This is not correct. The real reason is capital is more mobile than individuals are. Most Americans won’t (or can’t) leave the country if their taxes go up, but businesses are constantly making decisions about where to invest and hire people. Under the old tax code, the US had the highest corporate income tax rate of any OECD country:

https://taxfoundation.org/us-has-highest-corporate-income-ta...

and also taxed corporations based on their worldwide income, which led to a number of high profile tax inversions.