Weimer: Repeal and replace the tax on corporate profits

The U.S. corporate income tax wastes resources: avoidance distorts business decisions, compliance imposes administrative costs, and very interested parties fight vigorously over its details. Its complexity enables some profitable corporations to avoid taxes altogether and it increasingly provides a smaller share of federal revenue, falling from about one-third in the 1950s to about a tenth today. Its complexity obscures transparency and provides opportunity for various interests to seek and obtain favorable treatment.