Inefficient Income

The US corporate tax rate of 35% is the highest in the world. In Germany it’s 16%, Canada 15% and Ireland 12.5%. Worse, it raises little money. In 2014, US pre-tax corporate profits were $2 trillion. 35% of that would be $700 billion. But due to loopholes and fancy accounting, the corporate income tax raised just $320 billion. Just lower the rate to a revenue-neutral 16% and ditch the gimmicks.