I would actually do it the other way around: since there are fewer corporations in the US than there are people, it is harder for a corporation to evade taxes than for a person. So it makes sense to raise the corporate rate, and either reduce individual rates or raise the exemption.

Another suggestion I’ve seen would be to not tax corporations directly, but to pass the obligation down to the shareholders: if you own 100 shares of Apple, and Apple made $15 of taxable profit per share, your taxable income goes up by $1,500. (Presumably Apple would pay you a dividend to make up for your tax bite, but note that this kind of scheme would make stock ownership more attractive for people with modest incomes.)

Great question. My understanding was that the (primary) purpose of corprate income tax is not to directly collect revenue, but rather to encourage reinvestment by firms in the economy. Increasing CGT would discourage investment. Can others please enlighten us?

Well the corporate tax is meant to collect revenue but it's secondary goal is promote certain activities. Mainly, they want to promote job creation and increased productivity, which is in theory done through reinvestment.

When you reinvest into equipment, the logic goes that the productivity increases and new higher paid jobs are created even though the lower end labor is eliminated or reduced.

Increasing capital gains tax would in effect make everyone accelerate the sale of their company before the taxes are effective, so it was a mass liquidation of capital.

But, I don't believe it would discourage investment because people would simply tax plan around the capital gains tax. A while back, during Reagan and friends presidency, the personal income tax as well as capital gains tax was more than 35%. People actually invested more into corporations because the corporate tax rates were lower (ironically).

I think as a side effect it encourages companies to use credit as a financial buffer (single digit interest rate vs. double digit tax rate) vs. savings since corporate taxes are effectively a tax on corporate savings longer than a few months to a year.

I speculate capital gains revenue would be much more volatile for government than a tax on profits.