ALLENTOWN – PA U.S. Sen. Pat Toomey reacted to U.S. Treasury Secretary Janet Yellen’s call for a minimum global corporate income tax. Yellen called for the global tax “to at least partially offset any disadvantages that might arise from the Biden Administration’s proposed increase in the U.S. corporate tax rate.” The Republican senator said, “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.”

JANET YELLEN

SEN. PAT TOOMEY