Corporate taxes should be cut to nil. After all, a corporation is merely a bundle of contracts. Taxes are ultimately borne by the shareholder and consumer. The tax system should reflect that.
I wouldn't say nil, but much lower than present.
Limited Liability is a substantial privilege that shouldn't be handed out for peanuts
You're missing the point. The corporation is nothing but a bundle of contracts. Limited liability might be a privilege, but the benefits of such privilege ultimately flow to the shareholder.
I'm not missing the point, and your response would be better formulated towards the 'tax the corporations, man' crowd.
Corporations aren't simply a bundle of contracts. A partnership is a bundle of contracts. A corporation is a bundle of contracts who's owners are endowed with the privilege of being legally separate from their creation. If my dog bites someone, I am responsible. If I own a dog via DogCorp, and it bites someone, I am not responsible, but rather the construct known as DogCorp is. It took a bundle of contracts *and* a privilege from the state to make that so.
While that is a dramatically simplified example, it illustrates the privilege of limited liability is substantial, and I would argue that there is some amount of justification for charging for it.
