The recent bid by pharmaceutical giant Pfizer to acquire British-based drug maker AstraZeneca has given the senior senator from Michigan, Carl Levin, just the opening he has been seeking: to offer his bill prevent such “tax inversions” from taking place. Said Levin:
It’s become increasingly clear that a loophole in our tax laws allowing these inversions threatens to devastate federal tax receipts.
We have to close that loophole.
If the deal between Pfizer and AstraZeneca (currently in doubt) actually takes place, the tax inversion would allow Pfizer to consider Great Britain as