Senator Carl Levin said he is writing legislation to block U.S. companies from shifting their legal addresses overseas to lower their tax bills, and Senate Finance Chairman Ron Wyden said he is considering quick action.
The comments by the two senior Democrats mark the first signs of a congressional response to deals like one proposed by Pfizer Inc. Wyden told reporters in Washington today that action on so-called inversions is important to prevent "hollowing out" the tax base now before lawmakers consider broader tax changes.
"I'm looking at steps that you can take immediately," said Wyden, an Oregon Democrat. He said he would release details of his strategy "very quickly."
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