The restructuring of the American economy and workforce has only accelerated since Covid-19, and to understand the enormity of the problem, we should look at our past. Throughout history, a company’s profits have directly correlated to the size of its workforce. For instance, the might of Detroit’s auto industry was built by the thousands of men and women working the assembly line. The skyscrapers that dot our cityscapes were built by the many workers willing to get up on the girders.
Things are different today, with the rise of companies like Silicon Valley’s tech giants, where bigger profits don’t necessarily correlate with a larger workforce. But despite the huge number of people these industries employ and the direct impact they have on the communities where they operate, they are inordinately burdened with heavy tax bills relative to the tech giants.
Current tax policy benefits neither the worker nor the state and local communities where transactions take place. As the American economy sits at an inflection point, states need to reclaim their role as laboratories of democracy. Instead of allowing these companies to accumulate profits in a city or state while having few, if any, of its employees in that market, state and local lawmakers should consider a...
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