Could Wage Shielding be a viable tax system for corporations?

Disclaimer: I am not an economist nor have I extensively studied economics. I apologize for any ignorance in this post.

Problem: Currently the economic situation in the U.S. is great for few and bad for many. With the increase expectation of automation pushing out the work force and the huge disparity between low earners and high earners.

Proposal:

• Immediately raise corporate tax rate to 50%.

• Give all corporations a 1:1 tax credit for each dollar spent on wages. Up to 100,000 dollars per employee.

The Losses: We basically delete Corporate Tax revenue (~$400B/year) and see a dip in Capital Gains as "profits" are converted into "payroll."

The Gains: We see a massive surge in Income Tax and Social Security (FICA) revenue because of the potential for millions of workers moving into the $100k bracket. We also save billions on "Safety Net" spending (SNAP, etc.) because the floor has been raised. We also would make Social Security Solvent again.

The Balance: Because Income/Payroll taxes are 9x larger than Corporate taxes, a 20% growth in wages more than pays for the loss of corporate tax.

The greatest risk: This could very well spike inflation with a huge influx of demand. However, bear in mind that for any corporation that increases wages, they are not increasing their expenses as the 1:1 credit essentially makes wages 'free' for any profitable corporation.

I am sure that there is plenty upon plenty of factors I have not considered. The tax hike alone would be monumental for extremely profitable companies with very few employees. Nvidia would take a huge hit but Amazon and Walmart would lose all tax obligations.

My question is then: What would I be missing? Is there some lever in the economy that I don't understand?