[MichaelDickens]

This might justify discounting dividends (eg reducing them by 20%), but not removing them entirely.

[nwiswell]

Moreover the more modern approach is share repurchases, which are largely not subject to the tax drag and use the same money that was used historically for dividends.

[ClumsyPilot]

It is worth noting that until 1982, stock buybacks were illegal—deemed as market manipulation

[coliveira]

It is still market manipulation, but made legal by the US gov, like other crimes such as lobbying.

[joshlemer]

And since a few years ago they are highly taxed in Canada.