Okay.
You can't give credit for capital gains that are forced by conversions. You can't make a policy decision for the perpetual future on the basis of the realization of accrued gains that are from the past. When the full conversion occurs, we're not going to have those benefits.
The second point is there are permanent government revenue losses in the tax-deferred plans when you do a proper analysis.
And, time permitting, I'll deal with anybody who wants to see my methodology.