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d-17539House OversightOther

Potential corporate impact of ending interest expense deductibility

The document lists S&P 500 companies that could be financially affected by a tax policy change. It contains no direct allegations, misconduct, or links to high‑profile individuals or agencies, offerin Identifies 50 large non‑financial firms with high net interest expense ratios. Highlights sectors (energy, telecom, healthcare, media) most exposed to interest deductibility loss. Cites FactSet and B

Date
November 11, 2025
Source
House Oversight
Reference
House Oversight #023089
Pages
2
Persons
4
Integrity
No Hash Available

Summary

The document lists S&P 500 companies that could be financially affected by a tax policy change. It contains no direct allegations, misconduct, or links to high‑profile individuals or agencies, offerin Identifies 50 large non‑financial firms with high net interest expense ratios. Highlights sectors (energy, telecom, healthcare, media) most exposed to interest deductibility loss. Cites FactSet and B

Tags

tax-policypolicy-analysisinterest-deductibilitysp-500financial-impactcorporate-financehouse-oversightsector-analysis

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Text extracted via OCR from the original document. May contain errors from the scanning process.
End of interest deductibility: who could be hurt? Below we provide a screen of the top 50 S&P 500 companies (excluding Financials, Real Estate and Utilities) by high net interest expense as a percentage of net income, which could potentially be hurt by an end to the deductibility of interest expense. Table 21: S&P 500 (ex. Financials, Real Estate & Utilities) with high net interest expense as a % of net income Ticker Company Sector Industry Net Interest Expense (% of L12M Net Income) CHTR — Charter Communications, Inc. Class A Consumer Discretionary Media 1387% DVN Devon Energy Corporation Energy Oil, Gas & Consumable Fuels 467% CXO Concho Resources Inc. Energy Oil, Gas & Consumable Fuels 357% MU Micron Technology, Inc. Information Technology Semiconductors & Semiconductor 316% FOX Freeport-McMoRan, Inc. Materials Metals & Mining 280% OKE ONEOK, Inc. Energy Oil, Gas & Consumable Fuels 135% KMI Kinder Morgan Inc Class P Energy Oil, Gas & Consumable Fuels 120% LVLT Level 3 Communications, Inc. Telecommunication Services Diversified Telecommunication 96% WYNN Wynn Resorts, Limited Consumer Discretionary Hotels Restaurants & Leisure 95% CT CenturyLink, Inc. Telecommunication Services Diversified Telecommunication 94% CF CF Industries Holdings, Inc. Materials Chemicals 92% NFX Newfield Exploration Company Energy Oil, Gas & Consumable Fuels 82% RI Transocean Ltd. Energy Energy Equipment & Services 81% NFLX Netflix, Inc. Consumer Discretionary Internet & Direct Marketing Re 80% SE Spectra Energy Corp Energy Oil, Gas & Consumable Fuels 18% TDG TransDigm Group Incorporated Industrials Aerospace & Defense 17% HCA HCA Holdings, Inc. Health Care Health Care Providers & Servic 63% MPC Marathon Petroleum Corporation Energy Oil, Gas & Consumable Fuels 56% CAT Caterpillar Inc. Industrials Machinery 56% EVHC Envision Healthcare Corp. Health Care Health Care Providers & Servic 55% URI United Rentals, Inc. Industrials Trading Companies & Distributo 54% DVA DaVita Inc. Health Care Health Care Providers & Servic 52% TGNA — TEGNA, Inc. Consumer Discretionary Media 52% DE Deere & Company Industrials Machinery 50% MAS Masco Corporation Industrials Building Products 49% ENDP — Endo International Ple Health Care Pharmaceuticals 48% COTY Coty Inc. Class A Consumer Staples Personal Products 47% IP International Paper Company Materials Containers & Packaging 47% R Ryder System, Inc. Industrials Road & Rail 46% DLTR Dollar Tree, Inc. Consumer Discretionary Multiline Retail 46% NEM Newmont Mining Corporation Materials Metals & Mining 46% FOX Twenty-First Century Fox, Inc. Class B Consumer Discretionary Media 46% GT Goodyear Tire & Rubber Company Consumer Discretionary Auto Components 45% RSG Republic Services, Inc. Industrials Commercial Services & Supplies 45% SEE Sealed Air Corporation Materials Containers & Packaging 45% PBI Pitney Bowes Inc. Industrials Commercial Services & Supplies 45% AN AutoNation, Inc. Consumer Discretionary Specialty Retail 44% KSS Kohl's Corporation Consumer Discretionary Multiline Retail 44% F Ford Motor Company Consumer Discretionary Automobiles 43% VIAB Viacom Inc. Class B Consumer Discretionary Media 42% MNK Mallinckrodt Ple Health Care Pharmaceuticals 41% ADS Alliance Data Systems Corporation Information Technology IT Services 41% WRK WestRock Co. Materials Containers & Packaging 40% VRTX — Vertex Pharmaceuticals Incorporated Health Care Biotechnology 39% BLL Ball Corporation Materials Containers & Packaging 37% GE General Electric Company Industrials Industrial Conglomerates 37% M Macy's Inc Consumer Discretionary Multiline Retail 37% CVX Chevron Corporation Energy Oil, Gas & Consumable Fuels 37% SLB Schlumberger NV Energy Energy Equipment & Services 37% TSO Tesoro Corporation Energy Oil, Gas & Consumable Fuels 36% Note: This screen is not a recommended list either individually or as a group of stacks. Investors should consider the fundamentals of the companies and their own individual circumstances/abjective before making any investment decisions. Source: FactSet, BofaA Merrill Lynch US Equity & US Quant Strategy Bankof America Merrill Lynch Equity Strategy Focus Point | 29 January 2017 21

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