In the end that means you and me, since business passes on its share of the tax bill through lower wages, higher prices or reduced dividends.
Timmy notes that corporation tax doesn't really serve the purpose that it is billed as serving.
We then need to move on to decide which of those three groups does indeed carry that economic burden and empirical studies suggest that it’s about 70% which is bourne by the workers in the form of lower wages.
Corporation tax is thus not fit for purpose. It’s sold as a tax on the companies (obviously not true) and if not that, as a tax on capital. Which it also isn’t. So if we really want to tax returns to capital we need to abolish corporation tax and replace it with something else.
Some time ago, your humble Devil proposed a very simple tax regime: a flat tax on income (with, of course, a high personal allowance), and only personal income should be taxed. Instead of having different rates for capital gains, dividend payouts, etc. we should simply tax income.
The only tax is a tax on personal income: it doesn't matter where that income comes from—what the source or provenance of the income is. It would be eminently easy to administer and there would be very few loopholes.
It would also stop organisations such as The Guardian, for instance, from conducting a disgustingly hypocritical campaign in which it accuses corporations of not paying enough tax when its parent company—Guardian Media Group—paid no corporation tax on its £300+ million profits last year.