The US federal corporate income tax was first implemented in 1909, when the uniform rate was 1% for all business income above $5,000. Since then the rate peaked at 52.8% in 1969. On Jan. 1, 2018, the corporate tax rate was changed from a tiered structure that staggered corporate tax rates based on company income to a flat rate of 21% for all companies. What do you think are some pros and cons of the flat corporate tax rate? Do you think the 21% flat rate should remain, or should it be progressive like individual income tax rates. Please elaborate on your standpoint.

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Pros of a Flat Corporate Tax Rate 1 Simplicity and Administrative Efficiency A flat rate simplifies tax calculations reducing administrative complexit... View the full answer