Government policy matters when businesses consider footprint options. A lot.
I worked for a large French multi-national company for 12 years. The CEO of that company would not open a new plant in France because once you hire people, in his view, you basically had an annuity payment to support those workers for the rest of their lives because of French labor laws. That kind of decision making is why there's virtually no economic growth in France. It's no different with tax policy.