The Tax Cuts and Jobs Act: Welcome to the Republic of Shareholder Primacy

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I am a corporate lawyer and I love corporations, but I can’t in good conscience support the tax bill percolating in Congress. For the last 33 years, I have made my living in Silicon Valley representing approximately two dozen public and several hundred private corporations as outside general counsel. Under the prevailing corporate law of Delaware, the corporation has but one legitimate purpose: to maximize stockholder… [Continue reading this post]