Which of the following statements is FALSE considering a complete view on taxes?

Select one: a. A personal tax disadvantage for debt causes the WACC to decline more slowly with leverage than it otherwise would. b. Deferring the payment of capital gains taxes lowers the present value of the taxes, which can be interpreted as a lower effective capital gains tax rate. c. To determine the true tax benefit of leverage, we need to evaluate the combined effect of both corporate and personal taxes. d. Just like corporate taxes, personal taxes reduce the cash flows to investors and diminish firm value. e. When securities are fairly priced, the original shareholders of a firm capture the full benefit of the interest tax shield from an increase in leverage. f. In the United States and many other countries, capital gains from equity have historically been taxed more heavily than interest income. g. Personal taxes have an indirect effect on the firms weighted average cost of capital