Closing Loopholes Won't Be Simple

New York Times' Room for Debate: The United States has one of the world's highest corporate tax rates, but many large U.S. corporations pay little U.S. tax. Eliminating special interest loopholes could pay for some, but not much reduction in the corporate rate. The main problem is that it is hard for one country to tax entities that transcend national boundaries. A better approach would tax more corporate income at the individual shareholder level. The President’s Fiscal Commission and the Bipartisan Policy Center both recommend reducing individual and corporate tax rates and taxing capital gains and dividends as ordinary income.