re: Deficits are up. How is this conservatism?

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the variable being discussed is tax revenues. there aren't many variables that drive that. you pretty much have: tax rate and taxable base. the taxable base grows in real terms, yet tax revenues don't even grow in nominal terms. oh, what a conundrum

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ypuve left off a ton of things. For example CAPX, which reduces the current tax liabilities, for future growth and revenues. You left off the money repatriated that’s going right back into working capital. You’re leaving off capital good purchases end up with an increasing a company’s depreciation base thus, reducing current tax liabilities. I could go on for days... but really I’ve already exposed you as an unthoughtful simpleton.