•                                                                 Tax shields Suppose that, in an effort to reduce the federal deficit, Congress increasesthe top personal tax rate on interest and dividends to 35% but retains a 15% tax rate onrealized capital gains. The corporate tax rate stays at 35%. Compute the total corporateplus personal taxes paid on debt versus equity income if (a) all capital gains are realizedimmediately and (b) capital gains are deferred forever. Assume capital gains are half ofequity income.
  
  
  其中a）答案的personal tax 0.35*0.5*[1-(0.35*0.1)]+0.15*0.5*[1-(0.35*1)]=0.163，我比较疑惑，为什么要乘以0.5？