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Currently, qualified dividends are taxed at 15% which is the same as long term capital gains (for most people). Philosophically, this is a wash but there are practical differences such as controlling when the tax is paid. If you reinvest dividends into a taxable account, the taxes will need to be accounted for. Non-qualified companies like REITs are best held in tax advantaged accounts if practical in my opinion.

I have not read Jeremy Siegel's books but I expect he addresses this issue along the way to making a case for tried and true dividend paying companies. The subject is addressing in 'Investing Fables' by Aswath Damodaran, but the book went to press prior to the tax change. He found a small advantage for dividend paying securities under the old system but states in the book that the then pending decreased tax rate may well tilt the scale more to their favor.

As for Warren, while BRK has not paid a dividend, he has not discouraged Coke from a policy of increased dividend payout while on the board. He was outspoken in opposition to the recent the Bush tax changes including the dividend policy feeling they were too favorable to the wealthy.

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