By introducing personal taxes into the model for capital structure choice, how did Miller alter the previous

Question:

By introducing personal taxes into the model for choice, how did Miller alter the previous M&M conclusion that 100 percent debt is optimal? What happens to the gains from leverage if personal tax rates on interest income are significantly higher than those on stock-related income?
Capital Structure
Capital structure refers to a company’s outstanding debt and equity. The capital structure is the particular combination of debt and equity used by a finance its overall operations and growth. Capital structure maximizes the market value of a...