There would just be no corporations after a little while so everyone avoids all taxes by doing business under their own name. Revenue should really probably come from tariffs
Discussion
I think that argument is as spurious as “if the worldwide currency is deflationary, then nobody will ever spend any of their money.”
There are too many benefits of incorporation (risk mitigation being a big one). And of course the tax rate is flexible and can be adjusted so that is continues to be worthwhile to incorporate.
Not sure if spurious is the right word, I hadn't considered the benefit of incorporation.
Maybe corporate taxes could make a big dent in or even replace tariffs, if the legal system can make incorporation beneficial enough in a fair way.
We still need a way to “tax” or “tariff”(or whatever word you want to use) foreign companies. Not sure the best way to do that. They will be able to get around the multi-level-supply-chain revenue tax, so maybe tariffs on those goods as long as the US has a competitive industry.
Tariffs are useless unless the US can compete. Otherwise it’s just another tax on the people of the US.
When bringing goods into the country, you pay the border guards a certain percentage of what they say your shipment is worth in currency, or they take that percentage of your goods.
This.
Partnerships would also be popular. I'm calling that a win, since I regard long-lived corporations as merely the State writ small.
Tariffs have the virtue of requiring no more govt than is required to secure a border anyway.