Dividends are currently taxed twice. The corporation must pay taxes on its earnings, and then shareholders must

Question:

Dividends are currently taxed twice. The must pay taxes on its earnings, and then shareholders must pay taxes on the dividends paid. What would be the effect on corporate financing if this double taxation were eliminated by permitting companies to deduct payments as an expense?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...