The argument I'm familiar with for corporate taxation is that it is the cost for limited liability and being its own legal entity. You can just eliminate the c

The argument I'm familiar with for corporate taxation is that it is the cost for limited liability and being its own legal entity. You can just eliminate the corporate in the middle, and have all the profits, expenses and liabilities directly assigned to share holders. But no one wants the liabilities part. Dropping corporate tax is therefore "something" (limited liability) "for nothing".