Policy Memo IV (optional)Corporate Income TaxationProf. S. Craig Coronavirus SpringThe Trump Administration last year did an overhaul of the corporate income tax code. One of the proposals they ultimately rejected is to do integration. Integration is when the corporations do not pay income tax. Instead, they still fill out their income tax form, but then distribute the tax liability to theirshareholders as of Dec 31 the previous year. In this way, the actual owners of the firm pay personal income tax, and pay it at their own rate. The corporation would then be exempt from taxation (but would have to nonetheless prepare a tax form so they can distribute the tax liability to their shareholders). Analyze three possible features of such a proposal. Among those you might consider are the administrative costs, impacts on corporate behavior, impacts on investor behavior, total investment in the economy, personal equity, a level playing field between firms, or any other attribute. You might want to discuss the extent to which the features of integration depend on whether the corporate income tax is a tax on normal, or economic, profits. Show whether, for each of these provisions, economic efficiency rises or falls. Additionally, discuss the equity consequences. You should select your threeattributes to make the argument that the overall tax code will either increase or decrease efficiency, or fairness- or you can argue that there will be little net effect. In any case, make an argument as to whether investment in the US will increase or decrease.Your policy memo should be no longer than three double-spaced typed pages, although you may include a one page graphical appendix.