Dividends are under attack and that's not good for equity investors or the stock market as a whole, Richard Shaw writes in a Seeking Alpha commentary. Congress is likely to increase taxes on dividends after 2008, and many companies are cutting them as profits slump. "The delicate condition of investor psychology, the simple math of dividends as part of total return, and the comparative yield opportunities in developed foreign markets, suggest that declining dividends would depress US stock prices," Shaw writes.

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