Not just in an international setting. Even in a closed universe it's a lot more difficult to measure, or even define, profit than revenue. Although they are both called income tax, individuals are largely taxed on income, corporations on profit.
Better would be trying to tax the beneficiaries of the corporation. The best measure of profitability is some benefit to the owner. Usually capital appreciation or dividends, but sometimes outsize cash or non-cash compensation in an employee context, or as a non-arms length counterparty.
Increase the dividend and capital gains* rates substantially, start taxing fringe benefits, transform the corporate income tax into a very small tax on revenue to prevent the multiplication of corporate entities, crack down on people who renounce US citizenship (by for example making them inadmissible) and call it a day.
*Also eliminate the capital gains basis reset when assets are transferred at death. That makes no sense at all.
Better would be trying to tax the beneficiaries of the corporation. The best measure of profitability is some benefit to the owner. Usually capital appreciation or dividends, but sometimes outsize cash or non-cash compensation in an employee context, or as a non-arms length counterparty.
Increase the dividend and capital gains* rates substantially, start taxing fringe benefits, transform the corporate income tax into a very small tax on revenue to prevent the multiplication of corporate entities, crack down on people who renounce US citizenship (by for example making them inadmissible) and call it a day.
*Also eliminate the capital gains basis reset when assets are transferred at death. That makes no sense at all.