Side Effects of 0% US Corp Tax?

I'm thinking about welfare losses and rent-seeking that comes about from the corporate income tax – from a US perspective. I know that Ireland, for example, is considering creating a sovereign wealth fund from the money transferred to the country as a result of its tax haven status. Money which is largely coming from US multinational untaxable/stateless income. The tax avoidance industry is massive.

And the OECD efforts (e.g. Pillar I, I) aren't super viable given the regulatory cost of compliance.

So why not have the US go to 0% corporate income tax, with the following caveats:

1. Capital gains and dividends to be taxed as ordinary income.
2. Appropriate regulation such that structuring to avoid income tax on capital gains (e.g. equity-backed debts over a million dollars) is taxed as income.

Assuming that extremely high level income tax rates are adjusted such that this is revenue neutral, what side effects am I not thinking of?