هذا مقال جدير بالقراءة
لو تمت معالجة مشكلة ازدواجية الضريبة سيؤدي ذلك الى ارتفاع الارباح الموزعة للمساهمين
Investors Seek Dividends Again
A couple of years ago investors couldn't care less about dividends. They wanted growth, earnings, and a higher moving stock price. But now that we've all come back to our senses again, dividends have become more important in the overall scheme of things.
We know from the latest statements out of the Bush administration that there is going to be a major push to change the tax code near year to reduce the tax liability of stock dividends. Right now if a U.S. stock pays a dividend it is "double taxed." That is, the company pays tax on their income even if they are paying it out as a dividend and the individual pays tax on the dividend also except in a retirement account.
Depending on who got the tax break, this change will likely have a positive effect on the stock market. If corporations get the tax break, you will likely see a big increase in companies paying out dividends. If individuals get the tax break, there could be a big demand for dividend paying stocks. And and a result, a relatively large rise in the demand for stocks with dividends. Companies like Microsoft and Cisco that are sitting on mountains of cash would be pressed by shareholders for some kind of payout.
However, there are all sorts of ramifications of this change that aren't immediately obvious. If corporations get a tax break, it will reduce some of the desirability of REITs and BDCs (business development companies) that already get a tax deduction on their dividends. There also wouldn't be as much advantage to owning these stocks. Also it could hit the bond market pretty hard. Why take a taxable dividend if you can get a tax free one? With U.S. borrowing on rise with the return of deficits, bond payouts may have to increase and we'd see a significant steepening of an already steep yield curve.
There is by no means any guarantee that this will happen, or that the change will be a significant one. It might be that they'll make the first $200 of dividends deductible, for example. This is an expensive plan, as a lot of tax revenue comes from dividends. So Congress may be reluctant to reduce these taxes too much. But if a significant change is made, it will almost certainly be a big boost to the stock market, and to dividend paying stocks particularly. So watch this one closely.
And, even though dividends are certainly good things, they should never be the only or even main reason for buying a stock. In general, investors would be wise to consider dividends only as the frosting on the cake, not the entire cake itself. If you find a stock with solid earnings and fundamentals with a good dividend, that is good, but don't buy a stock with crummy fundamentals only because it has a nice dividend
لو تمت معالجة مشكلة ازدواجية الضريبة سيؤدي ذلك الى ارتفاع الارباح الموزعة للمساهمين
Investors Seek Dividends Again
A couple of years ago investors couldn't care less about dividends. They wanted growth, earnings, and a higher moving stock price. But now that we've all come back to our senses again, dividends have become more important in the overall scheme of things.
We know from the latest statements out of the Bush administration that there is going to be a major push to change the tax code near year to reduce the tax liability of stock dividends. Right now if a U.S. stock pays a dividend it is "double taxed." That is, the company pays tax on their income even if they are paying it out as a dividend and the individual pays tax on the dividend also except in a retirement account.
Depending on who got the tax break, this change will likely have a positive effect on the stock market. If corporations get the tax break, you will likely see a big increase in companies paying out dividends. If individuals get the tax break, there could be a big demand for dividend paying stocks. And and a result, a relatively large rise in the demand for stocks with dividends. Companies like Microsoft and Cisco that are sitting on mountains of cash would be pressed by shareholders for some kind of payout.
However, there are all sorts of ramifications of this change that aren't immediately obvious. If corporations get a tax break, it will reduce some of the desirability of REITs and BDCs (business development companies) that already get a tax deduction on their dividends. There also wouldn't be as much advantage to owning these stocks. Also it could hit the bond market pretty hard. Why take a taxable dividend if you can get a tax free one? With U.S. borrowing on rise with the return of deficits, bond payouts may have to increase and we'd see a significant steepening of an already steep yield curve.
There is by no means any guarantee that this will happen, or that the change will be a significant one. It might be that they'll make the first $200 of dividends deductible, for example. This is an expensive plan, as a lot of tax revenue comes from dividends. So Congress may be reluctant to reduce these taxes too much. But if a significant change is made, it will almost certainly be a big boost to the stock market, and to dividend paying stocks particularly. So watch this one closely.
And, even though dividends are certainly good things, they should never be the only or even main reason for buying a stock. In general, investors would be wise to consider dividends only as the frosting on the cake, not the entire cake itself. If you find a stock with solid earnings and fundamentals with a good dividend, that is good, but don't buy a stock with crummy fundamentals only because it has a nice dividend