Blame Tax Laws, Not Trade Deals

Alex Muresianu over at National Review explains how much of the deindustrialization that happened in the US was the fault of bad tax law not bad trade deals (National Review)

He points to the Tax Reform of 1986 to explain,

This reform — passed with enormous support from both parties in Congress — is often pointed to as a success of bipartisanship and a relic of a more functional Washington. To be sure, the law included some good reforms, such as shutting down several tax-shelter strategies. But the changes TRA86 made to the corporate-tax code ended up raising taxes on investment in heavy industry and contributing to the decline in American manufacturing and reducing growth.