Fight Inflation with Energy

Texas, with no income tax, saw the largest gain, with increase of 310,000 residents.

Biden proposes to hike corporate tax rates from 21 percent to 28 percent, well above the global average of 23 percent.

A tax increase of this magnitude would discourage investment in the U.S., resulting in more offshoring and further reducing GDP growth.

The imposition of Biden's proposed tax would cause people to shift their wealth out of assets that could be taxed and into other assets, such as art, instruments, jewelry, and cars, that are harder for tax collectors to find or to value.

The Tax Foundation estimates that the corporate tax and capital gains tax increases would shrink GDP by about 1 percent and cost more than 170,000 jobs.

For the past few decades, many of the greatest inventions-including the Internet, wireless technologies, and biotech-were developed in the United States, in part because our tax policies were more competitive than those of other countries.

If we adopt uncompetitive tax policies, jobs and innovation will go overseas.
 

https://www.city-journal.org/fight-inflation-with-energy?wallit_nosession=1