Apple, Google, Microsoft etc won't let this heinous idea get loose.
Actually, all these companies, and many others, are strong advocates of corporate tax reform, even though they would almost certainly pay more tax. Our current system is idiotic. We incentivise companies to keep profits outside America, and to move jobs overseas. We need to stop the extraterritorial taxation (which no other country demands), and we need to align taxes on domestic profits with other countries so companies invest here.
But there is too much pandering and populism from both parties for these problems to be fixed. My company has offices in San Jose, California, and Shanghai, China. We are adding several employees this year, and whether Donald or Hillary wins, I think you can guess where those jobs will be created (hint: not in California).