This way capital gains and dividends will be taxed at a top rate of 15%, whereas the investment return on deferred pay is all eventually taxed as ordinary income at a top rate of 35%.

FORBES: Strings Attached

In a taxable account, net long-term capital gains are taxed at a rate lower than the ordinary income-tax rate for withdrawals from tax-deferred retirement plans.

WSJ: How to Make Your Retirement Savings Last

The airline has deferred 11 aircraft deliveries for two years and almost halved the rate of its expansion.

ECONOMIST: Asian airlines

Investments grow tax deferred, and withdrawals are taxed at ordinary income rates, with a current top federal rate of 35%.

FORBES: Conversion Time

Plus, he'll be charged interest, accrued at 1% above the normal IRS rate, on the taxes that would have been due originally on the wrongly deferred pay.

FORBES: Strings Attached

Though it is more optimistic about the immediate room for growth, the OBR has revised down its growth forecasts for the next few years, and once again deferred the time at which we will get back to our long-term potential growth rate, which they now think will not happen until 2016.

BBC: Autumn Statement: What has changed?

What about those business people who entered into deals that deferred proceeds on a previous (recent) sale - will they get the advantage of the new lower rate of 10%?

BBC: Tax changes offer partial relief

If one is mindful of the tax rate that they will pay on their investment, and assumes that the rate may be higher when they are approaching retirement age, they may choose a tax-deferred investment vehicle like a Roth IRA fund.

FORBES: When Markets Look Scary: Now Is The Time To Invest For Retirement

Deductible IRAs (with the same maximum contributions) are available to those with lower incomes or without any other pension. (Nondeductible tax-deferred IRAs are open to all but are not worth it, given the current low top 15% tax rate on long-term capital gains and dividends.) While you're at it, consider doubling up and making your 2004 IRA contributions in January, too.

FORBES: Fund shelters