Which of the Following Statements Is Correct

Which of the following statements is correct?

A) For the most part, our national tax rates are progressive, because higher incomes are taxed at higher average rates.
B) Bonds issued by a municipality such as the city of Tshwane would carry a lower interest rate than bonds with the same risk and maturity issued by a private corporation such as Tshwane Retailers.
C) Our national tax laws tend to encourage corporations to finance with debt rather than with equity securities.
D) Our national tax laws encourage the managers of corporations with surplus cash to invest it in shares rather than in bonds.However, other factors may offset tax considerations.
E) All of the above statements are true.