I disagree that this tax cut is "bad for the deficit." The CBO will probably score this statically and portray it as a reduction in revenue, but the truth is that tax cuts increase revenue due to increased economic activity. Tax revenues under Reagan increased from $517B in 1980 to $909B in 1988 with two huge tax cuts. The reason the deficit also increased was due to increased spending, not decreased revenue.
https://www.thebalance.com/current-u-s-federal-government-tax-revenue-3305762
There are studies to the contrary, i.e. indicating that tax cuts pay for themselves only partially. For example (from
http://www.crfb.org/blogs/do-tax-cuts-pay-themselves):
Also, one argument for cutting the corporate tax is that the increased corporate profit would spur additional economic growth. If this is true...why hasn't it happened yet? Corporate profits have grown significantly in the last several decades, and tremendously since around 2000 (except during the Great Recession, of course). See the chart at
https://fred.stlouisfed.org/series/CP, which is from the St. Louis Federal Reserve Bank.