These stocks could benefit the most from Trump's corporate tax cut, JPMorgan says

President-elect Donald Trump (L) meets with House Speaker Paul Ryan on Capitol Hill, November 10, 2016.
Joshua Roberts | Reuters

JPMorgan says cuts in corporate tax law proposed by President-elect Donald Trump will create an investment opportunity around companies currently paying the most in taxes.

"Corporate tax reform is gaining momentum in the United States: Donald Trump and Paul Ryan have each proposed reducing the federal corporate tax rate to 15% and 20%, respectively," U.S. equity strategist Dubravko Lakos-Bujas wrote in JPMorgan's 2017 outlook this week.

Trump has called for lowering the federal corporate tax rate to as low as 15 percent from 35 percent.

"U.S. companies with high effective tax rates and high domestic revenue exposure will disproportionately benefit from a reduction in tax rates," Lakos-Bujas said.

Based on analysis by the investment bank, there are 40 companies in the S&P 500 with a five-year average tax rate of greater than 34 percent. All of these companies derive 100 percent of revenue from within the United States, and have a minimum 30-day average daily trading volume of $10 million, so their stocks are very liquid.

From that list, below we highlight the 10 with the highest tax rates.