Security Futures Tied to Dividend Whipping Post

Cynics seldom are disappointed about the course of human events. This past August I wrote a column summarizing the labyrinthine tax treatment of single-stock futures in which my concluding line was: At least we can take solace that once tax law is written, it's pretty much left alone, isn't it?

Not even five months later, the administration decided to take me up on the deal and propose a set of tax changes that will have some truly profound impacts on all of our investments. In general, I applaud the president's proposals and will continue applauding until my own little vision of a tax utopia (how's that for an oxymoron?) is reached. Specifically, I propose:

A complete elimination of the corporate income tax. Corporations don't pay taxes, they collect taxes. The tax is paid by shareholders, employees, customers and suppliers in proportions that vary widely from company to company and from industry to industry. Moreover, it is hugely expensive to administer and invite the sort of chicanery that produced the Enron/WorldCom/Andersen fiascoes; ...