Carl Icahn pledges $150 million to fight tax inversions

October 21, 2015, 6:20 PM UTC
Photograph by Heidi Gutman — CNBC/NBCU Photo Bank via Getty Images

Carl Icahn sent a letter to several members of Congress Wednesday in which he states that he’s pledging $150 million of his own money and creating a super PAC to drive corporate tax reform, CNBC reports.

He is specifically targeting tax “inversions,” which is when a multinational company moves its headquarters outside the U.S. to benefit from lower corporate tax rates.

Icahn wants to educate voters about inversions and why Congress should pass legislation opposing them. The letter states that around 50 companies have left the U.S. in recent years, which has cost the country jobs as well as hundreds of millions in taxes. In the letter he says Fortune 500 companies are currently harboring $2 trillion overseas.

He writes in the letter: “If this exodus is allowed to accelerate, there will be disastrous consequences for our already fragile economy, as well as meaningful unnecessary job losses.” Icahn says he’s spoken to Senator Chuck Schumer and Speaker of the House candidate Paul Ryan, both of whom, he says, agree with him. He believes that Congress can fix this issue by simply making additions to the Highway Bill, which is currently being debated.

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