Just like that, Pfizer has decided it's no longer American. It plans to link up with Ireland's Allergan and move its corporate headquarters from New York to Ireland.
That way it will pay less in taxes. Ireland's tax rate is less than half that of United States. Ian Read, Pfizer's chief executive, told the Wall Street Journal the higher tax rate in the United States caused Pfizer to compete "with one hand tied behind our back."
Mr. Read said he'd tried to lobby Congress to reduce the corporate tax rate (now 35 percent) but failed, so Pfizer is leaving.
Such corporate desertions from the United States (technically called "tax inversions") will cost...