% 27.38% 18.04% 17.10% 18.81%
Total Market (without financials) 6004  $                    1,473,365.90  $                                            373,104.76 265917.548 71.27% 6.21% 25.32% 13.68% 18.05% 20.38%


Updated January 2019
By Aswath Damodaran