Income taxes much less, and corporate income taxes also less, the profit maximizing strategy is not altered when profits are transformed by a positive monotonic function. 1/

(the main issue with corporate taxes is the debt preference it brings—firms tilt towards debt rather than equity, because payouts to creditors are tax deductible interest while payouts to shareholders remain taxable profit—but we should address that by eliminating tax deductibility of interest.) 2/

i think the progressive income tax is our main distribution-sculpting too. i'd like to add progressive wealth taxes to the mix. i'm curious if you think there are tools that would be better? /fin