Locator: 48753VDH.
Announced today, Cummins (CMI) increased its dividend by 10%, from $1.82 to $2.00.
The other day the Bank of New York Mellon (BK) increased its dividend by 13%.
If an heir of the founder of Cummins was living only on CMI stock, all of a sudden, their annual income just went up 10%. Likewise, if an heiress of the founder of New York Mellon was living only on BK stock, all of a sudden, their annual income just went up 13%. And federal income tax on qualified dividends is capped at 15%. An income jump 10% or 13% significantly exceeds the current rate of inflation, about 2 - 3%. Some of the details might not be quite right, but you get the idea.
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Common Sense
