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What was the effective dividend tax rate for a U.S. investor in the highest tax bracket who planned to hold a stock for one year in 1981. Please see table below. How did the effective dividend tax rate change in 1982 when the Reagan tax cuts took effect? (Ignore state taxes.)

Year Capital GainsDividends

1971-1978 35%70%

1979-1981 28% 70%

1982-1986 20%50%

1987 28%39%

1988 - 1990 28% 28%

1991-1992 28% 31%

1993-199628% 40%

1997-2000 20% 40%

2001-2002 20% 39%

2003-2012 15% 15%

2013- 20% 20%

The effective dividend tax rate for a U.S. investor in the highest tax bracket who planned to hold a stock for one year in 1981 __% (round two decimal places)

In 1982 when Reagan tax cuts took effect, the effective dividend rate was ___% (round two decimal places)