CORPORATE INCOME TAX: A tax on the accounting profits of corporations. This tax is only levied on corporations, and excludes businesses that are proprietorships or partnerships. This tax is often criticized (usually by members of the second estate because corporate dividends are taxed twice -- once as corporate profits, then a second time as income with the personal income tax. See also | tax | accounting profit | corporation | proprietorship | partnership | second estate | personal income tax | Internal Revenue Service | corporate profits | corporate profits distribution |
