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Should We Abolish the Corporate Income Tax?

Should We Abolish the Corporate Income Tax?
Photograph by Ken Schles/Gallery Stock

No. Bad idea.

OK, sorry, that was a little blunt. After all, there are a lot of smart people who think President Barack Obama didn’t go far enough in his recent proposal to cut the corporate income tax rate to 28 percent from 35 percent. They would like to see it go all the way to zero. They say trying to tax corporations is a waste of time because they aren’t like people—ultimately they just pass along the cost of the tax to their shareholders, workers, and (to a small extent) customers.