The editorial "Apple's dodge shows why U.S. needs to fix tax code" [May 22] makes some good points, but its conclusion seems based on what might generously be considered a misconception concerning the nature and structure of corporations in the contemporary world.
The idea that company profits are "distributed to shareholders" is a fantasy. Our corporations are stockpiling money in vast quantities and paying their executives in a manner that furthers the increasing income disparity in our nation.
If one were to "eliminate the 35 percent U.S. corporate tax altogether" and tax investment income at the rate of ordinary income, as you propose, surely some additional measures would be needed: Perhaps mandate that as much as 85 percent of corporate profits be distributed each year to shareholders, eliminate offshore accounts and tie executive salaries to the average pay of U.S. workers.
Corporate lobbyists would have a fine time with such proposals, and we would truly see the nature of all our elected representatives!
Fred Kolo, East Hampton