press release

Wed Jan 5 23:53:02 PST 2000

From sawicky at Wed Jan 5 17:51:50 2000

> Official Wall Street doctrine declares that dividends

> are bad because ...

But this has been true for a long time. Dividends (and

interest) have been taxed at higher rates than capital


>Not to mention the fact that dividends are not an expense[*] (and
>are thus taxed!) for the corporation ...


>[*] Tax-hounds: yes, there are exceptions ...

Also, the tax theory is Yank-centric -- it doesn't explain why buybacks are also taking over from dividends in the UK (where there is no double dividend taxation, and where capital gains are largely taxed as income for the marginal investor).





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