> …the abolition of the corporate income tax, … with the requirement that corporations be required to attribute their income to stockholders, and that stockholders be required to include such sums on their tax returns.
Basically treat all corporate income as pass-through income to shareholders. So if Acme Co has 1 million shareholders and they generate $100 million in revenue, each shareholder adds $100 in income to their personal income taxes next year. If corporations want to keep shareholders, they will need to pay out dividends at least enough to cover the tax bill. But that's between shareholders and corporations.
We'd be better off if every grocery store was independently competitive with other grocery stores.
In the end consumers just pay higher food prices.
Can you imagine instead of Tesla we had half a dozen electric car companies pumping out a few thousand units per year?
That would suck bad.
Just call for a national sales tax and be done with it. Later on, you can transition to a VAT once you see it fixes some of the problems with a pure sales tax.
Scale breeds corruption, monopoly and power imbalances which lead to market distortions. If you love the free market, you should support a progressive tax on revenue that would allow small businesses to compete with megacorps by taxing revenue based on corp size - make it financially beneficial to spin off smaller companies to be independent entities.
Billionaires are largely a symptom of excessive corporate power in our nation.