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Taxes and investments
1.
© 2012 Morningstar,
Inc. All rights reserved. 4/1/2012 14-0906-23- (0412) - 1 Taxes and Investment Performance Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM) (life insurance, disability insurance, and annuities) and its subsidiaries. Securities offered through Northwestern Mutual Investment Services, LLC (NMIS), a subsidiary of NM, broker-dealer and member FINRA and SIPC. For illustrative purposes only and not indicative of any investment. Past performance is no guarantee of future results. No investment strategy can guarantee a profit or protect against a loss.
2.
14-0906-23- (0412) -
2 Comparison of Highest and Lowest Marginal Tax Rates 1926–2011 © 2012 Morningstar, Inc. All rights reserved. 4/1/2012 80 60 40 20 100% Marginal tax rate 1926 1936 1946 1956 1966 1976 1986 1996 2006 • Highest rate • Lowest rate 0 Source: Pechman, Joseph A., Federal Tax Policy, fifth edition, The Brookings Institute, 1987; Standard Federal Tax Reports, CCH; Federal Individual Income Tax Rates History, www.taxfoundation.org; Tax Policy Center, Historical Top Tax Rate, www.taxpolicycenter.org.
3.
14-0906-23- (0412) -
3 Ibbotson® SBBI® Stocks, Bonds, Bills, and Inflation 1926–2011 Past performance is no guarantee of future results. Hypothetical value of $1 invested at the beginning of 1926. Assumes reinvestment of income and no transaction costs or taxes. This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. © 2012 Morningstar, Inc. All rights reserved. 4/1/2012 0.10 1 10 100 1,000 $10,000 1926 1936 1946 1956 1966 1976 1986 1996 2006 $15,532 $3,045 $21 $13 Compound annual return • Small stocks 11.9% • Large stocks • Government bonds • Treasury bills • Inflation 9.8 5.7 3.6 3.0 $119 Small stocks in this example are represented by the fifth capitalization quintile of stocks on the NYSE for 1926–1981 and the performance of the Dimensional Fund Advisors, Inc. (DFA) U.S. Micro Cap Portfolio thereafter. Large stocks are represented by the Standard & Poor’s 90 index from 1926 through February 1957 and the S&P 500® index thereafter, which is an unmanaged group of securities and considered to be representative of the U.S. stock market in general. Government bonds are represented by the 20-year U.S. government bond, Treasury bills by the 30-day U.S. Treasury bill, and inflation by the Consumer Price Index. Underlying data is from the Stocks, Bonds, Bills, and Inflation® (SBBI®) Yearbook, by Roger G. Ibbotson and Rex Sinquefield, updated annually.
4.
14-0906-23- (0412) -
4 Ibbotson® SBBI® After Taxes 1926–2011 Past performance is no guarantee of future results. Hypothetical value of $1 invested at the beginning of 1926, with taxes paid monthly. No capital gains taxes are assumed for municipal bonds. This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. Assumes reinvestment of income and no transaction costs. © 2012 Morningstar. All Rights Reserved. 4/1/2012 $1,000 100 10 1 0.10 1926 1936 1946 1956 1966 1976 1986 1996 2006 $12.59 $6.61 $22.58 $42.18 $609.39 Compound annual return • Stocks 7.7% • Municipal bonds • Government bonds • Treasury bills • Inflation 4.4 3.7 3.0 2.2 Federal income tax is calculated using the historical marginal and capital gains tax rates for a single taxpayer earning $110,000 in 2010 dollars every year. This annual income is adjusted using the Consumer Price Index in order to obtain the corresponding income level for each year. Income is taxed at the appropriate federal income tax rate as it occurs. When realized, capital gains are calculated assuming the appropriate capital gains rates. The holding period for capital gains tax calculation is assumed to be five years for stocks, while government bonds are held until replaced in the index. No capital gains taxes on municipal bonds are assumed. No state income taxes are included. Stocks in this example are represented by the Standard & Poor’s 90 index from 1926 through February 1957 and the S&P 500® index thereafter, which is an unmanaged group of securities and considered to be representative of the U.S. stock market in general . Municipal bonds are represented by 20-year prime issues from Salomon Brothers’ Analytical Record of Yields and Yield Spreads for 1926–1984 and Mergent’s Bond Record thereafter. Government bonds are represented by the 20-year U.S. government bond, inflation by the Consumer Price Index, and Treasury bills by the 30-day U.S. Treasury bill.
5.
14-0906-23- (0412) -
5 Ibbotson® SBBI® After Taxes and Inflation 1926–2011 Past performance is no guarantee of future results. Hypothetical value of $1 invested at the beginning of 1926, with taxes paid monthly. No capital gains taxes are assumed for municipal bonds. Assumes reinvestment of income and no transaction costs. This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. © 2012 Morningstar. All Rights Reserved. 4/1/2012 0.10 1 10 $100 1926 1936 1946 1956 1966 1976 1986 1996 2006 $0.53 $1.79 $3.35 $48.41 Compound annual return • Stocks 4.6% • Municipal bonds • Government bonds • Treasury bills 1.4 0.7 –0.7 Federal income tax is calculated using the historical marginal and capital gains tax rates for a single taxpayer earning $110,000 in 2010 dollars every year. This annual income is adjusted using the Consumer Price Index in order to obtain the corresponding income level for each year. Income is taxed at the appropriate federal income tax rate as it occurs. When realized, capital gains are calculated assuming the appropriate capital gains rates. The holding period for capital gains tax calculation is assumed to be five years for stocks, while government bonds are held until replaced in the index. No capital gains taxes on municipal bonds are assumed. No state income taxes are included. Stocks in this example are represented by the Standard & Poor’s 90 index from 1926 through February 1957 and the S&P 500® index thereafter, which is an unmanaged group of securities and considered to be representative of the U.S. stock market in general . Municipal bonds are represented by 20-year prime issues from Salomon Brothers’ Analytical Record of Yields and Yield Spreads for 1926–1984 and Mergent’s Bond Record thereafter. Government bonds are represented by the 20-year U.S. government bond, inflation by the Consumer Price Index, and Treasury bills by the 30-day U.S. Treasury bill.
6.
14-0906-23- (0412) -
6 Taxes Significantly Reduce Returns 1926–2011 Past performance is no guarantee of future results. This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. © 2012 Morningstar. All Rights Reserved. 4/1/2012 7.7% 5.7% 3.7% 3.6% 3.0% 0 2 4 6 8 10% Stocks Stocks after taxes Bonds after taxes Bonds Cash Cash after taxes Inflation 9.8% 2.2% Federal income tax is calculated using the historical marginal and capital gains tax rates for a single taxpayer earning $110,000 in 2010 dollars every year. This annual income is adjusted using the Consumer Price Index in order to obtain the corresponding income level for each year. Income is taxed at the appropriate federal income tax rate as it occurs. When realized, capital gains are calculated assuming the appropriate capital gains rates. The holding period for capital gains tax calculation is assumed to be five years for stocks, while government bonds are held until replaced in the index. No state income taxes are included. Stocks in this example are represented by the Standard & Poor’s 90 index from 1926 through February 1957 and the S&P 500® index thereafter, which is an unmanaged group of securities and considered to be representative of the U.S. stock market in general. Government bonds are represented by the 20-year U.S. government bond, cash by the 30-day U.S. Treasury bill, and inflation by the Consumer Price Index. The data assumes reinvestment of income and does not account for transaction costs.
7.
14-0906-23- (0412) -
7 Lower Capital Gains Taxes Have Benefited Stocks in Recent Years Spread between before- and after-tax returns over various holding periods Past performance is no guarantee of future results. This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. © 2012 Morningstar. All Rights Reserved. 4/1/2012 • Stocks • Bonds 5-year 0 2 3 1-year 10-year 20-year 4% Return spread 1 0.3% 2.7% 0.6% 0.3%0.3% 2.8% 3.4% 2.1% Federal income tax is calculated using the historical marginal and capital gains tax rates for a single taxpayer earning $110,000 in 2010 dollars every year. This annual income is adjusted using the Consumer Price Index in order to obtain the corresponding income level for each year. Income is taxed at the appropriate federal income tax rate as it occurs. When realized, capital gains are calculated assuming the appropriate capital gains rates. The holding period for capital gains tax calculation is assumed to be five years for stocks, while government bonds are held until replaced in the index. No state income taxes are included. Stocks are represented by the Standard & Poor’s 90 index from 1926 through February 1957 and the S&P 500® index thereafter, which is an unmanaged group of securities and considered to be representative of the U.S. stock market in general. Bonds are represented by the 20-year U.S. government bond. The data assumes reinvestment of income and does not account for transaction costs.
8.
14-0906-23- (0412) -
8 Benefits of Deferring Taxes Hypothetical value of $10,000 invested in stocks. This example is for an investor in the 28% bracket using the 2011 tax code. Assumes an 8% annual total return. Estimates are not guaranteed. This is for illustrative purposes only and not indicative of any investment. © 2012 Morningstar. All Rights Reserved. 4/1/2012 to retirement 0 50 100 150 200 $250k 5 years 10 15 20 25 30 35 40 45 • Value of taxable account • Value of tax-deferred account This hypothetical example is for an investor in the 28% bracket using the 2011 tax code (estimated to become the 31% tax bracket in 2013). $10,000 is invested in stocks at the beginning of year 1 (2012). Assumes an 8% annual total return (6% price return and 2% income return) and a 15% tax rate on capital gains and dividends in year 1 (2012), after which the rates revert to 20% and the investor’s marginal tax rate, respectively. The investment is taxed at a 28% marginal tax rate in year 1 (2012), and then reverts to 31%. Taxes are assessed yearly on the taxable account but only at the end of the period on the tax-deferred account. Estimates are not guaranteed.
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