Dividend income or capital gains income in the stock market is taxed differently.

股息收入或者资本利得收入,适用的税率是完全不同的

耶鲁公开课 - 金融市场课程节选

I only started asking this in 1996 when the stock market boom was well under way, but already 69% of my respondents, who were high-income investors, strongly agreed.

996年时我才提出这种疑问,那时股票市场一片欣欣向荣,这些受访者是高收入投资者,但69%的受访者强烈认同这点

耶鲁公开课 - 金融市场课程节选