The Globe and Mail reports in its Saturday edition that while many U.S. businesses are cringing at the news that a Harris-Walz administration would raise the federal corporate tax rate sharply, some states are quietly licking their chops at the prospect. The Globe's Gus Carlson writes that is because the proposed bump-up in the tax rate announced by the Democrat ticket's campaign this week -- to 28 per cent, from the current 21 per cent -- will likely accelerate the migration of companies from high-tax, high-regulation environments such as New York, California and Illinois, to no-income-tax, business-friendly states such as Texas, Florida, Tennessee and Wyoming. While the proposed federal tax hike would be nationwide, the added burden on companies would make the low state taxes of some regions all the more attractive. New York has lost nearly 160 companies in the past five years because of choking regulations and state corporate tax rates of up to 7.25 per cent on top of the federal levy. Chicago, too, has seen a rush of businesses out of town, including Boeing, Caterpillar, Citadel and Tyson Foods. In California since 2020, well-known companies such as Tesla, Chevron, Oracle and Charles Schwab have left.