Toomey welcomes Hungarian veto on global minimum tax
Washington D.C.- you.S. Sen. Pat Toomey (R-Pa.) released the following statement commending the Hungarian government for its decision to veto a European effort to impose a 15% global minimum tax on employers. The veto will halt the implementation of the second pillar of the Organization for Economic Co-operation and Development (OECD) international agreement in the European Union and slow the momentum of the tax hikes proposed by the Biden administration.
“As Hungary acknowledges, punishing workers and businesses with a global minimum tax would be a counterproductive measure for economic growth worldwide. It would be a big mistake for the United States to pass this global tax increase because it makes our workers and businesses less competitive. The only reason the Biden administration is pursuing this tax deal is to justify the corporate tax increases in the United States, which will be needed to partially cover the enormous costs of their reckless spending plans and fueling the inflation.
“The Biden administration describes the competition among developed countries for a tax code that attracts investment and maximizes growth as a ‘race to the bottom’. We should be leading this race, not trying to stop it.