the real argument should be tax-free growth. With dividends, you pay the tax immediately/that year. With capital gains, you don't pay until you sell. If one

the real argument should be tax-free growth. With dividends, you pay the tax immediately/that year. With capital gains, you don't pay until you sell. If one looks long-term enough, you could also sell when you are in a lower income tax bracket or the government has lowered capital gains for random political reasons.