Since nobody seems to have an answer, I asked everyone's favourite chatbot. Excerpt:

1. Corporations would actively suppress their own stock price

If higher valuation = higher tax burden, then:

CEOs are now financially incentivized to:

• Guide earnings conservatively
• Downplay future growth
• Delay good news
• Reduce investor hype
• PR and IR departments would pivot from “storytelling” to “expectation dampening”

You’d likely see:

• Intentional opacity
• Fewer rosy forecasts
• Less disclosure about long-term upside

In other words: truth becomes taxable.

2. The market would bifurcate into “tax-visible” and “tax-hidden” firms

Expect rapid migration toward structures that reduce taxable market cap:

• Going private
• Dual-class shares with limited float
• Off-exchange trading
• Tokenized ownership
• Conglomerates broken into legally separate shells
• Heavy use of subsidiaries and spin-offs

Public markets would shrink or become a niche for firms that want visibility.

Private equity would explode.

Blah blah blah corporations actively sabotage themselves/go private and pay out their shareholders more.