How to Send U.S. Companies Overseas

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We know this doesn’t fit the political times, but surely someone on Capitol Hill must care about what the Biden Administration’s tax plans will do to the U.S. economy. Some economists are starting to do the work of figuring this out, and the results are alarming.

The most comprehensive effort to date at modeling the consequences comes from the Tax Foundationin a report released Thursday. The policy shop taps data from the Bureau of Economic Analysis and Internal Revenue Service to develop a granular picture of the global activities of U.S. companies in different industries. This lets it estimate how various tax provisions would hit those companies.

The report’s headline conclusion might please progressives, since the Tax Foundation finds the corporate tax increases would generate additional revenue over the next decade. President Biden’s full plan to increase the domestic corporate tax rate to 28% and raise taxes on…

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