1967 '68 '69 '70 '71 '72 '73 74 75 76

Source: Standard and Poor's Analysts Handbook

CHART 11

TAX LAWS FAVOR HIGH GROWTH, LOW DIVIDEND INVESTMENTS
OVER LOW GROWTH, HIGH DIVIDEND INVESTMENTS

*

Assumes a 30% tax bracket, and therefore a 15% capital gain tax ** Assumes reinvestment of appreciation and after tax dividends

CHART 12