The mainstay of federal business taxation, the US corporate income
tax, is riddled with distortions and inequities. As a means of
taxing the richest Americans ? a popular goal ? the corporate
income tax is a hopeless failure. Many companies pay no corporate
tax, and among those that do the burden is highly uneven.
Meanwhile, the richest Americans command income from numerous
sources besides corporate dividends. The distortions and inequities
are amazing. Under pressure from business lobbies, Congress
legislates deductions and exemptions that twist the corporate tax
base far from any plausible financial definition; then Congress
enacts ?targeted? tax credits to carry out ersatz industrial
policies. Faced with a tax terrain of mountains and ravines,
corporations employ armies of lawyers and accountants to devise
avoidance strategies. This book proposes to replace the corporate
income tax with a tax that has a much broader base at a much lower
rate. Two alternatives are explored: the National Retail Sales Tax
(NRST) and the Corporate Activity Tax (CAT). To address the issue
of regressivity, both alternatives are coupled with measures to
preserve the real spending power of households at the lowest income
levels.
General
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