The thing that drives me nuts is that this is extremely similar to a corporate tax. By itself this is fine - I actually favor corporate taxes in at least some situations. The problems are:

- It is being imposed at least semi arbitrarily, which is obviously a massive corruption risk. You point out part of the risk, but there are other parts too.

- This administration both ran and executed on corporate tax cuts. Backdoor re-introducing a very similar thing does not give confidence.

If the policy was to take a stake in the S&P 500 or something, and it was not implemented by an administration that is otherwise leaning into corporate tax cuts, I would be basically fine with it.