Today, I embarked on a journey into the intricate world of economics in the United States, with a particular focus on the top 30 companies by revenue in 2023. My quest led me to ponder a significant question: What if these companies were mandated to allocate 20% of their post-tax profits exclusively to employee pay raises, ensuring equitable distribution across all staff levels?
In my view, such a policy would epitomize fairness. After all, it is the diligent workers who truly drive value creation, contrasting sharply with those who merely occupy seats in boardrooms.
My intrigue stems from witnessing the struggles of the lower and shrinking middle classes in America. Despite shouldering the bulk of the workload, it often appears that those exerting the least effort reap the greatest financial rewards. While decision-makers bear responsibility for a company’s fate, why should the workforce bear the brunt of their mistakes? Furthermore, why do executives enjoy golden parachutes, departing companies in worse states than they found them?
At its core, I believe this phenomenon persists due to our enduring faith in human decency. We cling to the hope that individuals will consistently make ethical decisions, even amidst complex circumstances. Yet, do these decision-makers fully grasp the ramifications of their actions? Do we overlook the potential for impulsive behavior, especially when influenced by a board of directors filled with individuals driven by ulterior motives?
Moreover, where are the whistleblowers within corporate hierarchies, exposing boardroom corruption? If boards wield such immense influence, does this not constitute workplace intimidation? Is it not fundamentally unethical? Consider the parallels in industries like Hollywood, where Harvey Weinstein’s egregious actions ruined countless careers. We universally condemn such behavior, yet why do we often turn a blind eye to similar injustices in corporate settings?
Perhaps it is fear that inhibits us from consistently doing what is right. The age-old adage, “snitches get stitches,” reflects a troubling norm in our society. Those who propagate this mantra are not exemplars of strength but rather embodiments of weakness. Yet, despite our collective condemnation, this phrase persists, shielding individuals from accountability.
In conclusion, my exploration underscores the need to redefine corporate accountability. By mandating profit redistribution to prioritize employee well-being and advocating for transparency within boardrooms, we can foster a more just and equitable society.
Let’s return to the heart of the matter: economics.
The top 30 companies in the United States amassed a staggering $7.254 trillion in revenue and a gross profit of $2.536 trillion. After a 21% corporate tax rate, post-tax profits stand at $2.003 trillion.
Traditionally, these profits are at the discretion of corporations. However, imagine if a new law mandated that 20% of post-tax profits be allocated to employee pay raises, evenly distributed across all staff levels. Take Walmart Inc. (NYSE:WMT), for example. With $648.125 billion in revenue and $157.983 billion in gross profit, a post-tax balance of $124.806 billion remains. Allocating 20% to “Employee Entitlement” amounts to $24.961 billion, translating to a raise of $11,886.34 for each of its 2.1 million employees.
But this proposal isn’t just about pay raises. With corporate tax revenues totaling $532.628 billion, imagine the social impact if redirected toward alleviating the burdens of the American public. For instance, the current medical debt in the USA amounts to $220 billion. The top 30 companies could eradicate this debt and still have $312.628 billion left for broader societal investment.
Consider redirecting these funds to higher education. With the current tax revenue, we could fully fund various Free Education Proposals:
- The American Family Plan (low and high cost): $290 billion and $305 billion respectively.
- Last-Dollar Tuition-Free Programs: $27.8 billion.
- First-Dollar Tuition-Free Programs: $58.2 billion.
- Debt-free Programs: $95.4 billion.
These proposals would not only alleviate the financial burdens of millions of Americans but also foster a more equitable society where education is accessible to all.
As I delved deeper into the intricacies of economics, my exploration led me to scrutinize the US Budget for 2023, unearthing troubling discrepancies. Despite the reported Corporate Income Tax of $419.6 billion, a closer examination reveals a stark incongruity: if the top 30 companies paid a 21% corporate tax rate, the combined amount would total $532.628 billion. Where, then, did the remaining corporate income tax revenue vanish?
This revelation prompts a pressing need to reevaluate corporate tax write-offs and incentives, perhaps even advocating for their complete elimination. While the latter proposition may seem extreme, the figures unequivocally demonstrate that these companies are not shouldering their fair share of the tax burden.
Consider the prospect of reinstating the corporate tax rate to its highest level of 53%, last witnessed in 1942. Under this scenario, the top 30 companies would contribute a staggering $1.344 trillion, surpassing current revenue streams. Such revenue could feasibly eradicate existing medical or student loan debt, alleviating financial burdens for millions of Americans.
Imagine the transformative impact of injecting additional disposable income into the hands of those burdened by debt, fostering increased consumer spending and investment. Moreover, with sales taxes and bank interest, the government and financial institutions would continue to reap benefits from this economic stimulus.
This paradigm shift heralds the dawn of a new era in economic policy: Trickle Down 2 Electric Boogaloo. Rather than relying on the benevolence of the wealthy elite, stringent regulations would ensure equitable contributions to societal welfare. Implementation of price controls on essential goods and services, coupled with strides towards universal healthcare, represents pivotal steps towards fostering economic prosperity for all citizens.
Universal healthcare, with an estimated cost of $1.6 trillion, becomes a tangible reality within reach. Even after corporate tax contributions, the residual balance remains manageable, with remaining corporate entities poised to bridge any financial gaps.
Critically, such reforms need not jeopardize vital government programs like National Defense and Veterans, which demand substantial funding. With prudent fiscal management and equitable taxation, these initiatives can coexist harmoniously, safeguarding both national security and social welfare.
As an addendum to my exploration, I’ve provided a comprehensive list of definitions utilized in my analysis, alongside pertinent sources for further reference. Through rigorous research and critical inquiry, I endeavor to catalyze discourse and action towards a more just and equitable economic framework.
In conclusion, it’s time for corporations to reconsider their societal impact. By redirecting profits toward employee well-being and broader social initiatives, they can play a pivotal role in building a fairer and more inclusive America.
FREE EDUCATION PLANS
The American Family Plan: Endorsed by the Joe Biden administration, this plan aimed for free college tuition at community colleges, historically black colleges, tribal colleges, and other minority-serving institutions. Funding for the proposed plan was intended to come from a federal, state, and Indian tribal partnership.
College For All Act: Endorsed by Senator Bernie Sanders and Representative Pramila Jayapal, this act aims for free college tuition at all community colleges, public 4-year colleges, and tribal colleges. The act seeks to eliminate tuition fees for students from families making under $125,000 and to reduce the cost of attendance by doubling the maximum Pell Grant award.
America’s College Promise Act: Endorsed by Senator Tammy Baldwin, Senator Patty Murray, Representative Andy Levin, and Representative Bobby Scott, this act was originally proposed by the Barack Obama administration and reintroduced in Congress in 2021.
Last-Dollar Tuition-Free Programs: This program covers the remaining tuition fees after grant aid has been applied, but does not include the cost of room and board. It requires more administrative effort but closely identifies a student’s financial need.
First-Dollar Tuition-free Programs: Under this program, the government pays for tuition before grant aid is applied. This program is streamlined and requires less administrative work but may not accurately reflect each student’s financial needs.
Debt-free Programs: This program covers the full cost of college, including tuition, room and board, and other expenses. An example is the Debt-Free College Act, endorsed by Senator Brian Schatz and Representative Mark Pocan.
Beneficiaries of Free College: Depending on the program implemented, free college may benefit lower-income students more than wealthier students. While the majority of beneficiaries may be White, free college is expected to have a significant impact on minority communities as well.
DEFINITIONS
Revenue-2023: the amount of money a company receives from its customers in exchange for the sales of goods or services. Revenue is the top line item on an income statement from which all costs and expenses are subtracted to arrive at net income.Gross Profits-2023: the profit a company makes after deducting the variable costs directly associated with making and selling its products or providing its services.
Employees: Number of employees reported for the company in the year 2023.
Corporate Tax Rate-2023: Current corporate tax rate for the year 2023, set at 21%.
Corporate Tax-2023 Rate: Amount collected by taxing the profits earned by the company based on the current corporate tax rate.
Post Tax Balance-2023 Rate: Amount remaining after the corporate tax is paid.
Corporate Entitlement-2023 Rate: 80% of the profits after corporate taxes have been paid, designated for corporate purposes not designated as employee raises.
Corporate Entitlement Amount-2023 Rate: Amount of profits to be used for corporate purposes not designated as employee raises.
Employee Entitlement-2023 Rate: 20% of the profits after corporate taxes have been paid, strictly designated for employee raises.
Employee Entitlement Amount-2023 Rate: Amount of profits to be used strictly for employee raises.
Yearly Raise Per Employee-2023 Rate: Amount each employee would receive as a raise based on the Employee Entitlement Amount-2023 Rate divided by the number of Employees.
Corporate Tax Rate-1942 Rate: Corporate tax rate in the year 1942, set at 53%.
Corporate Tax-1942 Rate: Amount collected by taxing the profits earned by the company based on the corporate tax rate in 1942.
Post Tax Balance-1942 Rate: Amount remaining after the corporate tax is paid in 1942.
Corporate Entitlement-1942 Rate: 80% of the profits after corporate taxes have been paid in 1942, designated for corporate purposes not designated as employee raises.
Corporate Entitlement Amount-1942 Rate: Amount of profits to be used for corporate purposes not designated as employee raises in 1942.
Employee Entitlement-1942 Rate: 20% of the profits after corporate taxes have been paid in 1942, strictly designated for employee raises.
Employee Entitlement Amount-1942 Rate: Amount of profits to be used strictly for employee raises in 1942.
Yearly Raise Per Employee-1942 Rate: Amount each employee would receive as a raise based on the Employee Entitlement Amount-1942 Rate divided by the number of Employees.
ANALYSIS
Constants
Current Corporate Tax Rate: 21%
Corporate Tax Rate 1942: 53%
Corporate Entitlement: 80%
Employee Entitlement: 20%
Walmart Inc. (NYSE:WMT)
Revenue 2023: 648,125,000,000.00
Gross Profits 2023: 157,983,000,000.00
Employees: 2,100,000
2023 Tax Rate
Corporate Taxes: 33,176,430,000.00
Post-Tax Balance: 124,806,570,000.00
Corporate Entitlement: 99,845,256,000.00
Employee Entitlement: 24,961,314,000.00
Pay Raise Per Employee: 11,886.34
1942 Tax Rate
Corporate Taxes: 83,730,990,000.00
Post-Tax Balance: 74,252,010,000.00
Corporate Entitlement: 59,401,608,000.00
Employee Entitlement: 14,850,402,000.00
Pay Raise Per Employee: 7,071.62
Amazon.com Inc. (NASDAQ:AMZN)
Revenue 2023: 574,785,000,000.00
Gross Profits 2023: 270,046,000,000.00
Employees: 1,525,000
2023 Tax Rate
Corporate Taxes: 56,709,660,000.00
Post-Tax Balance: 213,336,340,000.00
Corporate Entitlement: 170,669,072,000.00
Employee Entitlement: 42,667,268,000.00
Pay Raise Per Employee: 27,978.54
1942 Tax Rate
Corporate Taxes: 143,124,380,000.00
Post-Tax Balance: 126,921,620,000.00
Corporate Entitlement: 101,537,296,000.00
Employee Entitlement: 25,384,324,000.00
Pay Raise Per Employee: 16,645.46
Berkshire Hathaway Inc. (NYSE:BRK-B)
Revenue 2023: 364,482,000,000.00
Gross Profits 2023: 287,996,000,000.00
Employees: 396,500
2023 Tax Rate
Corporate Taxes: 60,479,160,000.00
Post-Tax Balance: 227,516,840,000.00
Corporate Entitlement: 182,013,472,000.00
Employee Entitlement: 45,503,368,000.00
Pay Raise Per Employee: 114,762.59
1942 Tax Rate
Corporate Taxes: 152,637,880,000.00
Post-Tax Balance: 135,358,120,000.00
Corporate Entitlement: 108,286,496,000.00
Employee Entitlement: 27,071,624,000.00
Pay Raise Per Employee: 68,276.48
Apple Inc. (NASDAQ:AAPL)
Revenue 2023: 383,285,000,000.00
Gross Profits 2023: 169,148,000,000.00
Employees: 161,000
2023 Tax Rate
Corporate Taxes: 35,521,080,000.00
Post-Tax Balance: 133,626,920,000.00
Corporate Entitlement: 106,901,536,000.00
Employee Entitlement: 26,725,384,000.00
Pay Raise Per Employee: 165,996.17
1942 Tax Rate
Corporate Taxes: 89,648,440,000.00
Post-Tax Balance: 79,499,560,000.00
Corporate Entitlement: 63,599,648,000.00
Employee Entitlement: 15,899,912,000.00
Pay Raise Per Employee: 98,757.22
UnitedHealth Group Inc. (NYSE:UNH)
Revenue 2023: 371,622,000,000.00
Gross Profits 2023: 90,958,000,000.00
Employees: 440,000
2023 Tax Rate
Corporate Taxes: 19,101,180,000.00
Post-Tax Balance: 71,856,820,000.00
Corporate Entitlement: 57,485,456,000.00
Employee Entitlement: 14,371,364,000.00
Pay Raise Per Employee: 32,662.19
1942 Tax Rate
Corporate Taxes: 48,207,740,000.00
Post-Tax Balance: 42,750,260,000.00
Corporate Entitlement: 34,200,208,000.00
Employee Entitlement: 8,550,052,000.00
Pay Raise Per Employee: 19,431.94
CVS Health Corporation (NYSE:CVS)
Revenue 2023: 357,776,000,000.00
Gross Profits 2023: 140,678,000,000.00
Employees: 300,000.00
2023 Tax Rate
Corporate Taxes: 29,542,380,000.00
Post-Tax Balance: 111,135,620,000.00
Corporate Entitlement: 88,908,496,000.00
Employee Entitlement: 22,227,124,000.00
Pay Raise Per Employee: 74,090.41
1942 Tax Rate
Corporate Taxes: 74,559,340,000.00
Post-Tax Balance: 66,118,660,000.00
Corporate Entitlement: 52,894,928,000.00
Employee Entitlement: 13,223,732,000.00
Pay Raise Per Employee: 44,079.11
Exxon Mobil Corporation (NYSE:XOM)
Revenue 2023: 344,582,000,000.00
Gross Profits 2023: 85,657,000,000.00
Employees: 62,000.00
2023 Tax Rate
Corporate Taxes: 17,987,970,000.00
Post-Tax Balance: 67,669,030,000.00
Corporate Entitlement: 54,135,224,000.00
Employee Entitlement: 13,533,806,000.00
Pay Raise Per Employee: 218,287.19
1942 Tax Rate
Corporate Taxes: 45,398,210,000.00
Post-Tax Balance: 40,258,790,000.00
Corporate Entitlement: 32,207,032,000.00
Employee Entitlement: 8,051,758,000.00
Pay Raise Per Employee: 129,867.06
Alphabet Inc. (NASDAQ:GOOGL)
Revenue 2023: 307,394,000,000.00
Gross Profits 2023: 174,062,000,000.00
Employees: 182,502.00
2023 Tax Rate
Corporate Taxes: 36,553,020,000.00
Post-Tax Balance: 137,508,980,000.00
Corporate Entitlement: 110,007,184,000.00
Employee Entitlement: 27,501,796,000.00
Pay Raise Per Employee: 150,693.12
1942 Tax Rate
Corporate Taxes: 92,252,860,000.00
Post-Tax Balance: 81,809,140,000.00
Corporate Entitlement: 65,447,312,000.00
Employee Entitlement: 16,361,828,000.00
Pay Raise Per Employee: 89,652.87
McKesson Corporation (NYSE:MCK)
Revenue 2023: 276,711,000,000.00
Gross Profits 2023: 12,358,000,000.00
Employees: 51,000.00
2023 Tax Rate
Corporate Taxes: 2,595,180,000.00
Post-Tax Balance: 9,762,820,000.00
Corporate Entitlement: 7,810,256,000.00
Employee Entitlement: 1,952,564,000.00
Pay Raise Per Employee: 38,285.57
1942 Tax Rate
Corporate Taxes: 6,549,740,000.00
Post-Tax Balance: 5,808,260,000.00
Corporate Entitlement: 4,646,608,000.00
Employee Entitlement: 1,161,652,000.00
Pay Raise Per Employee: 22,777.49
Cencora Inc. (NYSE:COR)
Revenue 2023: 262,173,000,000.00
Gross Profits 2023: 8,959,000,000.00
Employees: 46,000.00
2023 Tax Rate
Corporate Taxes: 1,881,390,000.00
Post-Tax Balance: 7,077,610,000.00
Corporate Entitlement: 5,662,088,000.00
Employee Entitlement: 1,415,522,000.00
Pay Raise Per Employee: 30,772.22
1942 Tax Rate
Corporate Taxes: 4,748,270,000.00
Post-Tax Balance: 4,210,730,000.00
Corporate Entitlement: 3,368,584,000.00
Employee Entitlement: 842,146,000.00
Pay Raise Per Employee: 18,307.52
Costco Wholesale Corporation (NASDAQ:COST)
Revenue 2023: 242,290,000,000.00
Gross Profits 2023: 29,704,000,000.00
Employees: 316,000.00
2023 Tax Rate
Corporate Taxes: 6,237,840,000.00
Post-Tax Balance: 23,466,160,000.00
Corporate Entitlement: 18,772,928,000.00
Employee Entitlement: 4,693,232,000.00
Pay Raise Per Employee: 14,852.00
1942 Tax Rate
Corporate Taxes: 15,743,120,000.00
Post-Tax Balance: 13,960,880,000.00
Corporate Entitlement: 11,168,704,000.00
Employee Entitlement: 2,792,176,000.00
Pay Raise Per Employee: 8,836.00
Microsoft Corporation (NASDAQ:MSFT)
Revenue 2023: 211,915,000,000.00
Gross Profits 2023: 146,052,000,000.00
Employees: 221,000.00
2023 Tax Rate
Corporate Taxes: 30,670,920,000.00
Post-Tax Balance: 115,381,080,000.00
Corporate Entitlement: 92,304,864,000.00
Employee Entitlement: 23,076,216,000.00
Pay Raise Per Employee: 104,417.27
1942 Tax Rate
Corporate Taxes: 77,407,560,000.00
Post-Tax Balance: 68,644,440,000.00
Corporate Entitlement: 54,915,552,000.00
Employee Entitlement: 13,728,888,000.00
Pay Raise Per Employee: 62,121.67
Cardinal Health Inc. (NYSE:CAH)
Revenue 2023: 205,012,000,000.00
Gross Profits 2023: 6,889,000,000.00
Employees: 48,000.00
2023 Tax Rate
Corporate Taxes: 1,446,690,000.00
Post-Tax Balance: 5,442,310,000.00
Corporate Entitlement: 4,353,848,000.00
Employee Entitlement: 1,088,462,000.00
Pay Raise Per Employee: 22,676.29
1942 Tax Rate
Corporate Taxes: 3,651,170,000.00
Post-Tax Balance: 3,237,830,000.00
Corporate Entitlement: 2,590,264,000.00
Employee Entitlement: 647,566,000.00
Pay Raise Per Employee: 13,490.96
Chevron Corporation (NYSE:CVX)
Revenue 2023: 200,949,000,000.00
Gross Profits 2023: 77,533,000,000.00
Employees: 45,600.00
2023 Tax Rate
Corporate Taxes: 16,281,930,000.00
Post-Tax Balance: 61,251,070,000.00
Corporate Entitlement: 49,000,856,000.00
Employee Entitlement: 12,250,214,000.00
Pay Raise Per Employee: 268,645.04
1942 Tax Rate
Corporate Taxes: 41,092,490,000.00
Post-Tax Balance: 36,440,510,000.00
Corporate Entitlement: 29,152,408,000.00
Employee Entitlement: 7,288,102,000.00
Pay Raise Per Employee: 159,826.80
Cigna Corporation (NYSE:CI)
Revenue 2023: 195,265,000,000.00
Gross Profits 2023: 158,978,000,000.00
Employees: 72,500.00
2023 Tax Rate
Corporate Taxes: 33,385,380,000.00
Post-Tax Balance: 125,592,620,000.00
Corporate Entitlement: 100,474,096,000.00
Employee Entitlement: 25,118,524,000.00
Pay Raise Per Employee: 346,462.40
1942 Tax Rate
Corporate Taxes: 84,258,340,000.00
Post-Tax Balance: 74,719,660,000.00
Corporate Entitlement: 59,775,728,000.00
Employee Entitlement: 14,943,932,000.00
Pay Raise Per Employee: 206,123.20
Ford Motor Company (NYSE:F)
Revenue 2023: 176,191,000,000.00
Gross Profits 2023: 25,641,000,000.00
Employees: 177,000.00
2023 Tax Rate
Corporate Taxes: 5,384,610,000.00
Post-Tax Balance: 20,256,390,000.00
Corporate Entitlement: 16,205,112,000.00
Employee Entitlement: 4,051,278,000.00
Pay Raise Per Employee: 22,888.58
1942 Tax Rate
Corporate Taxes: 13,589,730,000.00
Post-Tax Balance: 12,051,270,000.00
Corporate Entitlement: 9,641,016,000.00
Employee Entitlement: 2,410,254,000.00
Pay Raise Per Employee: 13,617.25
General Motors Company (NYSE:GM)
Revenue 2023: 171,824,000,000.00
Gross Profits 2023: 19,138,000,000.00
Employees: 163,000.00
2023 Tax Rate
Corporate Taxes: 4,018,980,000.00
Post-Tax Balance: 15,119,020,000.00
Corporate Entitlement: 12,095,216,000.00
Employee Entitlement: 3,023,804,000.00
Pay Raise Per Employee: 18,550.94
1942 Tax Rate
Corporate Taxes: 10,143,140,000.00
Post-Tax Balance: 8,994,860,000.00
Corporate Entitlement: 7,195,888,000.00
Employee Entitlement: 1,798,972,000.00
Pay Raise Per Employee: 11,036.64
Elevance Health Inc. (NYSE:ELV)
Revenue 2023: 171,340,000,000.00
Gross Profits 2023: 29,717,000,000.00
Employees: 104,900.00
2023 Tax Rate
Corporate Taxes: 6,240,570,000.00
Post-Tax Balance: 23,476,430,000.00
Corporate Entitlement: 18,781,144,000.00
Employee Entitlement: 4,695,286,000.00
Pay Raise Per Employee: 44,759.64
1942 Tax Rate
Corporate Taxes: 15,750,010,000.00
Post-Tax Balance: 13,966,990,000.00
Corporate Entitlement: 11,173,592,000.00
Employee Entitlement: 2,793,398,000.00
Pay Raise Per Employee: 26,629.15
The Home Depot Inc. (NYSE:HD)
Revenue 2023: 152,669,000,000.00
Gross Profits 2023: 50,960,000,000.00
Employees: 509,300.00
2023 Tax Rate
Corporate Taxes: 10,701,600,000.00
Post-Tax Balance: 40,258,400,000.00
Corporate Entitlement: 32,206,720,000.00
Employee Entitlement: 8,051,680,000.00
Pay Raise Per Employee: 15,809.31
1942 Tax Rate
Corporate Taxes: 27,008,800,000.00
Post-Tax Balance: 23,951,200,000.00
Corporate Entitlement: 19,160,960,000.00
Employee Entitlement: 4,790,240,000.00
Pay Raise Per Employee: 9,405.54
Marathon Petroleum Corporation (NYSE:MPC)
Revenue 2023: 148,379,000,000.00
Gross Profits 2023: 19,813,000,000.00
Employees: 18,200.00
2023 Tax Rate
Corporate Taxes: 4,160,730,000.00
Post-Tax Balance: 15,652,270,000.00
Corporate Entitlement: 12,521,816,000.00
Employee Entitlement: 3,130,454,000.00
Pay Raise Per Employee: 172,002.97
1942 Tax Rate
Corporate Taxes: 10,500,890,000.00
Post-Tax Balance: 9,312,110,000.00
Corporate Entitlement: 7,449,688,000.00
Employee Entitlement: 1,862,422,000.00
Pay Raise Per Employee: 102,330.88
JPMorgan Chase & Co. (NYSE:JPM)
Revenue 2023: 239,425,000,000.00
Gross Profits 2023: 158,104,000,000.00
Employees: 309,926.00
2023 Tax Rate
Corporate Taxes: 33,201,840,000.00
Post-Tax Balance: 124,902,160,000.00
Corporate Entitlement: 99,921,728,000.00
Employee Entitlement: 24,980,432,000.00
Pay Raise Per Employee: 80,601.28
1942 Tax Rate
Corporate Taxes: 83,795,120,000.00
Post-Tax Balance: 74,308,880,000.00
Corporate Entitlement: 59,447,104,000.00
Employee Entitlement: 14,861,776,000.00
Pay Raise Per Employee: 47,952.66
Valero Energy Corporation (NYSE:VLO)
Revenue 2023: 144,766,000,000.00
Gross Profits 2023: 12,932,000,000.00
Employees: 9,908.00
2023 Tax Rate
Corporate Taxes: 2,715,720,000.00
Post-Tax Balance: 10,216,280,000.00
Corporate Entitlement: 8,173,024,000.00
Employee Entitlement: 2,043,256,000.00
Pay Raise Per Employee: 206,222.85
1942 Tax Rate
Corporate Taxes: 6,853,960,000.00
Post-Tax Balance: 6,078,040,000.00
Corporate Entitlement: 4,862,432,000.00
Employee Entitlement: 1,215,608,000.00
Pay Raise Per Employee: 122,689.54
Centene Corporation (NYSE:CNC)
Revenue 2023: 153,999,000,000.00
Gross Profits 2023: 17,315,000,000.00
Employees: 67,700.00
2023 Tax Rate
Corporate Taxes: 3,636,150,000.00
Post-Tax Balance: 13,678,850,000.00
Corporate Entitlement: 10,943,080,000.00
Employee Entitlement: 2,735,770,000.00
Pay Raise Per Employee: 40,410.19
1942 Tax Rate
Corporate Taxes: 9,176,950,000.00
Post-Tax Balance: 8,138,050,000.00
Corporate Entitlement: 6,510,440,000.00
Employee Entitlement: 1,627,610,000.00
Pay Raise Per Employee: 24,041.51
Phillips 66 (NYSE:PSX)
Revenue 2023: 147,399,000,000.00
Gross Profits 2023: 19,313,000,000.00
Employees: 14,000.00
2023 Tax Rate
Corporate Taxes: 4,055,730,000.00
Post-Tax Balance: 15,257,270,000.00
Corporate Entitlement: 12,205,816,000.00
Employee Entitlement: 3,051,454,000.00
Pay Raise Per Employee: 217,961.00
1942 Tax Rate
Corporate Taxes: 10,235,890,000.00
Post-Tax Balance: 9,077,110,000.00
Corporate Entitlement: 7,261,688,000.00
Employee Entitlement: 1,815,422,000.00
Pay Raise Per Employee: 129,673.00
The Kroger Co. (NYSE:KR)
Revenue 2023: 150,039,000,000.00
Gross Profits 2023: 33,364,000,000.00
Employees: 430,000.00
2023 Tax Rate
Corporate Taxes: 7,006,440,000.00
Post-Tax Balance: 26,357,560,000.00
Corporate Entitlement: 21,086,048,000.00
Employee Entitlement: 5,271,512,000.00
Pay Raise Per Employee: 12,259.33
1942 Tax Rate
Corporate Taxes: 17,682,920,000.00
Post-Tax Balance: 15,681,080,000.00
Corporate Entitlement: 12,544,864,000.00
Employee Entitlement: 3,136,216,000.00
Pay Raise Per Employee: 7,293.53
Walgreens Boots Alliance Inc. (NASDAQ:WBA)
Revenue 2023: 139,081,000,000.00
Gross Profits 2023: 27,072,000,000.00
Employees: 331,000.00
2023 Tax Rate
Corporate Taxes: 5,685,120,000.00
Post-Tax Balance: 21,386,880,000.00
Corporate Entitlement: 17,109,504,000.00
Employee Entitlement: 4,277,376,000.00
Pay Raise Per Employee: 12,922.59
1942 Tax Rate
Corporate Taxes: 14,348,160,000.00
Post-Tax Balance: 12,723,840,000.00
Corporate Entitlement: 10,179,072,000.00
Employee Entitlement: 2,544,768,000.00
Pay Raise Per Employee: 7,688.12
Verizon Communications Inc. (NYSE:VZ)
Revenue 2023: 133,974,000,000.00
Gross Profits 2023: 79,087,000,000.00
Employees: 105,400.00
2023 Tax Rate
Corporate Taxes: 16,608,270,000.00
Post-Tax Balance: 62,478,730,000.00
Corporate Entitlement: 49,982,984,000.00
Employee Entitlement: 12,495,746,000.00
Pay Raise Per Employee: 118,555.46
1942 Tax Rate
Corporate Taxes: 41,916,110,000.00
Post-Tax Balance: 37,170,890,000.00
Corporate Entitlement: 29,736,712,000.00
Employee Entitlement: 7,434,178,000.00
Pay Raise Per Employee: 70,533.00
Meta Platforms Inc. (NASDAQ:META)
Revenue 2023: 134,902,000,000.00
Gross Profits 2023: 108,943,000,000.00
Employees: 67,317.00
2023 Tax Rate
Corporate Taxes: 22,878,030,000.00
Post-Tax Balance: 86,064,970,000.00
Corporate Entitlement: 68,851,976,000.00
Employee Entitlement: 17,212,994,000.00
Pay Raise Per Employee: 255,700.55
1942 Tax Rate
Corporate Taxes: 57,739,790,000.00
Post-Tax Balance: 51,203,210,000.00
Corporate Entitlement: 40,962,568,000.00
Employee Entitlement: 10,240,642,000.00
Pay Raise Per Employee: 152,125.64
AT&T Inc. (NYSE:T)
Revenue 2023: 122,428,000,000.00
Gross Profits 2023: 72,305,000,000.00
Employees: 149,900.00
2023 Tax Rate
Corporate Taxes: 15,184,050,000.00
Post-Tax Balance: 57,120,950,000.00
Corporate Entitlement: 45,696,760,000.00
Employee Entitlement: 11,424,190,000.00
Pay Raise Per Employee: 76,212.07
1942 Tax Rate
Corporate Taxes: 38,321,650,000.00
Post-Tax Balance: 33,983,350,000.00
Corporate Entitlement: 27,186,680,000.00
Employee Entitlement: 6,796,670,000.00
Pay Raise Per Employee: 45,341.36
Comcast Corporation (NASDAQ:CMCSA)
Revenue 2023: 121,572,000,000.00
Gross Profits 2023: 45,620,000,000.00
Employees: 186,000.00
2023 Tax Rate
Corporate Taxes: 9,580,200,000.00
Post-Tax Balance: 36,039,800,000.00
Corporate Entitlement: 28,831,840,000.00
Employee Entitlement: 7,207,960,000.00
Pay Raise Per Employee: 38,752.47
1942 Tax Rate
Corporate Taxes: 24,178,600,000.00
Post-Tax Balance: 21,441,400,000.00
Corporate Entitlement: 17,153,120,000.00
Employee Entitlement: 4,288,280,000.00
Pay Raise Per Employee: 23,055.27
SOURCES
https://en.wikipedia.org/wiki/Corporate_tax_in_the_United_States
https://finance.yahoo.com/news/top-30-largest-us-companies-134902253.html
https://www.insidermonkey.com/blog/top-5-largest-us-companies-by-2023-revenue-1237345/
https://educationdata.org/student-loan-debt-statistics
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7692272/