Here’s a proposal for a modern corporate tax from Alan Auerbach:
This paper proposes two reforms to the U.S. corporate tax system: first, an immediate deduction for all investments that would replace the current system of depreciation allowances, and second, replacing the current approach to taxing foreign-source income with a system that ignores all transactions except those occurring exclusively in the United States. These changes would eliminate existing incentives to borrow and shift profits abroad while maintaining the corporate tax as a progressive revenue source.
He concludes:
The set of reforms proposed in this paper would produce a streamlined corporate tax by replacing the current system with a much simpler one. It would eliminate the normal returns to capital from the corporate tax base, thereby encouraging investment. It would neutralize existing tax incentives for corporate borrowing, removing a potential source of future economic instability. By limiting the tax base…
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Utopia, you are standing in it! 
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