This might justify discounting dividends (eg reducing them by 20%), but not removing them entirely.
Moreover the more modern approach is share repurchases, which are largely not subject to the tax drag and use the same money that was used historically for dividends.
It is worth noting that until 1982, stock buybacks were illegal—deemed as market manipulation
And since a few years ago they are highly taxed in Canada.
It is still market manipulation, but made legal by the US gov, like other crimes such as lobbying.
So are bond coupons, and (within the current regime) at a disadvantageous rate relative to dividends!
Price increases are taxed as well (eventually), do you also remove them?
Stepped-up basis takes care of that. Buy, borrow, die!
Dividends aren't taxed where I am, and it skews our investment, even towards US stocks. I find it interesting to include.