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Politics : Stockman Scott's Political Debate Porch
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To: Jim Willie CB who wrote (11406)1/9/2003 2:58:17 PM
From: stockman_scott  Read Replies (1) of 89467
 
<<...Bush, in vowing to end what he called the double taxation of dividends, has proposed a complicated system under which dividends would be tax-free only if companies can show that they paid taxes on the original profits.

Under the plan, companies would have to establish "excludable distribution accounts," in which they would record only corporate income that has been taxed. Companies would have to track income that is fully taxed, partially taxed and untaxed and then inform shareholders what portion of their dividends is tax-free. Adding to the complexity, a company's tax payments one year would determine the tax status of dividends paid in the following year.

"Nobody has the foggiest clue how this is going to be done," said David Mangefrida, a partner in the national tax department of Ernst & Young LLP...>>

washingtonpost.com
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