[loeg]

You think public companies are just lying in their audited financial statements?

[randomtoast]

No, I think both of the following statements can be true at the same time:

1. The audited financial statement meets all requirements and is accurate according to the relevant definitions, stating that the effective federal tax rate is 30%.

2. They pay an effective federal tax rate of 3%.

[loeg]

I don't think those statements can be true at the same time, without significant qualifications on (2) in a way that make it meaningless. Certainly not the reasonable straightforward reading of the phrase.

[JohnTHaller]

Companies use different numbers for different things for maximum advantage. The president of the United States does so routinely in his business dealings. One set of numbers when getting insurance and another when getting a loan.