Subject: Re: a stocks and dividends question
From: "Stephen J. Turnbull" <>
Date: Fri, 10 Jan 2003 19:07:38 +0900

>>>>> "robin" == robin  <> writes:

    >> If you think about it, you can see how the double taxation of
    >> dividends helps distort capital

    robin> Funny how this didn't "distort capital markets" until
    robin> fairly recently.

Oh, come on, Robin.  Cf. Robert Heinlein's "The Man Who Sold the
Moon", which was written in the '50s IIRC.  I believe you can find
references to it in Ayn Rand et al, too, also '50s thinkers.  I would
imagine that if you look at the legislative history of the 16th
Amendment and the introduction of capital gains taxes you will
discover that people knew about it in advance, too.

    robin> I still believe in patriotism, honesty, everyone doing
    robin> their fair share, and other obsolete values, too.

So do I.  I even practice them, to the extent that my imperfect nature
allows.  Those values don't conflict with being a modern economist,
not even in the classroom.

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