Do We Really Need Corporate Tax Reform?

A couple weeks ago, President Trump released an outline to suggest approaches to both corporate and individual tax reform. Individual rates would be reduced to 3 brackets from 7 and the standard deduction doubled while reducing itemized deductions to only mortgage interest and charitable contributions. Corporate rates would also be reduced to 15%, foreign profits currently in accounts in other countries taxed at 10% or less if brought back to the US and some deductions eliminated. Congress supposedly is working on a bill, but seems stuck with how to do one massive bill covering both individual and corporate reform. Why are they considering one bill, when they could do one bill for each? There is already opposition from the Democrats and others, some suggesting tax reform is not really necessary. Do we need tax reform? What can we learn from Apple? Should the Republicans introduce a corporate tax bill first? What is the “Right Thing to do?”