I testified about corporate taxes to the Ways and Means Committee today, a shorter version of my testimony follows or you can read the full prepared statement. I made four points: waysandmeans.house.gov/sites/democrat…
1. Revenue is down. Corporate revenue was 1.1% of GDP last year, lowest since the 1930s (except a few recessions and their aftermath) and lower than all advanced economy OECD except Latvia. Contributes to overall low revenue. 
2. Revenues are down because of the law. CBO has not revised its estimate of the cost of the law up twice by a total of more than $500 billion. Actual revenues for 2019 came in even lower than forecast. Extending provisions would add more. Not remotely paying for itself.
3. Economic growth has continued but it has not had the pickup, let alone 3.0%, predicted by advocates. In fact, growth rates the same in the two years before and after the law--with consumption and business investment growth slowing and government spending growth picking up.
Remarkably business fixed investment ex oil and gas had its lowest growth of the recovery in 2019 (and including oil/gas was actually negative) while federal spending had its fastest growth. To the degree any fiscal policy is boosting growth it is more spending than tax cuts.
4. A better approach would raise the top rate to 28%, make expensing permanent, eliminate interest deductions, expand the R&E credit, and toughen international provisions. Would add to growth and raise revenue. See my @hamiltonproj paper for more details. hamiltonproject.org/papers/how_to_…
