Mercury News -- Scott Herhold: Who gains from no tax on dividends?

Some of the problems with no tax on dividends.

But it's questionable whether exempting dividends from taxes will really promote the kind of growth in capital spending that's needed to revive the economy. Yes, we're all more risk-averse these days. But if a company is paying out much more in dividends, will it reduce the cash left for investments that put people to work? The answer feels like yes.