Miller and Scholes show that under certain conditions the Federal Income tax taxes dividend income at a rate no higher than the rate on capital gains. Tabulations of actual 1977 tax returns show that the special circumstances under which this can occur apply to less than 3% of dividend income and no significant role can be ascribed to their result in the determination of corporate dividend policy.
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number
0530.
Length: Date of creation: Feb 1982 Date of revision: Handle: RePEc:nbr:nberwo:0530
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