America must bring the corporate tax exiles home

THE Pfizer-Allergan deal is a travesty. Pfizer, which is based in New York, will move overseas by merging with Allergan, based in Ireland, in a manoeuvre known as a corporate inversion. The point isn't to find corporate synergy. It is to leave behind America's uncompetitive international tax system.

Not only is this the largest inversion in history, but it will also open the floodgates for other companies to leave the U…