Wow. Carl Icahn is putting $150 million toward creating his Super-PAC which will target political policy aimed to stop U.S. corporate business inversions, and promote repatriation of money held offshore.
Icahn and Trump are part of a rare club of business leaders who, while being part of the billionaire investor class, are more Pro-Main Street than Wall Street.
(VIA REUTERS) Billionaire investor activist Carl Icahn tweeted on Wednesday that he is forming a Super PAC with an initial commitment of $150 million, representing the biggest one-time injection of money in the history of such political action committees.
Icahn, who supports presidential candidate Donald Trump, said he is targeting “inversions,” which occur when a company changes its domicile, often outside the United States, to take advantage of lower tax rates elsewhere.
“Right now, as we speak, there are many companies planning to leave this country,” Icahn said in an interview with CNBC. “It’s so simple to do something about it, it’s a no-brainer.”
Icahn said on CNBC that the incentive for companies to leave the U.S. via inversion deals could be eliminated by legislation allowing big companies to repatriate funds held offshore at a discounted tax rate – an approach also favored by Trump.
In a letter, released Wednesday and sent to several leading members of Congress, Icahn said as many as 50 companies have left the U.S. over the past few years, representing more than a half-trillion dollars in market value, costing hundreds of millions of dollars in taxes and lost jobs. (read more)
The timing of this announcement, against the backdrop of Wall Street going “all in” to support Hillary Clinton, is most-likely not coincidence.