Billionaire starts super PAC to push corporate tax revamp

Posted at 12:04 PM, Oct 21, 2015
and last updated 2015-10-21 13:04:32-04

WASHINGTON (AP) — Billionaire New York investor Carl Icahn is vowing to create a $150 million super PAC that pushes a corporate tax overhaul.

Icahn says in a letter on his website that he wants to press Congress to pass legislation that stops U.S. companies from moving their profits overseas to take advantage of lower tax rates. That practice is known as "inversions."

He says in the letter that his money should be "more than enough to make voters fully aware of the horrible consequences" of inversions. Icahn writes that American corporations are holding more than $2.2 trillion abroad.

Icahn joins other billionaires, including environmentalist Tom Steyer and gun-control advocate Michael Bloomberg, in using super PACs to tackle a single policy issue. Steyer and Bloomberg have seen limited success with their political projects.