Corporate Oversight

With the current financial hurricane there has been a great deal of talk about the need for greater (I would say "any") oversight of large corporations and some control of executive compensation. To do this without spending taxpayers dollars, do the following:

1. Eliminate all income taxes on corporations.
2. Treat all corporations as Chapter S corporations. That is, pass all profits through to the shareholders so that the shareholders must pay taxes on total profits, not just the dividends.
   
3. Require all corporations to maintain a single set of books - not one for the IRS and one for the shareholders.
4. Limit the amount of executive compensation that can be deducted as a business expense to the salary of the President of the United States. Anything more than that to come out of profits.

Now, with this done you can be certain that the shareholders will exercise effective oversight!