Posted on 10/22/2015 1:02:37 PM PDT by Helicondelta
Billionaire investor and longtime Donald Trump supporter Carl Icahn announced he is launching a $150 million super PAC to revise corporate tax law. Trump has indicated Icahn may be his choice for Treasury secretary should he win his bid for president.
Icahn, in a letter to House and Senate leaders, said he wants Congress to pass legislation that will stop U.S. companies from moving profits overseas for lower tax rates, formally known as corporate tax inversions. He said lawmakers must be "accountable for the current gridlock in Congress that prevents important legislation from being passed."
"In the last few years over 50 companies have left the country through 'inversions,' representing over half a trillion dollars in market value, hundreds of millions in tax dollars, and tens of thousands of jobs," he said. "If this exodus is allowed to accelerate, there will be disastrous consequences for our already fragile economy, as well as meaningful and unnecessary job losses."
Icahn, whose net worth is $21.6 billion, has endorsed Republican presidential candidate Donald Trump. Trump has repeatedly mentioned Icahn as Treasury secretary if he secures the presidency.
(Excerpt) Read more at upi.com ...
Icahn blows away Club for Growth and the rest of the GOP-E. He’s going to have a bigtime Super PAC to Trump.
BO-—ING!
SPLASH!
Down goes the shrub
Why is raising taxes on American companies a good idea? That’s what Icahn is proposing.
Because some people are going to make a fortune off the Trump campaign, and the middle class is going to get nuked.
No, he is proposing changing current tax law.
Billionaire investor and longtime Donald Trump supporter Carl Icahn announced he is launching a $150 million super PAC to revise corporate tax law.
Can you please explain how Icahn is calling for raising taxes? I’m not seeing it in the article.
The article is garbage and lacks the details. There are other articles with better details. He is proposing more taxes to punish companies who keep cash overseas to avoid paying the US corporate income taxes when the money is brought back into the country. There is already an article posted on FR yesterday.
To revise corporate tax law to punish corporations who keep money overseas instead of bringing it back in and paying the highest corporate tax rate in the world.
Why not just propose cutting the corporate tax?
Exactly. If you want corps to not move overseas quit punishing them.
But Icahn? Yuck.
Go Cruz go. Please.
What are you talking about? He’s looking to reduce taxes.
That is not what he is proposing. I’ve included a link to his letter to congress. This is part of the letter.
It’s a no-brainer for Congress to pass a Highway Bill that includes international tax reform because, if it does not, many of our companies, currently holding $2.2 trillion abroad, will invest this money outside the United States rather than pay the double tax we are now foolishly demanding, and which they will obviously not pay. Even worse, they might elect to be acquired by foreign companies through “inversions,” in which case the United States would not only lose the $2.2 trillion that would be invested in this country if we had passed a Highway Bill with international tax reform, but also lose all future taxes and job creation that these companies would have contributed. Additionally, our country would forfeit the $200 billion tax these companies would immediately pay, a portion of which would be used to fund the Highway Bill.
http://carlicahn.com/needed-legislation-letter/
Thanks for your reply. I didn’t see those other Icahn articles but will look closer for them from now on.
No. He is proposing less taxes when money is brought back into the country. Read his letter to congress. Why would you post something that is in direct conflict to what he is saying?
Trump has said that he wants to eliminate taxes for global corporations and raise taxes on assets owned by individuals (savings, properties, etc.).
I’m assuming reading comprehension and economics aren’t your strong suits?
I have a VP for Trump, Former Comp-Controller David Walker. Now that would be unpredictable...
“Because some people are going to make a fortune off the Trump campaign, and the middle class is going to get nuked.”
I hope not... but you never know...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.