For the sample period available, the tax burden of the Finance, Real Estate, and Insurance industry was the highest of all industries. Because of the data limitations and the structure of the SBT, this result cannot be generalized across the entire economic cycle. However, it is clear that the various exemptions, credits, etc., available that could lower the tax burden did not benefit the Financial Industry as much as other industries.

While a better picture of the tax burden over the complete economic cycle should be developed, the 1981 DMB study based on 1977-78 data confirms the relatively high-tax position of the Financial Industry. [38]

The Tax Burden of the Financial Industry
During the sample period, the tax burden of the Financial industry was the highest of all industries. While data from a complete cycle are needed to conclusively establish relative burdens, there is no basis to conclude that the Financial industry escapes its share of the SBT burden.