The corporate tax is the tax that economists most love to hate. It discourages capital formation, repels profitable investment, and causes untold dead weight loss in the form of tax lawyers' labor. And while the U.S. is generally a low-tax country, its (statutory) corporate tax rate is anomalously the highest in the developed world. Thus, unsurprisingly, corporate tax reform is always on the forefront of tax economists in Washington, DC.
