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It will stop the race to the bottom. It will make sure global multinationals finally pay their fair share. It will put a few tax “havens” out of business, and it will raise the money needed to preserve welfare states.
High prices. >> there is one ring to bring the prices down a little bit. you got 23 cents a gallon state tax in north dakota. california is up there at 51 cents a gallon. would you get rid of that 23 cents and help the folks living there for now? >> think we want to do everything we can. way thought through tax cuts last year and get those passed in north dakota. with gotten one of the lowest tax environments in the nation. i fought back against the tax hike last year from the legislature. they need the help the most. >> i didn't get a yes or no in there. is that something you're considering o...
Bezos eclipse elon musk by the world's richest man given what is been going on a tesla. he owns the lionshare of the stock in that country and the stock rockets, their fortunes rocket and elon musk making some news in his own rights to say he is leaving california and setting up the headquarter shops in texas. with his ever moving trend right now where rich guys seek out safer tax environments not only for themselves but certainly were there companies, the trend goes on. >> it really does and as we see people move from the west coast and from the northeast down to places like texas or florida ...
York. they're out better than $2 billion because a lot of folks have left for better tax environments and sunnier skies such as florida. >> so the higher percentage of the total tax revenue that those people pay as you drive them out of the state, the worst your state becomes. it's a -- we have a very, very progressive tax system. other countries with very high tax rates -- denmark is a country that progressives often use -- really have much of a flatter tax system. they don't overtax the wealthy. they tax all classes. i'm not a big advocate for taxing the bottom half of people. the upper half...
Encourages companies, when they can be mobile to look for lower tax environments in which to place economic activity. if we want to create investment incentives here for u.s. companies and foreign companies and jobs here, we have to start with a competitive corporate tax rate. that's the first step, bringing the rate down. the second step is paying for that by getting rid of the kind of loopholes, preference, credits, subsidies that have been added to the code over the past 30 years. that really distort the code. economists worry a lot about distortions. why do you prefer one sector to another...