Are you arguing against creative destruction? Careful lest the economic fundamentalists hear you speaking that way - your lack or orthodox kowtowing will not go unpunished.
Also … “industry would stop spending on capital equipment and loads of manufacturing jobs vanish” reminds me ever so much of this …
“Oh noes - if we tax those patriotic job creators they’ll patriotically shut up shop and patriotically move overseas!” Congratulations, you just made yourself the subject of a TtDB 
