EFTA01468830Set 10
12p2,875w
counterpart
for vehicles like PPVA, when taxes
might ultimately be paid, the taxdeferral
multiple (TDM). The multiples
measure the combined effects
of tax drag and compounding to
understand the overall ... period.
"Better Predictors," p. x, demonstrates
that, compared to tax drag,
both TEM and TDM more accurately
predict the long-term tax
deferral benefit of an asset class.
In this ... values in U.S. dollars.
— Deutsche Asset & Wealth Management
be fully withdrawn and taxed (TDM). In both cases the
TEM and TDM are superior predictors of the asset class
with
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01468830.pdf
least tax-efficient. But, because of its much lower be fully withdrawn and taxed (TDM). In both cases the
turnover, the benefit of tax deferral is much lower than ... TDM are superior predictors of the asset class
Asset Class 2. with the greatest tax deferral benefit in Year 20.
Based on the example in 'Deferral Benefit," you Next ... PPVA, when taxes
might ultimately be paid. the tax- Effect of Compounding
deferral multiple (TDM). The mul- Over time, the tax deferral benefit ofeach asset class changes
tiples measure
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01454213.pdf