"Business Loves Hillary!" was the gushing declarative that appeared on a recent cover of Fortune. The magazine's political conclusion seemed validated by a June 26 Manhattan fundraiser for Senator Clinton hosted by multibillionaire business legend Warren Buffett. Clinton praised Buffett as "patriotic" for understanding it was the national duty of wealthier Americans to pay higher taxes.

And guess what, if Clinton or any of the other Democratic presidential candidates gets elected, it's a fair bet that corporate America will get a chance to do its duty. In a May 29 speech, Clinton said, "It's simply not fair that as corporate profits have skyrocketed, the percentage of taxes paid by corporations [has] fallen...It's as though we've gone back to the era of the robber barons..."

I recently asked Lawrence Summers, President Clinton's final treasury secretary, about corporate taxes. His response: "Yeah, we've got the second-highest tax rate in the world, but the fourth-least revenue collection [as a share of gross domestic product] in the world. The system does need to be changed, but not in a way that will in the end cause them to pay less taxes."

Yet companies are paying more already. In 2006, the feds took in $354 billion in corporate income taxes, 70 percent more than in 2000. And perhaps lowering corporate rates might actually generate more business and revenue. In an analysis, Maya MacGuineas of the [post-partisan] New America Foundation found that "lower tax rates connect to higher growth" around the globe...

For the complete article, please visit the US News & World Report website.