Annual rows are December; the newest month of each series and today's price-scaled point are kept on top, so the latest reading is never hidden by that truncation. Earnings are reported through Jun 1, 2026; later months hold them flat and move on price and the deflator alone, so they are drawn dashed. Computed monthly on a 120-month window, which is Shiller's own method: the replicated CPI CAPE lands within 0.05 of his published figure. The adjusted line starts Dec 1, 1918, ten full years after its deflator does. K is that line divided by the replicated CPI CAPE, so below 1.0 the adjustment makes the market look cheaper than the headline number does. The tax adjustment restates each past year's earnings at today's statutory rate, so a cut revises the trailing window upward and brings CAPE down. Rates are top federal statutory, stated through 2026 and held flat after that.