Carl Icahn—one of the most feared activist investors in tech—is coming for Congress.
In a letter posted on his website today, Icahn announced he is committing $150 million of his own money to a yet-unnamed new Super PAC, which will also raise funds from third parties. The primary focus of the Super PAC, he says, will be to push Congress to stop U.S. corporations from moving overseas for tax purposes, a process that's become known as "corporate tax inversions." For Icahn, that trend is among the biggest threats to the country's economy.
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"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 writes.
While Icahn has focused on the tech industry in recent years, as the 2016 election season heats up, he's made no secret of his political interests. Donald Trump has even floated the possibility of making Icahn his Secretary of Treasury if he becomes president, though Icahn recently told WIRED he planned to keep his day job.
Now Icahn will put some financial muscle behind those opinions (thought not, it seems, behind the Trump candidacy specifically, at least in this instance). The billionaire writes that he is uniquely positioned to do this, given his understanding of what motivates businesses. "While they can contribute greatly to America, they are not 'patriots,'" Icahn writes. "They are motivated to take actions that are in the best economic interests of their shareholders, which include leaving the country if it offers a compelling opportunity to dramatically increase profits."
Icahn wants the U.S. to make it easier for American companies to repatriate the money they've earned abroad, by lowering the tax rate on that money once it's returned. He writes that the taxes collected through this repatriation could help fund the Highway Bill, which would fund highway infrastructure. According to Icahn, both Senator Charles Schumer and Representative Paul Ryan support the passage of this legislation. Icahn hopes that his PAC will be able to push Congress to pass it before December, before the 2016 primaries begin.
"I promise, the PAC we have started will leave no stone unturned to find out who is most responsible for this ridiculous and unconscionable situation and what can be done about it," Icahn says, referring to the stalemate in Congress. "The inability of Congress to enact desperately needed legislation because of certain members not willing to compromise is reprehensible, and the members responsible must and will be held accountable."
Icahn says he's sent the letter to all relevant members of the House Ways and Means Committee and the Senate Finance Committee. Of course, Icahn is far from the only person calling for an end to Washington deadlock. The difference is, when Icahn demands something, he tends to get his way.
