Corporations should not pay income tax at all. It's a direct tax on savings and investment
No corporation pays (or has ever paid) a dollar of tax on money spent for investment in the business. Corporate taxes, by design, only affect those dollars the corporation has chosen NOT to invest in the business.
I invest $1M building a great new store for selling widgets. My first year I make a $1M profit. I want to build a second store, but I can't out of profits, because I only can net $700k because of state and federal corporate income taxes.
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No corporation pays (or has ever paid) a dollar of tax on money spent for investment in the business. Corporate taxes, by design, only affect those dollars the corporation has chosen NOT to invest in the business.
Profits are frequently reinvested, taxing them means less to reinvest, and lower returns for investors, which means less incentive to save & invest.
Every dollar invested becomes untaxed, whether that happens immediately or is delayed. Always has.
I invest $1M building a great new store for selling widgets. My first year I make a $1M profit. I want to build a second store, but I can't out of profits, because I only can net $700k because of state and federal corporate income taxes.
As you'll immediately get that $300K refunded with your next tax return, it should be trivial to borrow money for a few months.
The idea that there's no access to capital to build out successful businesses is laughable.