Without the incentives to corporations, you could very well see the development of an "air" limousine business. Most corporations would not want to own their own but would have need on occasion.Why couldn't they still charter it?
The company can still buy it, but now they are paying the only taxes they have.
You would see a great reset as priorities change. But change rarely comes without some pain. And we need a lot of change. That means a lot of pain. Any major tax change will create similar issues.