Just ask Canada in recent months and years.
As this article from The Fraser Institute points out; "Governments must focus on competitiveness this coming budget season", the same applies here at home.
Here's a few excerpts:
"It’s hard not to recognize that Canada has become a less appealing place to do business over the last number of years. Higher taxes, new regulations, and uncertainty over access to foreign markets—that is, the ability to trade—have reduced Canada’s attractiveness to entrepreneurs and businesses. Indeed, Prime Minister Trudeau in a recent speech at Davos said his government would not respond to Canada’s sudden lack of business tax competitiveness due to the Trump tax cuts. As we approach budget season, governments across Canada must start paying attention to competitiveness."
"The list of made-in-Canada policies that have reduced our competitiveness is long and substantial. Most provinces and the federal government, for instance, have increased personal income tax rates on professionals, entrepreneurs and business owners..."
"Ignoring external threats and continuing to implement policies that discourage rather than encourage entrepreneurs, investors and businesses will not solve Canada’s immediate and future economic challenges. Indeed, this is approach is making things worse. Competitiveness must take centre stage as the provinces and federal government present their economic and financial plans starting next month."