November 30, 2005

Prior to the 2003 reduction in the dividend tax rate, corporations had a different incentive. The lower tax on capital gains offered them a tax advantage and sometimes, even if their portfolio investments produced lower returns, they could deliver higher after-tax income to investors as their portfolio investments generated capital gains.

You must have an active account to view these reports. You may register for a trial here

Download Complete Report in PDF Format

Download Complete Report in Word Format