The problem with taxes is that it's a prisoner's dilemma. You need global cooperation at some base level of taxes, otherwise companies move to more favorable ta

The problem with taxes is that it's a prisoner's dilemma. You need global cooperation at some base level of taxes, otherwise companies move to more favorable tax jurisdictions in the long term and offshore from there, which would hurt the US even more. It doesn't have to be all-or-nothing, but any marginal dollar of increased taxes in one place will have some non-zero effect of encouraging the next investment dollar to be spent elsewhere. To be clear, I do think capital gains taxes are criminally low in the US relative to income tax, so I'm not arguing in _favor_ of lower taxes. I'm just saying why raising taxes isn't a panacea.