Consider the following top federal tax rates in the United States: Personal Tax Rates

Year	Corporate Tax Rate	Interest Income	Dividends	Capital Gains
2000	35%	40%	40%	20%
2005	35%	35%	15%	15%

In 2000, assuming an average dividend payout ratio of 50%, the effective tax rate for equity holders was closest to:

		69.9%
		65.5%
		54.5%
		30.3%