They think that two factors affect the earning rate of purchaser in M&A: the tax rate on paid dividends and capital gains tax rate.

他们认为，企业购并中，购并方的收益率只受两个因素的影响，即企业已分配股息的纳税比率和资本利得税率。

youdao

He has hinted at raising the tax rate on capital gains, arguing that it is "not right" for income from wealth and work to be treated differently.

他已暗示将在资本利润上提高税率，认为不该区别对待资产收入和工作收入。

youdao

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。

youdao

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

耶鲁公开课 - 金融市场课程节选

Should it be the capital gains tax rate of 15%, which is now the rule?

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Most have argued loudly that raising the capital gains tax rate would be unfair.

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And every time the capital gains tax rate has been raised, revenue has gone down.

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