If the corporate income tax is not repealed, the tax burden would be increased for many of the owners of businesses that pay corporate income tax, which would take assets from productive use in the business.
If a C corporation sells its assets and then distributes the sales proceeds to shareholders, the combined corporate and shareholder tax rate exceeds 50%.
After the corporation had sold all its assets it would have a pile of cash and the obligation to file a corporate income tax return with a substantial balance due.