A record number of US companies have announced special dividends in recent months in order to escape higher taxes on equity income payments.
The current tax rate of 15 per cent on dividends, legislated by the Bush tax cuts in 2003, could spike to a top rate of more than 40 per cent next year unless President Barack Obama and the US Congress can avoid the fiscal cliff, which would trigger automatic tax rises. Mr Obama made raising taxes on the wealthy a central plank of his re-election campaign.
The dividends have been promised by companies where management insiders hold a high proportion of the shares. Many US companies are flush with cash but reluctant to invest given the general uncertainty surrounding the fiscal cliff and global growth.
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