Effective Tax Rate on Common Stock Dividends - for Non Insurer

Hi all,



I'm confused on the following two pieces, and will greatly appreciate any help:



1) Page 2 of Feldblum's Taxable Income Paper:



http://www.casact.org/library/studyn...ldblum2007.pdf



says: "The effective tax rate on dividends from unaffiliated entities is 30% × 35% = 10.50% for non-insurers"



2) Page 2 of Feldblum's Taxes and Investment Strategy Paper:



http://www.casact.org/library/studyn...um_Tax2007.pdf



says: "Stocks: The tax rate is 15% on shareholder dividends and long-term capital gains."





Can anyone please clarify why 15% effective tax rate on Common Stock dividends for non-insurers mentioned in the 2) above is different than 10.5% in 1) above?



Thank you so much!

Effective Tax Rate on Common Stock Dividends - for Non Insurer