Apple Shows It's Time to Abolish Corporate Taxes
There's no evidence corporate taxes do any good.Â
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Tim Cook, the chief executive of Apple Inc., came to the U.S. Senate on May 21 to advocate an overhaul of the nation's corporate tax code. Tax profits at 20 percent, Cook said, and offer no loopholes, no deductions, no complexities.
The recommendation might seem radical. It isn't. Apple might be a visionary in consumer electronics and software, but not when it comes to taxes. The best way to reform corporate taxation isn't to cut the rate but abolish it.