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Discuss MMs later models (1963) in which they relaxed the no-tax assumption and added corporate taxes. Discuss Proposition I and II. Miller added personal taxes

  1. Discuss MMs later models (1963) in which they relaxed the no-tax assumption and added corporate taxes. Discuss Proposition I and II. Miller added personal taxes to the model in his 1976 Presidential Address to the American Finance Association. What happens to Millers model, in general, if there are no corporate or personal taxes? What happens when only corporate taxes exist?

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