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Spence, on a 10m investment in our example, you said the income needs to be 1.5m for it to return 15%. That’s the net. The gross income on that investment needs to be 2.31m at a tax rate of 35%. At a rate of 20%, the gross return needs to be 1.875m, 20% less. Not a trivial shift in the cost benefit math.
Posted from my iPhone/Mobile device
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