Abstract
This paper discusses three essential challenges of the present economic environment: serious long-term budget imbalances, dramatic increases in income inequality over recent decades, and a discrepancy between national or sub-national government jurisdictions and an increasing global economy. This trio of tough policy challenges necessitates a reevaluation of capital taxation in general, and the corporate tax in particular. Corporate taxation has an important role to play in both protecting the revenue-raising capacity of the income tax system and addressing income disparities. However, the global nature of economic activity requires modernization of corporate taxation; reform of U.S. corporate taxation is long overdue.
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