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Most big US commercial banks failing to pay statutory federal income tax

This a 2022 report. It is the most current tax report for US commercial banks available on Spendwell.

rankings

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Corporations paying a greater share of their income in taxes rank higher.
better choice

American Express

taxes
economic impact
Over the last 5 years, American Express paid a combined income tax rate of about 28.30%. This rate is less than the averaged US federal statutory corporate tax rate over the same period.

1/10

Wells Fargo

taxes
economic impact
Over the last 5 years, Wells Fargo paid a combined income tax rate of about 20.35%. This rate is less than the averaged US federal statutory corporate tax rate over the same period.

2/10

Capital One

taxes
economic impact
Over the last 5 years, Capital One paid a combined income tax rate of about 18.78%. This rate is less than the averaged US federal statutory corporate tax rate over the same period.

3/10

Citigroup

taxes
economic impact
Over the last 5 years, Citigroup paid a combined income tax rate of about 16.03%. This rate is less than the averaged US federal statutory corporate tax rate over the same period.

4/10

Morgan Stanley

taxes
economic impact
Over the last 5 years, Morgan Stanley paid a combined income tax rate of about 13.36%. This rate is less than the averaged US federal statutory corporate tax rate over the same period.

5/10

JPMorgan Chase

taxes
economic impact
Over the last 5 years, JPMorgan Chase paid a combined income tax rate of about 11.03%. This rate is less than the averaged US federal statutory corporate tax rate over the same period.

6/10

Goldman Sachs

taxes
economic impact
Over the last 5 years, Goldman Sachs paid a combined income tax rate of about 10.79%. This rate is less than the averaged US federal statutory corporate tax rate over the same period.

7/10

Bank of America

taxes
economic impact
Over the last 5 years, Bank of America paid a combined income tax rate of about 10.42%. This rate is less than the averaged US federal statutory corporate tax rate over the same period.

8/10

US Bank

taxes
economic impact
Over the last 5 years, US Bank paid a combined income tax rate of about 8.94%. This rate is less than the averaged US federal statutory corporate tax rate over the same period.

9/10

Truist

taxes
economic impact
Over the last 5 years, Truist paid a combined income tax rate of about 8.74%. This rate is less than the averaged US federal statutory corporate tax rate over the same period.

10/10

worse choice

report summary

Over the last 5 years, only 1 of the 10 largest commercial banks headquartered in the United States, American Express, managed to pay combined federal, state and foreign income taxes at or above just the federal statutory corporate income tax rate. The average rate paid by these 10 companies was less than 15% with 2 financial institutions, US Bank and Truist, paying an income tax rate less than 10%.

about this industry

Financial institutions, including cooperatives, that accept deposits, lend and/or provide draft-making accounts to the general public.
[beta*]

Tax Methodology

In the United States, publicly traded corporations are required to report their annual income tax payments to the Securities and Exchange Commission (SEC). Annual income figures are also reported by publicly traded companies to the SEC. These SEC-reported tax and income figures, when combined, represent publicly accessible, directly measurable and independently verified data points for inclusion in a Spendwell ranking. This data is typically reported at a corporation’s fiscal year end. This Spendwell ranking is predicated on the values-based statement that a corporation should pay its fair share in taxes.

Corporations that pay a higher percentage of their annual income in taxes rank higher than those paying a lower percentage. In order to account for fluctuations in tax payments such as one-time tax holidays and other variances, Spendwell reports on the last 5 available years of a corporation’s tax history.

In some reporting instances, Spendwell’s rankings will include private corporations with no current tax information publicly available. These corporations might be included in a report, but will be listed as not ranked unless they have voluntarily published their tax information and Spendwell has been made aware of its publication. All ranked corporations are ranked based on the previously mentioned data reported to the SEC through end-of-year or annual reports, which can be accessed through the SEC’s Edgar search tool here:

SEC EDGAR SEARCH

Search for a company by name to view its filed 10-k reports.

[All methodologies are in beta. They can and many will be revised before final release and updates will be likely for many even after final release.]
[beta*]

Tax Methodology

In the United States, publicly traded corporations are required to report their annual income tax payments to the Securities and Exchange Commission (SEC). Annual income figures are also reported by publicly traded companies to the SEC. These SEC-reported tax and income figures, when combined, represent publicly accessible, directly measurable and independently verified data points for inclusion in a Spendwell ranking. This data is typically reported at a corporation’s fiscal year end. This Spendwell ranking is predicated on the values-based statement that a corporation should pay its fair share in taxes.

Corporations that pay a higher percentage of their annual income in taxes rank higher than those paying a lower percentage. In order to account for fluctuations in tax payments such as one-time tax holidays and other variances, Spendwell reports on the last 5 available years of a corporation’s tax history.

In some reporting instances, Spendwell’s rankings will include private corporations with no current tax information publicly available. These corporations might be included in a report, but will be listed as not ranked unless they have voluntarily published their tax information and Spendwell has been made aware of its publication. All ranked corporations are ranked based on the previously mentioned data reported to the SEC through end-of-year or annual reports, which can be accessed through the SEC’s Edgar search tool here:

SEC EDGAR SEARCH

Search for a company by name to view its filed 10-k reports.

[*All methodologies are in beta. They can and many will be revised before final release and updates will be likely for many even after final release.]

Ranking



rankings

MORE INFO
Corporations paying a greater share of their income in taxes rank higher.
better choice

American Express

taxes
economic impact
Over the last 5 years, American Express paid a combined income tax rate of about 28.30%. This rate is less than the averaged US federal statutory corporate tax rate over the same period.

1/10

Wells Fargo

taxes
economic impact
Over the last 5 years, Wells Fargo paid a combined income tax rate of about 20.35%. This rate is less than the averaged US federal statutory corporate tax rate over the same period.

2/10

Capital One

taxes
economic impact
Over the last 5 years, Capital One paid a combined income tax rate of about 18.78%. This rate is less than the averaged US federal statutory corporate tax rate over the same period.

3/10

Citigroup

taxes
economic impact
Over the last 5 years, Citigroup paid a combined income tax rate of about 16.03%. This rate is less than the averaged US federal statutory corporate tax rate over the same period.

4/10

Morgan Stanley

taxes
economic impact
Over the last 5 years, Morgan Stanley paid a combined income tax rate of about 13.36%. This rate is less than the averaged US federal statutory corporate tax rate over the same period.

5/10

JPMorgan Chase

taxes
economic impact
Over the last 5 years, JPMorgan Chase paid a combined income tax rate of about 11.03%. This rate is less than the averaged US federal statutory corporate tax rate over the same period.

6/10

Goldman Sachs

taxes
economic impact
Over the last 5 years, Goldman Sachs paid a combined income tax rate of about 10.79%. This rate is less than the averaged US federal statutory corporate tax rate over the same period.

7/10

Bank of America

taxes
economic impact
Over the last 5 years, Bank of America paid a combined income tax rate of about 10.42%. This rate is less than the averaged US federal statutory corporate tax rate over the same period.

8/10

US Bank

taxes
economic impact
Over the last 5 years, US Bank paid a combined income tax rate of about 8.94%. This rate is less than the averaged US federal statutory corporate tax rate over the same period.

9/10

Truist

taxes
economic impact
Over the last 5 years, Truist paid a combined income tax rate of about 8.74%. This rate is less than the averaged US federal statutory corporate tax rate over the same period.

10/10

worse choice


This report is based on data collected through 2022-02-15.
Report id: 26--2022-08-10T07:30:02.285Z