Which of the Following Statements Is False

Which of the following statements is false?

A) To determine the true tax benefit of leverage, we need to evaluate the combined effect of both corporate and personal taxes.
B) A personal tax disadvantage for debt causes the WACC to decline more slowly with leverage than it otherwise would.
C) Personal taxes have an indirect effect on the firm's weighted average cost of capital.
D) In Canada and many other countries, capital gains from equity have historically been taxed more heavily than interest income.