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However, the court was concerned about taking an "approach that could potentially convert all capital gains into ordinary income [or] one that could convert all ordinary income into capital gains" For example, a stock's value is the present discounted value of the company's future profits. Seen another way, as Nobel laureate Milton Friedman puts it: ``The present discounted value of the promises embedded in the Social Security law exceeds the expected proceeds from payroll taxes to the tune of a present $20 trillion unfunded liability - an amount five times greater than the much-lamented current national debt. Thus, in the model, current bond and stock prices are determined by the present discounted value of expected coupon and dividend payments. |
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