The thing to keep in mind about global competition when it comes to corporate tax rates...The main factor corporations consider is the cost of doing business in the country. Corporate tax rates are just one lens of expense. America is going to be more expensive because of things like wage rates, regulation, and simple cost of location.
So I'm definitely skeptical its going to end up with a net balance on tax revenue. The deficit is totally going up. The Republicans aren't going to shut up about this once their out of power again.
Edit: Generally rich countries provide highly educated overseers for the upper class's investment projects...also known as upper and middle management. Also, skilled labor that takes a great deal of capital to do (making apple chips). This is how we maintain our trade advantage. We are not doing as well at keeping up as the more "socialist" countries, however (Germany Sweden etc). I use "" because they are actually capitalist countries with a dash of socialism in them.
My edit went though after Raavak's comment
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