When Modigliani and Miller wrote, there was a differential tax rate between dividends and capital gains.

莫迪利阿尼和米勒写到,如果在股利和资本收益间,有一个随其他因素变化的税率

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The personal tax on dividends-- of course it depends also on your tax bracket and your income; I'm going to talk about the highest tax bracket.

个人股息税税率是...,它取决于你所处地的税率级别和你的收入,我想谈下最高税率

耶鲁公开课 - 金融市场课程节选

It's tax deductible, whereas dividends are not.

这是免税的,股利还要征税

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What's the tax rate of dividends today?

现在的股息税税率是多少呢

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However, that all changed in 2003 with the Jobs and Growth Tax Reconciliation Act of 2003, which cut the rate of taxation of dividends to 15%-- the same rate that capital gains are taxed.

但在2003年这些都变了,2003年颁布的《就业与进一步减税协调法案》,将股利的税率减至15%,与资本收益的征税率相同

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