Double taxation of corporate income can lead to economic distortions such as reduced savings and investment, a bias towards certain business forms, and debt financing over equity financing.

REPORT: Double Taxation of Corporate Income in the U.S. and OECD: https://buff.ly/3qjjzDU 
Several OECD countries have integrated corporate and individual tax codes to eliminate or reduce the negative effects of double taxation on corporate income.
President Biden’s proposal to increase the US corporate income tax rate and to tax long-term capital gains and qualified dividends at ordinary income tax rates would increase the top integrated tax rate on corporate income above pre-TCJA levels, making it the highest in the OECD.
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