Mike Lee says yes, see also Matt. Maybe, I would like to go this route, but I’m not (yet?) convinced. What if non-profits and foreign companies end up as the shareholders, as indeed the Coase theorem would seem to indicate? Doesn’t that lower tax revenue because they wouldn’t be making capital gains filings? And to some extent, isn’t the U.S. tax system then encouraging inefficient ownership and governance?
There may be an answer to this worry, but I’ve yet to see it.