Mitt Romney, when he wasn’t being pilloried for saying he likes to be able to fire poor performers, was pilloried for saying corporations are people. The consequence of that legal precept is an enormous tax rate:
This is ironically the embodiment of the “corporate personhood” legal doctrine otherwise so decried by the left. The law taxes corporations as if they were separate beings from the shareholders who own them and then levies a separate tax on shareholder payouts and gains. This double taxation brings the effective tax rate on investment income to as much as 44.75%.
(Via InstaPundit.)
