The issues have changed a lot over the last 20 years. Today the radio show Marketplace had a piece on copyright. Obviously, we need to protect IP. The problem is these protections can be abused to stop true innovation.
When this country was founded you could get copyright on your works for only 14 years. That length has been repeatedly increased. It's a bit confusing, but you can see a table of the lengths of copyright on types of work and how they vary based on publication date and whether it is individual or corporate ownership here.
Now call me crazy, but I don't think most authors are going to quit creating if they can only profit from their work until 70 years after they die. 14 years used to be fine and we had all kinds of classic work published. Many of these extensions have been pushed by corporations, notably Disney pushed for an extension when the copyright on Mickey Mouse was about to expire.
Now a good reform is that you don't need to register a work to get a copyright...it exists by the creation of the work. All my photos are copyright by me. If another website reposts them, I can send a takedown notice if I want. This blog entry is my IP as well. Blogger even states this in its terms of service: "Google claims no ownership or control over any Content submitted, posted or displayed by you on or through Google services. You or a third party licensor, as appropriate, retain all patent, trademark and copyright to any Content you submit, post or display on or through Google services and you are responsible for protecting those rights, as appropriate." Although the JT does not claim copyright of your work, they do have some things they claim they can do with it.
In other words, once you post they can take it and do what they want with it (they also mention not posting work that you don't own but we all know that is rarely enforced there).
Another big issue is patents. Used to be you had to invent something to patent it, but now things that hardly qualify as inventions get patents (I am looking at you and one click shopping, Bezos). There is a practice called patent trolling where companies are formed strictly to buy as many patents cheap and the try to find anything that might violate it (usually in very questionable ways) and sue.
Then there is the whole problem of orphan works. These are works that are still under copyright but due to corporate mergers, aquisitions, bankruptcies and buyouts, no one knows who owns it so the work is not available in any form and you can't buy it even if you want to.
So if you can't tell, I think the whole IP system is messed up by corporate interests and is desperately in need of reform. We hear politicians talk about the need to spur innovation...well cleaning up the IP laws in this country would further that goal a lot more than tax cuts but we don't hear a thing about it.