I wasn’t sure if you were aware of this already or not but capital gains are not taxed at a marginal tax rate plus anything, they are taxed at 0%, 15% or 20%.
However, it’s worth noting that in terms of market volume, most entities that buy shares (like pension funds) don’t pay any taxes on their dividends or stock sales, so your scheme won’t make dividends attractive to these entities and indeed would likely raise the price, making them even less interesting to those entities.
This is why pension funds don’t buy (many) munis or TIPS etc. - they gain nothing from the tax advantages.
