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Many a typical tax bill could, in fact, turn out to be a wash - with the lower tax rate offset by the loss of deductions. Net earnings after tax also rose 9 percent to $268 million, as the impact of a lower tax rate offset incremental stock-based compensation expense (from the adoption of SFAS 123R) and higher interest expense. Increased interest income and a decreased effective income tax rate offset, to some extent, the decrease in net income. |
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