In a hand wavy theoretical sense you can maybe say it "just" delays taxation, but shareholders aren't going to go out of their way to ensure that they sell at a

In a hand wavy theoretical sense you can maybe say it "just" delays taxation, but shareholders aren't going to go out of their way to ensure that they sell at a price that incurs the equivalent taxation. And then a tax that sort of directly relates back to the cashflow of the company is not equivalent to a tax that is based on the capital gains that shareholders end up with.