Half of S&P 500 report more money for foreign taxes than U.S. taxes
STEPHEN GANDEL, 09 April 2021
Nearly half of the large U.S. companies that make up the S&P 500-stock index set aside more money to pay foreign taxes in 2020 than they did for payments to the U.S. government — a lot more money.
In all, 241 S&P 500 companies last year earmarked a combined $73 billion for taxes to foreign governments and just $6.7 billion to cover U.S. taxes, according to a CBS MoneyWatch analysis of the companies’ regulatory filings and data from financial information firm FactSet. That’s a foreign-to-domestic tax ratio of more than 10-to-1.
