Matt Yglesias has a discussion here. I like it.
A note on a related issue: as I understand the Inflation Reduction Act it raises much of its revenue by taking really big corporations on their profits as shown by their public accounting, what they show to their stockholders. I've always resisted the idea that people could have two different sets of accounts, one for stockholders, one for the tax collector. I understand--whenever we mess with the tax code to allow special deductions in order to push something we like (such as investing in low-income areas of a city, etc), we deviate from my ideal.
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