Carl Icahn endorses Donald Trump: ‘He’s the only candidate that speaks out …

29 Sep 2015 | Author: | No comments yet »

Billionaire Apple Investor Carl Icahn Endorses Donald Trump.

Icahn backs his fellow billionaire on a range of issues including tax reform, immigration and raising interest rates.“I would say it’s an endorsement. Asked by a fellow billionaire what he would do if Trump won the election and he became treasury secretary, he recalled: ‘I told him I would make you pay some f***ing taxes’ Donald Trump has picked up an endorsement from fellow billionaire Carl Icahn, a hedge fund investor whom the Republican presidential front-runner has said would be his top pick to run the Treasury Department if he should win the White House.In a video and interview publishing Tuesday, Carl Icahn shares Donald Trump’s criticism of the U.S.’s failure to overhaul taxation and immigration and raise interest rates.

I think at this moment in time, he’s the only candidate that speaks out about the country’s problems,” Icahn told Bloomberg. “I’m behind Trump. In June, Icahn scoffed at the notion of being Treasury secretary after Trump suggested Icahn might be suited for the role, joking that he doesn’t get up early enough in the morning to accept the opportunity. I disagree on certain points I don’t want to get into, I’m sure those can be worked out, but the basic thing is, you need somebody that can get things going in Congress, and I think he can do it.

The business mogul also used the Bloomberg interview to reiterate his fear that the U.S. is in danger of inflating another financial bubble in the real estate market thanks to years of rock-bottom interest rates. The two mega-rich businessmen have been linked by past deals, most recently in July when New Jersey’s Casino Control Commission unanimously approved Icahn’s bid to take over the Trump Taj Mahal gaming resort hotel in Atlantic City. Trump Entertainment Resorts Inc., which owned that hotel and others on the famed Atlantic City boardwalk, returned to Chapter 11 bankruptcy protection in September 2014, prompting Icahn take swoop in with his takeover bid. Donald, of all of them, may be as brash, but he’s willing to say what he believes and he’s willing to say this is complete bulls***,” Icahn said.

Ahead of Icahn’s endorsement, Trump unveiled his tax plan, proposing to eliminate income taxes for millions of Americans, and lower rates for the highest-income earners. Trump wants to reduce the number of tax brackets from seven to four and would eliminate deductions used by richer citizens and corporations. (RELATED: Donald Trump Releases Populist-Sounding Tax Reform Plan) Trump has been leading the GOP field for months, but recent polling shows the boisterous property tycoon’s numbers falling sharply.

It emerged from bankruptcy in March after sorting out most of a long-running dispute with a labor union that had complained about wages and benefits, and bristled at Icahn’s plan to roll back pensions. ‘This market keeps going up and up with zero interest rates … that’s what’s really pushing it,’ he warns, adding that America’s high-yield bond market is ‘in a major bubble.’ Today he styles himself as a ‘shareholder activist,’ according to CNN, buying large positions in companies and moving them in a direction that will maximize profits for the rest of the shareholders – and himself. Trump’s plan for an overhaul of the U.S. tax code would eliminate federal income taxes on individuals earning less than $25,000 and married couples earning less than $50,000. He said those individuals would receive “a new one page form to send the IRS saying, ‘I win.’” Trump’s plan would also disproportionally benefit wealthy earners by lowering the highest income tax rate from 39.6 percent to 25 percent, and businesses by cutting their tax rate — from major corporations to mom-and-pop shops — to no more than 15 percent. “There will be a major tax reduction,” Trump said at a news conference at his Trump Tower skyscraper in Manhattan. “It’ll simplify the tax code.

It’ll grow the American economy at a level that it hasn’t seen for decades.” Trump said he wants to eliminate the so-called “carried interest loophole” that allows managers of hedge funds and private equity firms to pay a lower tax rate than most individuals, and would reduce or eliminating most deductions and loopholes for both individuals and corporations. “In other words, it’s going to cost me a fortune,” he said. Trump estimated that his plan would lead the economy to grow at least 3 percent a year, and as much as 5 or 6 percent — a rate of growth that most economists say is unrealistic. He also said his plan didn’t suit any particular political agenda, describing it as a “common sense approach.” The tax plan is the third major policy proposal from Trump, who has also outlined plans for immigration and guns. He has been criticized for failing to unveil specific policy proposals as he’s risen in early preference polling. (TM and © Copyright 2015 CBS Radio Inc. and its relevant subsidiaries.

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