That's a fair point, though I believe the double taxation would still exist if companies couldn't pay a 'loss dividend', which would still incentivize keeping w

That's a fair point, though I believe the double taxation would still exist if companies couldn't pay a 'loss dividend', which would still incentivize keeping wealth inside the corp. Otherwise it's more tax efficient to take a mixture of risks inside one entity, so that the losses in some can offset the success of others resulting in paying taxes on the true returns.