Adding personal taxes to the model lowers, but does not eliminate the benefit of corporate debt in the US taxes on capital gains are lower than the ordinary income and can be deferred the effective right on the stock income is normally less than that on the bond income and although that the personal tax on debt will lower the gain from the corporate debt, it is not usually enough to eliminate. Therefore, there is still a game from leverage using Miller$$s model as well as the Mma model with corporate tax. Is this true or no