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DUBYA'S EXTRA DIVIDEND.
(From Financial Director)
Byline: John Sterlicchi in San Jose.
Over the past few decades US companies have gone to great lengths to avoid paying any taxes. Corporate taxation as a percentage of the total amount received in the federal government coffers has plummeted from around 25% in the 1960s to half that figure by the end of 1990s.
Yet, if President Bush's plan to end taxation on corporate dividends passes unamended, it will have the consequence of penalising shareholders in companies that already have successful tax avoidance plans in place.
And could in fact, spur companies into paying taxes.
The devil in the detail of Bush's plan is that dividends would only be tax-free if companies can show they paid taxes on their original profits.
This is logical because the rationale behind the Bush plan is to end the double-taxation of dividends.
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