AUSTIN (AP) Some of the country’s biggest companies pay far more in federal income taxes than they owe, but some pay little or no tax at all.
Here’s what you need to know about what they owe and how they’re paying their way.
Companies that do not pay taxes are classified as high-tax states, and some are in the top-taxing 25 states.
Here’s a look at the top 10.1.
Berkshire Hathaway (BRKA) The Omaha-based Berkshire Hathaways conglomerate pays $19,000 in federal taxes on an income of $7.4 million annually.
Its top-ranked tax rate is 20%.
It’s also among the top 50 high-income states for tax avoidance.
The tax is also lower than other Berkshire Hathakas companies that pay little to no federal taxes.2.
Exxon Mobil (XOM) The top-ranking tax-free corporation pays $10,890 in federal tax.
Exxon’s tax rate in the country is 20%, but its top-10 tax rate among states is 33%.3.
Pfizer Inc. (PFE) The maker of the Pfizer generic drug has a tax rate of 18.3%, which is slightly higher than the top tax-deferred company.
The company’s tax rates are among the country