Earlier quoted context omitted.
I mean, sure, and this could describe almost any resource-sharing situation ever. I'd say that this however is not a resource sharing situation. It's a competition for the magical money tree of corporation taxes. And that's a good thing, because "setting up an environment in which businesses cannot thrive" is often a vote winner, but is a terrible idea.
The key ingredient in a "race to the bottom" is not resource sharing, it's competition combined with a feedback mechanism. Resource sharing figures in a lot of examples, because "consume most of the resources" is a common way to win a competition, but it's not necessary; for example there's no resource being shared in the classic prisoner's dilemma. Anyway, you're right that this a competition for corp tax money, and…
This method contains no incentives to do it (competition) and no way to establish what is "too high" (also competition).