Richard Rahn explains why we should eliminate the corporate income tax, and points out that economists around the world agree. Emerging economies in New Europe are slashing rates and leaving America uncompetitive with a combined federal and state corporate tax rate average of 42%.
There are still some, but fortunately a diminishing number of mentally lightweight leftists, who believe you somehow can tax a corporation without taxing the workers, customers, suppliers and stockholders (who in many cases are invested in pension funds) of the corporation. When they make the cry, as they surely will, that eliminating the corporate income tax benefits the rich and rewards the greedy, they should be challenged with facts and logic. Advocates of sound economic policy have too many times allowed themselves to be bullied by loudmouths who claim compassion, yet cause misery. Tax reform is too important to allow ignorance to prevail.
(HT: The eminent Larry Kudlow.)