Scrap corporate taxes. They’re equally as regressive as sales taxes. We - you and I - pay them. In addition they make U.S. corporations less competitive. Some of these large corporations, as we know, move out of the country with consequent loss of U.S. jobs. It would make more sense for the government to subsidize them rather than tax them.
Instead of corporate taxes we need truly progressive income taxes and a wealth tax. A wealth tax placed on everything of value that a person owns – bank accounts, stock and bonds, real property, boats, airplanes, jewelry, you name it. The wealth tax would operate very much like the property taxes that home owners, big and small, pay now. The less a person owns the less tax. The poor would pay little or none while the very rich would pay proportionately more.
Why do governments rely so heavily on regressive taxes anyway? The answer is that these unfair, unjust bites aren’t so obvious consequently fewer people get riled up. No politician wants to anger the constituents. It’s much easier and a whole lot safer to sucker them – you and me - instead.