What you call competition other might call race to the bottom. It doesn't take a genius to see the problem either, look at companies like airbnb who barely pay

What you call competition other might call race to the bottom. It doesn't take a genius to see the problem either, look at companies like airbnb who barely pay any tax in countries they operate in because technically they just have a "customer service office" in said country while the money is moved to Luxembourg, Ireland, &c.