Carl Icahn Calls Pfizer's Plan To Leave The U.S. To Save On Taxes 'dangerous'

Billionaire investor Carl Icahn took exception to Pfizer Inc.'s consideration of a merger with Ireland-based Allergan PLC , saying it will cost the U.S. hundreds of billion of dollars in tax revenue and thousands of jobs. In a letter to Congress, Icahn reiterated his call for international tax reform to prevent corporate inversions like Pfizer is planning, which are mergers with foreign companies to switch the country of domicile to save on corporate taxes. "Unfortunately, my warning concerning the imminent exodus of many of our best companies is coming true," Icahn tweeted. "Today Pfizer confirmed they are planning to move out of the country. The situation is much more dangerous than most people believe." Last week, Icahn said he was forming a $150 million Super PAC to express his strong opposition to corporate tax inversions.

Copyright © 2015 MarketWatch, Inc.