Billionaire Carl Icahn is “currently preparing to form a Super PAC with an initial commitment of $150 million from [him] personally.” His plan is here. While allegedly providing a loophole-closer, stopping inversions, he quickly gets to his anti-tax plan: Tax foreign income of U.S. multinationals lightly, if at all.
One problem is that the multinationals have no problem sticking the “foreign” label on income that should be taxed here right away in full.
$150 million: with 435 House Members, and 100 Senators, that’s $280,000 each. That’s a lot of money for candidates to ignore, and a lot to spend for a tax cut, but Money Talks. Yikes.