Intel Q1 (ticker: INTC): In the note Income taxes, Intel reports an effective tax rate of negative 3.2%, positive 8.5% and positive 16.7% for the fiscal years 2022, 2021, and 2020 respectively. The statutory income tax rate in the US is 21%. You need to forecast the effective tax rate for the next few years. Would you use the most recent rate? Or the average of the last three years? Or another rate? Please explain how you would justify your estimate. Do you think that Intel shifts some of its profit to tax heaven jurisdictions in a similar way we discussed Apple did? How do you know? See the note Income taxes