Megan McArdle explains why we should eliminate the corporate income tax.

Among the reasons:

You can't tax a corporation; you can only tax a person...

The incidence of "corporate" taxes is not necessarily progressive.

The corporate income tax encourages firms to use debt finance, rather than equity. Debt finance makes companies riskier.

You can't eliminate all the loopholes

The corporate income tax encourages firms to waste resources on tax avoidance, etc.

She explains it all pretty well. But nobody tell Joe Sestak. He finds the idea "very scary."