1/08/2003 03:04:00 AM | Jared Alessandroni
Oh Yeah
Note that you pay dividends as income when you receive them. But if you defer them, like most people who can't afford to live off their investments, 92% of retired people who have investments for instance, you pay a tax when you collect. That is, rather than paying a tax every year [to encourage savings], you pay a tax when you take it out. Rolled into that is the dividend tax (what they would have paid every time they got their dividend checks if they were valuable enough to be worth it for however many years). The shit is that Bush's plan doesn't cut or even reduce these taxes on deferred plans. So, only the very wealthy benefit from the change.
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