And a key distinction between what the Left and their Progressive-Democratic Party want and what Conservatives and, to an extent, the Republican Party want. President Joe Biden (D) fronts for this…position…and his Treasury Secretary Janet Yellen made it explicit last Tuesday in front of the House Financial Services Committee:
We’ve had a global race to the bottom in corporate taxation and we hope to put an end to that.
The fact—I claim—is that the race to the bottom is a National Good, not a National Bad. Our Constitution specifies only three things our Federal Government is allowed to spend money on: to pay the Debts and provide for the common Defence and general Welfare of the United States. The general Welfare is further specified by the remaining clauses of that Article I, Section 8.
The only legitimate purpose for taxing is to raise revenue for those three narrowly specified items.
Above that low floor (or it would be low were we not living in a dangerous world with many enemies for whom the vasty oceans no longer represent serious barriers and were it not for out Government having been so profligate with spending for so many decades), the more money left in the hands of We the People in our private economy for our spending decisions, the better.
So, yes—a race to the bottom is good for our nation, the prattle of the Yellons and the Bidens and the Party notwithstanding.