Allentown, Pa. – U.S. Senator Pat Toomey (R-Pa.) issued the following statement on Treasury Secretary Janet Yellen’s call for a minimum global corporate income tax:

“Today, Secretary Yellen essentially confessed that the Biden corporate tax increases will make American workers and businesses less competitive. This why Secretary Yellen is imploring other developed countries to punish their workers and businesses with their own tax increases. Spoiler alert: this effort will likely fail and even if there is some sort of agreement,  it will be non-binding because it is not a treaty. As soon as Republicans take control of Congress again, they could and should immediately reverse these destructive tax increases.

“‘Race to the bottom’ is the way the Biden administration describes competition among developed countries to get to a tax code that attracts investment and maximizes growth. It is a race we should be leading, not trying to prevent.”