If Carl Icahn were king of the United States (and if there were a king of the United States), he knows exactly what he’d do first — tackle corporate tax reform.
“The immediate thing would be to get this repatriation and get companies back into the country,” Icahn said in an interview with Business Insider following the release of his new video, Danger Ahead. You can watch the whole thing above.
The video, produced and released by Icahn’s hedge investment firm Icahn Enterprises, touches on a number issues that have been bothering the billionaire lately.
Foremost among those issues is the simplification of America’s corporate tax structure so companies don’t have to pay taxes twice for doing business abroad. That, says Icahn, would encourage more companies to bring jobs back home.
The thing is, the US hasn’t had meaningful tax reform (or immigration reform) in thirty years, Icahn says in the video. He mentioned more specifics on tax reform to Business Insider too.
“I’d get [rid of] carried interest just to show the world we’re not patsies,” he said, referring to the tax rule that allows investment firms to pay a reduced tax rate on their returns .
That will show ’em.
Now, if you think those changes make Icahn sound like a populist, it’s because to a certain extent he does.
“We legislate inequality… protect the status with these corporations,” he told Business Insider. “CEOs should not be able to make 800 times what the worker makes.”
In the video, Icahn endorsed Donald Trump because he thinks that Trump is the only candidate tough enough to take on special interests head on. Now that those groups, and Super PACs, control electoral purse strings, candidates on both sides of the aisle have become more polarised to keep up.
In the meantime, Icahn says, the Federal Reserve has been given too much power and its financial crisis 0% interest rate policy is creating asset bubbles bound to pop sooner or later.
“The S&P is way overpriced,” he said to Business Insider, “the multiple is at 22 and half of that’s bulls–t.”
Tell us how you really feel, Carl.
Reporting by Linette Lopez