Tax is the price we pay for government.

But when we have competition among producers, we also find more options and lower costs. Those effects are produced by competition’s enforcing of efficiency and productivity. The same principle applies to corporate income tax rates. This bears note in light of the G-7’s commitment to a de facto monopoly on corporate income tax rates. The G-7 has pledged to work toward a global 15% minimum corporate tax rate. It’s a bad idea.