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Before our golden new era of stock market perfection, dividends were an important component of return on investment and most studies showing the 10% or 11% average annual return on stocks through history, include reinvested dividends.

An interesting side question then, do these marvelous 50-year charts take into account taxation of dividends at a normal rate? Or do they assume some sort of tax-free environment (like a 401k, which didn't exist 50 years ago)?
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