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Ben Graham Interview – Sears Plan of Paying employees by Capital Gains

Discussed is the Sears Roebuck plan of paying employees by capital gains. Ben Graham states that General Motors could also do this, but not all companies can. What about employees who cannot adjust their income to capital gains? Is the tax advantage unfair to those who cannot use it? Could wages not be reduced significantly and the pension contribution increased so that very little tax is paid on wages? See the full interview here:

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