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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It was--Modigliani and Miller said back then-- this was thirty or forty years ago-- that companies should really not pay dividends because dividends were then taxed at a higher rate than capital gains.

莫迪利阿尼和米勒说在那时候,大概30或40年前,公司不应分配股利,因为对股利征税的税率比对资本收益高

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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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