对劳动力和资本征税，必然会减少其供给。

Taxation of Labour and capital must lower their supply.

youdao

许多高管私底下也承认，附股权益是一个灰色地带，确实应该以介于资本所得和收入所得之间的一种方式征税。

Many executives privately admit that carried interest is a grey area and should probably be taxed somewhere in between capital gains and income.

youdao

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。

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.

youdao

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

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选