Incorporation helps many owners pool their investments into shares of a single firm. As legal fictions, corporations are able to sign contracts and outlive any individual owner, and limited liability means that owners can't lose more than the money they put in to their stock. But as legal persons, corporations are also expected to pay tax on their profits, and since World War II, this tax rate has been significant.Corporations tend to be larger than other firms: Fewer than one in five business firms are incorporated, but these account for over 80 percent of sales. The federal corporate income tax …
Elliott Parker: Are corporate tax rates too high?
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