I see.
Currently the Bureau of Labor tells us in their August report that there are nearly 9 million people who are employable but not employed in the USA. (Even less who are looking for a job.)
So with this miraculous new plan and no cuts in budget theses 9 million (which would be an unprecedented event being there would actually be a 0% Unemployment rate) will make up the 354 Billion dollars that corporations paid in 2006? (2007 numbers aren't in yet) That's nearly 40 thousand bucks in income taxes per NEWLY Employed Worker.
Sorry but the numbers don't work out for such a claim.
Have you forgotten that a shortage of workers causes higher wages ? So you get additional taxes from ALL workers, not just the newly employed workers. And an expanded economy and eliminated Corporate income taxes means higher stock prices and dividends, which is minimum $354B additional income plus savings of tax overhead costs (estimated as hundreds of billions of wasted effort) that Corporations can now pass to shareholders which will then be taxed at the individual level.
So the $354B “lost” Corporate income tax revenue is replaced by individual income taxes coming from many more people than the 9 million new employees — essentially it comes from 150 million wage earners and investors. The additional income to all those people is all taxed at the highest marginal rate if tax brackets stay the same.
That said, I would not advocate shifting the Corporate Income Tax to Individuals. I’d eliminate it and the Employer-side Payroll Tax and replace them both with a 5% Gross Receipts Tax. That would still save all the waste involved in tax accounting that the income tax causes, and stop giving corporations a reason to make themselves appear unprofitable — it would be a tax to do business whether profitable or not, rather than a punishment for being profitable.