Repeal Corporate Income Tax?

New Mexico Business Journal, Oct, 2001

"Many economists believe that theoretically the corporate income tax should be repealed. Who actually bears the tax burden is uncertain, except we do know that the corporation itself does not bear the tax. Consumers, labor, suppliers and/or owners ultimately pay the tax...The second problem is that many, but not all, corporations can easily avoid it.

Consequently, the tax becomes unfair for those corporations that do not possess the market advantages or sophistication that allow for tax planning. Repeal of this tax, however, would cause revenue loss of approximately $161 million. That loss would have to be replaced by another revenue source."