They found that 19th century capital flows tended to follow the great cross-Atlantic migrations and this mitigated downward pressure on real wages and employment in the recipient countries.

他们发现，19世纪的资本流动往往追随着大规模的跨大西洋移民潮，这减轻了接收国实际工资和就业水平的下行压力。

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Firstly, capital incomes are often taxed twice, once at the corporate level then again at the level of the recipient.

FORBES: Taxing Capital Isn't About Fair: It's About Efficiency

By contrast, if you leave the same stock to the same person in your will, the recipient gets a stepped-up basis to the value as of your date of death, saving capital gains tax.

FORBES: Four Ways To Beat State Death Taxes