GOLDMAN SACHS GROUP INC | 2013 | FY | 3


    Year Ended December  
      2013       2012       2011  

U.S. federal statutory income tax rate

    35.0     35.0     35.0
   

State and local taxes, net of U.S. federal income tax effects

    4.1       3.8       4.4  
   

Tax credits

    (1.0     (1.0     (1.6
   

Non-U.S. operations 1

    (5.6     (4.8     (6.7
   

Tax-exempt income, including dividends

    (0.5     (0.5     (2.4
   

Other

    (0.5     0.8       (0.7

Effective income tax rate

    31.5     33.3     28.0

 

1.

Includes the impact of permanently reinvested earnings.


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