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Cancel corporate taxes

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In a recent article in Forbes, Stan Collender discussed corporate taxes and subsidies. Corporate taxes here are the world's highest (35-40 percent). Warren Buffett got some publicity for helping to finance the move of the corporate headquarters of Burger King to Canada. This is not the first time. Some estimate $15 trillion of our companies have moved overseas. Collender points out that corporate subsidies equal about the same amount as the corporate tax revenue, $300 billion a year. He suggests we cancel corporate taxes. Such a move would be tax neutral. This would result in a host of lobbyists and tax attorneys and accountants becoming redundant, but I think our economy would skyrocket.

Robert Petersen