BUSINESS FINANCE II (İŞLETME FİNANSI II) - (İNGİLİZCE) Dersi Payout (Dividend) Policy soru detayı:

CEVAP:

The difference in the tax treatment of dividends versus capital gains influences investor’s preferences. While dividends are taxed at a higher rate than capital gains before 2003, the Jobs and Growth Act of 2003 equalized the tax rates on dividends and capital gains. However, there is still a tax advantage for capital gains returns relative to dividend income. While capital gains taxes are deferred until the stock is actually sold, taxes on dividend income is immediately paid when the dividends are received. Although dividends and capital gains are taxed nearly equally, the present value of taxes paid in the future has a lower effective cost than the value paid today. Also, if investors do not prefer to sell their stocks, they will not incur any obligation to pay taxes.