AMERICAN EXPRESS CO | 2013 | FY | 3


A reconciliation of the U.S. federal statutory rate of 35 percent to the Company's actual income tax rate for the years ended December 31 on continuing operations was as follows:

    2013 2012 2011 
U.S. statutory federal income tax rate  35.0% 35.0% 35.0%
Increase (decrease) in taxes resulting from:       
 Tax-exempt income  (1.6)  (1.6)  (1.5) 
 State and local income taxes, net of       
  federal benefit  3.1  2.5  2.6 
 Non-U.S. subsidiaries earnings(a)  (2.8)  (5.2)  (4.4) 
 Tax settlements(b)  (1.9)  (0.2)  (1.9) 
 All other  0.3   (0.2) 
  Actual tax rates(a)  32.1% 30.5% 29.6%


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