Yes, if the context of equality it does not make sense to compare them. There was a US Supreme Court decision that ruled a corporation is a 'person' for the sake of legislation that applies to individuals (i was literally just told when I posed the question to someone in the room with me :P). This makes the term 'unfair' only irrelevant morally, but anyway. I think the income tax paid by a factory worker who works his ass off day in day out for nearly his entire life SHOULD be comparable, in the content of 'fairness', to the profits made by the corporation. Where do those profits go? They go to the owners of the corporation, bonuses to managers, retained earnings etc. The point is that all these things should be taxed so that governments can redistribute wealth for greater equality. If I'm a factory worker, working hard every day, and some of almost-minimum hourly rate is taxed (which I was during a particular summer job), then why shouldn't the profits of corporations be taxed before they're distributed to individuals or used to make them richer? But again, the context of fairness may be an irrelevant one. Corporations should be taxed for the good of the country, to spread wealth and spend where the public needs it most (ie jobs, education, health).
Not regulation legislation. My point was that tax is has to be established in a statute, its illegal not to pay tax, therefore the government has legislated to allow corporations not to pay tax. I didn't mean regulate them more, I just meant legislate to tax them appropriately.
Personally I think taxing corporations will go a long way to reducing the debt. A massive issue is the banks. In New Zealand and Australia our financial systems were more resilient in the global financial crisis than in the US and Europe. But I really don't know how you go about changing such an established system. I think thats off topic though :P
EDIT: Yeah Franklin, i think the whole tax issue directed at corporations profits only. Usually dividends are taxed twice; once by the corporation as profits and 2nd when they are received by shareholders.