Note 2-30

(30) Siegfried (1974) and McIntyre (1984) made similar studies. Siegfried estimated the "effective tax rate" to see a veritable proportion of corporate income tax to accounting profits and revealed that it vastly deviates from the statutory tax rate and that there are considerable differences among industries. McIntyre investigated the amount of tax paid in four years from the financial statements of 275 companies across the United States. The findings show that as many as 50 companies either did not pay tax at all or had tax refunded.