Yes, we're going to lose entrepreneurs to other nations; they are going to go to more tax-friendly environments. We are going to not be as competitive, because we won't have the same amount of capital being put back into entrepreneurs. In particular, if you think about the fact that there is no tax benefit to investing your private capital into helping other businesses get started, and, in fact, you're then penalized later on, there are just so many negative connotations to this.
I don't believe.... Also, thinking about taxation as an ongoing issue, people saying, “Well, it's the rich people not wanting to get taxed more” is a narrative that's very unfair and not true. It's not about paying taxes; it's about how we're paying taxes and where we're paying taxes and whether or not that's actually encouraging investment.
If we want to be competitive around the globe, we have to think about the tax regimes that exist in our largest competitive nations and our trading partners and determine how we can sustain our nation, which requires taxation, of course, while at the same time being competitive.