Current income tax receipts come from somewhere, right? So this argument only works if you're also arguing that a significant chunk comes from people who are employed by
other individuals (non-corpos). Otherwise, for taxes that individuals currently pay on income from corpo employers (the vast majority of personal earned income, I'd venture), that money can instead go directly from the corpos to the government.
The one big thing I know my model is missing here is appreciation of real estate held by individuals, but it seems relatively straightforward to leave capital gains (and other unearned income) intact to start while removing the tax on earned income.