[prostoalex]

At that level the recommended allocation would bias towards munis and dividend stocks, so taxation burden will be lighter.

[stephencanon]

Today. If you're planning long-term, it's reasonable to assume a non-zero chance of dividends being taxed more inline with normal income.

[prostoalex]

EMH says this will get priced in, and companies who pay dividends will just switch to stock buybacks or other more efficient methods of capital distribution.