Fairy Tale

Steven Landsburg at The Big Questions has a post based on an opinion piece he wrote for The Wall Street Journal in 2001.

Part of the "fairy tale" should be familiar to most of you as it deals with the concept of double taxation of corporate profits. But Landsburg makes a case that there is actually triple taxation - an interesting idea. I will have to think about it a bit more, but he makes a good case. Although I'm not sure how to address the problem he lays out.

What is your reaction? I'm interested to hear a counter-argument.