To encourage Americans to save and invest more of their incomes, Treasury Secretary William Simon last week proposed a sweeping change in the U.S. tax system: meshing reductions in corporate and personal income taxes to eliminate all "double taxation" of dividends. (At present, a company pays tax on its profits, then sends some of the remaining money as dividends to stockholders, who pay tax on it as part of their personal incomes.) Testifying before the House Ways and Means Committee, Simon said that his plan would eventually give corporations and individual investors tax cuts totaling $14 billion, starting with...
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