Which of the following statements is false? (Points : 10) Personal taxes ha

Which of the following statements is false? (Points : 10)

Personal taxes have the potential to offset some of the corporate tax benefits of leverage.
The actual interest tax shield depends on the reduction in the total taxes (both corporate and personal) that are paid.
The amount of money an investor will pay for a security ultimately depends on the benefits the investor will receive; namely the cash flows the investor will
receive before all taxes have been paid.
Just like corporate taxes personal taxes reduce the cash flows to investors and diminish firm value.