Suppose that Congress sets the top personal tax rate on interest and dividends at $35\%$ and the top rate on realized capital gains at $15\%.$ The corporate tax rate stays at $21\%.$ Assume capital gains are half of equity income.

Compute the difference between the total corporate plus personal taxes paid on debt and the total taxes on equity income if all capital gains are realized immediately.

Compute the difference between the total corporate plus personal taxes paid on debt and the total taxes on equity income if all capital gains are deferred forever.