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Wednesday, January 08, 2003
Looks like the stimulus package got right to work today.
Dow down 60 points.
(Added at 12:30 PST) Dow down 144 points. The Bush economy working overtime....
...and
Don't bank on companies rushing to offer dividends
Now the tax on dividends is set to be eliminated, some investors may be waiting for companies to step up and dole out the cash. But Steven Bank, tax law professor at UCLA, warned investors not to expect a dividend gold rush.
Bank told Squawk Box that is history's any guide, companies really don't care about the tax rates of their shareholders when making decisions on whether to pay dividends.
"Each time (a cut on dividends) is brought up, managers have quietly lobbied it away," Bank said. "They prefer other (tax cuts or incentives) which benefit their bottom line rather than the shareholders bottom line."
He said he expects the tax cut on dividends to have a reinvestment option in the final bill -- that's where management will be able to offer a dividend but have the option to put it back into the company rather than give it to shareholders. This way the company can boast about offering a dividend but use the cash however it wants, he added.
Bank said he does expect a few new dividend payments, but the question is whether they will come from new companies, or whether traditional dividend companies will just up their payouts.
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