The bulk to which individual shareholders' taxes affect equity.

The bulk to which individual shareholders' taxes affect equity, prices is central to valuation and tax policy. Historically, the dividend tax has attracted more scholarly, attention than the capital gains tax. on the same level today, the debate between the traditional view and the (now not-so-new) of recent origin view continues, and studies of the 2003 reduction in the dividend tax are already emerging. (1)

Conversely the appropriate tax upon capital gains has long been hotly debateed in policy circles but has received comparably little attention from scholars. This is surprising because in the greatest degree companies pay no dividends and those that do pay dividends