WASHINGTON, Oct. 22 (UPI) -- Billionaire investor Carl Icahn announced he is launching a $150 million super PAC to push for congressional changes to corporate tax law.
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."