The point is that they would be able to earn money without being taxed money anyway. It'd mean fewer accounting tricks, or none.

Those would be shifted to individuals. You'd see an uptick in high earners trying to avoid taxes. It's just a question of whether high earners would be better or worse at hiding income than corporations.

Taxing income rather than profit would actually account for that. I'm not sure I'd want to see that change, but you can't employ clever accounting to hide income like you can hide profits.