Unfortunately, it also encourages them to move their “headquarters” to places like the Cayman Islands or Ireland where they have more “favorable” corporate tax laws. The global minimum corporate tax might help, but has no teeth unless all countries sign on or all adherents agree to some kind of financial cost for countries who refuse it.
That said, it’s good to see a US politician, especially a neo-dem like Biden make a real push against trickle-down bullshit.