与劳动收入税率相比，资本收益税率的变动会引起更大的反应。

Changes in taxes on capital income also generate bigger responses than changes on Labour income.

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少于四分之一的富翁要比中产付的还要少，这个情况完全是由于对资本收益税和股息税税率过低造成的。

Just under a quarter of the millionaires pay as little, or less, than that median, a phenomenon almost entirely due to the lower rate levied on capital gains and dividends.

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核心税率的改变包括：从2011年一月起，主要增值税从17.5%增至20%；高税收纳税者的资本收益税提高到28%。

Key tax changes include: a rise in the main rate of VAT from 17.5% to 20% from January 2011; Capital Gains tax for higher rate taxpayers will go up from midnight to 28%.

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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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