The corporate income tax is under attack, around the world. Politicians, businesspeople, think tanks, large accountancy firms and economists who think they understand tax are calling for ever more draconian cuts. Some are even urging outright abolition of the tax...This perception is based on profound myths, fallacies and misunderstandings. This document...reveals why the corporate income tax is one of the most precious of all taxes. It holds the whole tax system together. It curbs political and economic inequalities and helps rebalance distorted economies. It protects democracy. It boosts financial transparency...and curbs criminal behaviour. It stops large multinational corporations...from extracting wealth from societies by free-riding off taxpayer-funded public goods...It protects developing countries in particular,...curbing their dependence on foreign aid. It underpins economic growth. And it raises trillions in revenue that is used as a basis to pay for essential public services...