Efforts by Pfizer to bolt to the greener tax pastures of the U.K. point to "tremendous problems" with the U.S. corporate tax structure, Sen. Bob Corker said Thursday.
If Republicans were to retake control of the Senate in November's midterm elections, corporate tax reform "might actually pass as a standalone," the Tennessee Republican said in a CNBC "Squawk Box" interview.
"I think there are enough thoughtful Democrats that realize that this is really problematic," he added.
New York-based Pfizer is trying to push through its unsolicited $106 billion offer to buy U.K. rival AstraZeneca. If successful, the U.S. drugmaker could move its corporate headquarters to Britain to save billions of dollars in taxes.
Meanwhile, Sen. Carl Levin, D-Mich, said he's working on legislation to prevent these so-called corporate inversions.
While saying he didn't know the details of what Levin was pursuing, Corker said: "If you have the concept, 'No American company can move,' I just can't imagine something like that passing."
"You have to be careful around here," Corker warned. "You have to pay attention because sometimes emotional things can happen on the floor which make absolutely no sense for the long haul."
Levin is the chairman of the Senate Permanent Subcommittee on Investigations, which has held hearings designed to shed light on the legal efforts of American companies to avoid U.S. taxes.