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SENIOR VICE PRESIDENT STRATEGIC ... - Fidelity Investments

Benjamin Franklin, 1789. Ben Franklin wrote his famous comment on the inevitability of taxes more than 230 years ago. Stocks after taxes Stocks Bonds after taxes Bonds 10.3% 8.3% 5.7% 3.6% 2 TAX-SMART INVESTING: COULD BEN FRANKLIN HAVE BEEN WRONG? 3 Exhibit 1 Taxes significantly reduce returns, 1926–2020

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