But the market rallied nonetheless.
That makes me inclined to think this move isn't finished, and that it will force more people in than out, even if those who worry about higher capital gains rates leave the table.
Regarding the dividend return after taxes, one look at the hideous performance of the utilities tells you the change in the law has almost been digested already. Yes, these stocks have been performing that badly.
In fact, some of them -- the ones that yield 5.5% -- are probably already buys.