It is very hard to know what I think of this law since the President has not yet released any details of what changes he would like to make. To this point, all he has really said is that he would like to change corporate taxes in a way that will not raise any new revenues. In other words, he is proposing tax reform but not in ways that will bring in more money (and not necessarily in ways that will bring in less money). Without details, it is extremely hard to know what to think.
Overall, I would argue that there is a clear need for tax reform. Our corporate taxes are very complicated and are littered with loopholes and special breaks negotiated by specific industries. It would be very good for the country if the tax code for businesses were rationalized. If all companies and industries were treated in a more even-handed way, our economy would be better off. Therefore, I am in favor of tax reform.
As to the issue of whether more tax revenue should be brought in, I do not think that taxing corporations is the best way to reduce our deficits. We need to get entitlement spending under control and I believe that that is where the major political efforts should be made.