You would expect to find that lessees, in general, are in relatively low income-tax brackets, while lessors tend to be in high tax brackets. The reason for this is that owning tends to provide tax shelters in the early years of a project's life. These tax shelters are more valuable to taxpayers in high brackets. However, current tax laws (1998) have reduced the depreciation benefits of owning, so tax rate differentials are less important now than in the past.