Speaking on Monday prior to her engagement with the International Monetary Fund, Treasury Secretary Janet Yellen called for the G-20 countries to form what amounts to a tax cartel. It would set a minimum corporate tax rate, limiting competition among countries when business leaders search for lower-cost locations.

Not unlike OPEC, whose members seek to impose higher-cost crude oil on consumers worldwide, the Yellen-proposed cartel, which I suggest calling the OCTC, or the Organization of Corporate Taxing Countries, would make it easier for the Biden administration to raise the corporate tax rate from the current 21% to 28% and limit what Yellen referred to as “a race to the bottom.”