Word: dividend
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...Street. And one of the most durable of all dumb business ideas is the notion that investors have to overhaul their portfolios every time Congress tinkers with the tax laws. Now that the Job and Growth Tax Relief Reconciliation Act of 2003 has reduced the maximum tax rate on dividends from 38.6% to 15%, Wall Street is flogging dividend-paying stocks as if they were the best way to pump up performance since Viagra...
There's no denying that the income offered by preferred stocks is tempting. With the 10year Treasury bond yielding only 3.5% and common stocks averaging a 1.6% dividend, tripling your income by loading up on preferreds seems, on paper, like a great idea. "Elsewhere, yields have just dried up," says Susan Breakefield Fulton, president of a financial-planning firm bearing her name in Bethesda, Md., that puts a portion of its clients' money into preferred shares. But as Fulton points out, most preferreds are issued by smaller, lesser-known companies. And some of those issuers are seriously obscure...
...investors is whether Pinault's financial situation could drain PPR. Colette Neuville, a French shareholder activist who has frequently crossed swords with Pinault in the past, wanted to know at a recent shareholders' meeting why the company was buying back its stock so aggressively and paying out such big dividends. Serge Weinberg, PPR's chief executive, replied that the stock buybacks were standard, and that the size of the dividend was in line with other French companies. Neuville isn't satisfied. Pinault's problem, she says, "is that he's too astute. He always goes through the yellow light." Ironically...
...else do you help the little guy? You eliminate "the double taxation of dividends," said Bush, because that will boost the stock market, thereby "helping our average citizens realize wealth." (Ultimately, Bush had to settle for halving the top rate for the dividend tax.) All in all, he says, accusations that his plan "only helps the rich" are "just empty rhetoric...
...India is ready for a "soft" Line of Control?featuring checkpoints through which Kashmiris can easily pass to meet their relatives on the other side?once it is confident that Pakistan has bottled up the militants. Kashmiris (aside from some hard-line Kashmiri politicians) will settle for a peace dividend that reunites them and restores the calm that can bring tourism, investment and prosperity. For the subcontinent, self-interest may yet prove to be in everyone's interests...