Lowering the corporate tax rate won't stop companies from seeking even lower taxes by moving overseas, Rep. Sander Levin, D-Mich., told CNBC Wednesday.
"Even if you reduce the rate to 28 percent … you would still have the inversion problem with countries like Ireland that have a 10 percent tax. So the answer is we have to address it here and now," he said in an interview with "Power Lunch."
Inversions, in which corporations merge with foreign companies in order to move their tax domiciles to countries with a more favorable tax structure, have become increasingly common. Nine deals have already been agreed to this year and more are under consideration.
"The average citizen can't simply change their address and avoid paying taxes, so why should these companies be able to do that?" Levin said. "It's just not fair."