If the "raison d'etre" of dividend exemption is stimulating the market, and not the economy, I think it is not a good longe term solution. I have outlined before some the reasons why that scheme will be self defeating (you can do a search on "Dividends" and "Zeev" in this thread to find some of these.
Some additional impacts will be preference of capital to go to slower growing segments (that pay higher dividends since they do not have good investment opportunities) rather than growing companies.
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