I'd argue no tax code is needed, just treat C corps like S corps and LLCs.
1) Increase the incentives to save and invest in the U.S/
2) Restore progressivity to the tax code by taxing profits when paid to investors on a progressive rate based on their tax brackets.
3) Repurpose hundreds of thousands of accountants into doing actual business finance and development of wasting their efforts reconciling the differences between GAAP & a super convoluted Tax code accounting (and searching for loopholes)
4) Simplify business decisions and reward honest management based solely on GAAP accounting with no more "angles" to take advantage of tax code loopholes.
1) Increase the incentives to save and invest in the U.S/
2) Restore progressivity to the tax code by taxing profits when paid to investors on a progressive rate based on their tax brackets.
3) Repurpose hundreds of thousands of accountants into doing actual business finance and development of wasting their efforts reconciling the differences between GAAP & a super convoluted Tax code accounting (and searching for loopholes)
4) Simplify business decisions and reward honest management based solely on GAAP accounting with no more "angles" to take advantage of tax code loopholes.