So then you just sell some stock in lieu of dividends, a policy Microsoft had. It never paid dividends for tax reasons. If folks wanted some cash, they just sold some stock - at capital gains rates. Plus it causes economically inefficient accretions of corporate cash. And with the corporate tax, to the extent it is not passed on in higher prices, it is a double tax. Ideally, the corporate tax should go away (and with the pass on of part of that cost in the form of higher prices, it is a regressive tax), and then, and only then, tax dividends as ordinary income.
Then capital gains should also be taxed at ordinary rates. I would favor lowering the corporate rate to something like a flat 13%, while taxing dividends and capital gains at ordinary rates.