The state’s corporate franchise tax (CFT), a business privilege tax first imposed in 1902, was levied on the greater of net income or net worth.[5] The tangible personal property (TPP) tax, termed “the tax every businessman loves to hate” by then-Governor Bob Taft,[6] was levied on machinery, inventory, furniture, fixtures, and other business equipment.[7] In such an environment, even an arbitrary mode of taxation could be an attractive alternative. [read post]