The following table is from Citi Group's 2022 annual report:   Are these differences between the federal and effective income tax rate a result of permanent or temporary differences? Explain

 

| Tax Rate The reconciliation of the federal statutory income tax rate to the Company's effective income tax rate applicable to income from continuing operations (before noncontrolling interests and the cumulative effect of accounting changes) for each of the periods indicated is as follows: Federal statutory rate State income taxes, net of federal benefit Non-U.S. income tax rate differential Nondeductible FDIC premiums Tax advantaged investments Valuation allowance releases (1) Other, net Effective income tax rate 2021 21.0% 2.1 1.6 0.6 (2.3) (1.7) (1.5) 19.8 % 2020 21.0% 1.3 3.5 1.3 (4.4) (4.4) 0.2 18.5% 2019 21.0% 1.9 1.3 0.4 (2.3) (3.0) (0.8) 18.5%