英文早读第242篇，选自巴菲特年度信，友才翻译。
Of course, the two forms of taxation co-exist and interact since explicit taxes are levied on nominal, not real, income. Thus you pay income taxes on what would be deficits if returns to stockholders were measured in constant dollars.
当然，这两种形式的税务互相存在和作用，因为明确的税款是基于名义上上的，不是真实的收入来征收。因此，你会基于按直接美金来衡量给股东回报的差额来支付所得税。
At present inflation rates, we believe individual owners in medium or high tax brackets (as distinguished from tax-free entities such as pension funds, eleemosynary institutions, etc.) should expect no real long-term return from the average American corporation, even though these indivduals reinvest the entire after-tax proceeds from all dividends they receive. The average return on equity of corporations is fully offset by the combination of the implicit tax on capital levied by inflation and the explicit taxes levied both on dividends and gains in value produced by retained earnings.
在现在的通胀率下，我们相信处于中等或较高税收层级的个人投资者（区别于免税股票类似养老金、慈善机构等等）将不要期待任何真正从美国公司平均长期的回报，即使这些个人将收到的所有税后分红随后就再投资了。公司股票的平均回报率将会被通胀征收的隐形税和对分红与留存利润产生的资金增值征收的显性税在一起抵消掉。
As we said last year, Berkshire has no corporate solution to the problem. (We'll say it again next year, too.) Inflation does not improve our return on equity.
正如我们去年所说的，伯克希尔没有应对这个问题的公司方案。（我们下一年也会再说这个。）通胀没有提高我们的股票回报。
42.levy：征收；征（税）
43.nominal：名义上的；象征性的；名词的
44.deficit：赤字；亏损；缺少
45.pension：养老金
46.eleemosynary：慈善的；施舍的
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