For a while I have advocated for the idea that we eliminate the corporate income tax and simply tax capital gains and dividends as regular individual income. Corporate profits eventually flow to one or the other. Out would go a whole expensive class of taxation that has all kinds of distorting effects (and really does not raise that much money). Out would go the tax preferences for corporate debt over equity financing. Out would go double taxation of investment income. Out would go the disincentive to repatriate corporate profits and relocate headquarters to foreign countries. And out would go the perceived need for the goofy "Buffett Rule."
At least some on the Left might be open to the idea.
Via the Weekly Standard (with video):
Gene Sperling, director of the White House's national economic council, said today at an official meeting that "we need a global minimum tax":
Pegging our tax rates to France is almost as good an idea as pegging our exchange rates to Greece.
Also, this statement is a hilarious mass of contradictions
“He supports corporate tax reform that would reduce expenditures and loopholes, lower rates for people investing and creating jobs in the U.S., due so further for manufacturing, and that we need to, as we have the Buffett Rule and the individual tax reform, we need a global minimum tax so that people have the assurance that nobody is escaping doing their fair share as part of a race to the bottom or having our tax code actually subsidized and facilitate people moving their funds to tax havens," Sperling said.
He wants to lower rates for people investing, but he wants to institute the Buffett Rule, which effectively raises taxes on people whose income is substantially dividends and capital gains, ie people who invest. He wants special rates for creating jobs and extra special rates in manufacturing, but he wants to get rid of loopholes, most of which were created at least with the nominal intent of spurring investment in certain sectors, particularly manufacturing.