"until recently"

What does it mean by “until recently”? Were there any changes on tax rules? On page 99 of Schweser book4, Interest and dividends were, until recently, taxed at the investor’s marginal tax rate, while capital gains were taxed at another rate. Taxes on unrealized capital gains can be deferred indefinitely, and estate taxes must be considered.

Changed in 2003 in the U.S. http://en.wikipedia.org/wiki/Dividend_tax … “Congress passed the Jobs and Growth Tax Relief Reconciliation Act of 2003, which included some of the cuts Bush requested and which he signed into law on May 28, 2003. Under the new law, dividends are taxed at a 15 percent rate for most individual taxpayers. Dividends received by low income individuals are taxed at a five percent rate until December 31, 2007 and become fully untaxed in 2008. These provisions are set to expire on January 1, 2011.” http://en.wikipedia.org/wiki/Jobs_and_Growth_Tax_Relief_Reconciliation_Act_of_2003

Thanks hiredguns1, you’re so knowledgeable.