We have a system, which you say it really-- The progressive tax system is very important but it's not conceptualized right.

我们有个制度，你们都觉得-,累进税制非常重要,但它被错误的概念化了。

耶鲁公开课 - 金融市场课程节选

You have a progressive tax system that takes more money from the wealthier people and you have a welfare system that looks at individual hardship and pays out.

我们有随富有程度加重税负的,累进税制,还有关注个体并进行再分配支出的,福利制度。

耶鲁公开课 - 金融市场课程节选

So, in a sense, the tax structure was regressive.

在某种意义上,这种税制结构是退化的

耶鲁公开课 - 金融市场课程节选

In fact, you have to put that qualifier on just about anything you say in finance because the tax system is infinitely complex and every country has different taxes, different states have different taxes.

事实上你必须进行改进,不管你是在谈论哪个金融学问题,因为税制太复杂了,每个国家的税制不同,每个联邦州的税制不同

耶鲁公开课 - 金融市场课程节选

The Tax Reform Act of 1986 made DPPs much less valuable to investors, and so a lot of wealthy people switched from DPPs to REITs.

986年的税制改革法案,使得DPP对投资者不再那么有价值,所以很多富人从DPP转向REITs

耶鲁公开课 - 金融市场课程节选