Apple’s largest individual shareholder, Carl Icahn, endorses Donald Trump for U.S. President

“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,” Beth Jinks reports for Bloomberg. “Icahn backs Trump’s calls to end carried-interest loopholes and rules that encourage corporations to relocate overseas and avoid repatriating profits.”

I would say it’s an endorsement. I think at this moment in time, he’s the only candidate that speaks out about the country’s problems. I’m behind Trump. 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. You need somebody that understands business, and I think he understands it. — Carl Icahn

Full article here.

“The 79-year old investor is Apple’s largest individual shareholder,” Brendan Coffey reports for Bloomberg. “He owns 10.6 million shares in his personal investment vehicle, High River, and another 37.6 million through an 89 percent stake in publicly traded Icahn Enterprises.”

“With a current net worth of $22.6 billion, Icahn is the 33rd-richest person on earth,” Coffey reports. “That’s enough to buy about 1.3 million of the priciest Apple Watch.”

MacDailyNews Take: Regardless of who’s endorsing whom for what, U.S. corporate taxes are obviously too high.

Under the current U.S. corporate tax system, it would be very expensive to repatriate that cash. Unfortunately, the tax code has not kept up with the digital age. The tax system handicaps American corporations in relation to our foreign competitors who don’t have such constraints on the free flow of capital… Apple has always believed in the simple, not the complex. You can see it in our products and the way we conduct ourselves. It is in this spirit that we recommend a dramatic simplification of the corporate tax code. This reform should be revenue neutral, eliminate all corporate tax expenditures, lower corporate income tax rates and implement a reasonable tax on foreign earnings that allows the free flow of capital back to the U.S. We make this recommendation with our eyes wide open, realizing this would likely increase Apple’s U.S. taxes. But we strongly believe such comprehensive reform would be fair to all taxpayers, would keep America globally competitive and would promote U.S. economic growth.Apple CEO Tim Cook, May 21, 2013

SEE ALSO:
Donald Trump: Why I sold my Apple stock – January 30, 2014
Donald Trump explains Apple’s stock swoon – January 28, 2014
Donald Trump: Apple must go to a larger screen iPhone now! – October 15, 2013
Donald Trump: Tim Cook must immediately increase iPhone’s screen size – April 29, 2013

Icahn warns about U.S. stock market while touting Apple – June 25, 2015
Carl Icahn lauds Apple Watch, but he doesn’t want to be pushy – May 20, 2015
Carl Icahn’s open letter to Tim Cook worth $8.35 billion for Apple shareholders – May 18, 2015
Why Carl Icahn believes Apple’s share price should be $240 – May 18, 2015
Carl Icahn issues open letter to Apple CEO Tim Cook – May 18, 2015
Apple expands capital return program to $200 billion – April 27, 2015
Here’s why Carl Icahn wants even more Apple buybacks and why CEO Tim Cook has to pay attention – October 9, 2014

45 Comments

  1. Funny that such a technologically advanced and liberal company would attract two of the most ignorant and right wing dicks on the planet – Limbaugh and Icahn.

    1. Yea, the Democrats have failed to destroy $16 Trillion and murder 300,000 innocent civilians in illegal wars. All the Dems have done is end the Bush Depression and restorer the jobs Bush destroyed. And the Dems have failed to sell America to Halliburton, a company sold Saudi Arabia by Criminal Cheney.

      1. The Great Recession was caused by the mortgage meltdown — a product of Democrat policies of forcing institutions to lend to people who could not repay. Only a low information voter would blame it on Bush.

        1. I agree, it wasn’t Bush’s fault. But it wasn’t the average homeowner trying to buy a starter house, either.

          It was the giant banks and brokerage houses, which packed risky mortgages into bundles and sold them to investors as high-grade investments, at the same time BETTING AGAINST THEIR OWN INVESTMENT PRODUCTS on the side.

          1. While Bush didn’t cause the housing bubble he did sit around eight years while it grew and only took action when it popped at the end of his presidency.

            There is blame to go around for it, but absolving the president who sat through the entire thing from beginning to end makes no sense.

            Bush deserves as much blame as anyone for what happened.

  2. hey, mdn,

    time to take a close look at your star rating system, at the moment it seems rigged to go backwards.

    i voted a 5 on three separate comments, none of which were, shall we say ,supportive of either trump or icahn, only to see the overall rating go down by a fraction of a star rather than remain the same or incrementally increase.

    something is goofy here

  3. I used to have a bit of respect for Icahn for his insistence that AAPL was (and is) undervalued. But, that’s gone out with window with his even partial if not full endorsement of Trump, a bombastic idiot.

    The only good thing is that Trump is unelectable in a general election and the more support he gets, the more the Republican Party is splintered.

    1. “The only good thing is that Trump is unelectable in a general election…”

      That’s exactly what they said about Oblahblah and look how that turned out.

          1. Corporatocracy – love that coinage! Yea, it certainly does look like that. I’m a Republican (closet Libertarian really) and even to me those guys would be a nightmare in office.

            But here’s the thing. No matter how smart these guys think they are at running a business, it won’t matter for squat if they don’t have astute political sensitivities to be able to convince the Congress that the changes they want to make are in the interests of rank and file congressmen. Trump is used to being boss. He gives orders and people follow them. But he won’t be able to tell Congress what to do. Does he have the political chops to succeed?

            In the unlikely event that Trump is elected, I foresee a very unproductive four years with no legislation of consequence happening. (Hmmm. Maybe that’s not such a terrible thing.)

            1. I know it’s a nice thought, but:
              Government ≠ Business

              All the efforts to force government into a business model have lead to the mess we have now.

              I personally don’t have a handle on what’s going to happen with the presidency. Imagine either Trump OR Sanders in the White House. Much as I very much appreciate Sanders’ intentions, honesty and trustworthiness, would he stand a chance against the Ne0-Con-Job corrupted Republicans? No. And if Trump Clown got in, imagine the chaos of Democrats undermining his lunacy at every turn. And gawd help us if Hilary or any of the other clown car pileup got in. It’s either a vacuum of leadership or a tempest of contention against sanity. Take your pick.

              I’m all for sanity, not this volatile extremist ignorance and intransigence we have now.

            2. I know. The whole thing is depressing. I’ve never been less intersected in politics than I am now. And that’s not a good thing. We all need to pay attention.

              But it’s hard when the media wants to make a circus out of the whole thing. And it really is the media despite their protestations to the contrary. Politicians strive for that one great sound bite because that’s what the media wants because they think it’s easier to hold a fickle audience’s attention. Whether that’s true or not is irrelevant. The media, our self-proclaimed forth estate, needs to stand up and do its job, which is to help create informed citizens in support of democracy.

      1. “look how that turned out”

        Bush Sr. handed Clinton a $269 billion budget deficit.
        Clinton handed Bush Jr. a $127 billion surplus.
        Psycho Bush Jr. and the republicans hands Obama an $1.4 trillion deficit.
        Obama has reduced Bush Jr.’s deficit to $490 billion.

        Remind me… which is the party of fiscal responsibility?

          1. Easily confused much? From the very site in your link:

            “What is the difference between the public debt and the deficit?

            The deficit is the difference between the money Government takes in, called receipts, and what the Government spends, called outlays, each year. Receipts include the money the Government takes in from income, excise and social insurance taxes as well as fees and other income. Outlays include all Federal spending including social security and Medicare benefits along with all other spending ranging from medical research to interest payments on the debt. When there is a deficit, Treasury must borrow the money needed for the government to pay its bills.

            We borrow the money by selling Treasury securities like T-bills, notes, Treasury Inflation-Protected securities and savings bonds to the public. Additionally, the Government Trust Funds are required by law to invest accumulated surpluses in Treasury securities. The Treasury securities issued to the public and to the Government Trust Funds (intragovernmental holdings) then become part of the total debt.”

            The fact is, when GBB inherited the budget surplus from Clinton, he promptly brayed The GWhat is the difference between the public debt and the deficit?

            The deficit is the difference between the money Government takes in, called receipts, and what the Government spends, called outlays, each year. Receipts include the money the Government takes in from income, excise and social insurance taxes as well as fees and other income. Outlays include all Federal spending including social security and Medicare benefits along with all other spending ranging from medical research to interest payments on the debt. When there is a deficit, Treasury must borrow the money needed for the government to pay its bills.

            We borrow the money by selling Treasury securities like T-bills, notes, Treasury Inflation-Protected securities and savings bonds to the public. Additionally, the Government Trust Funds are required by law to invest accumulated surpluses in Treasury securities. The Treasury securities issued to the public and to the Government Trust Funds (intragovernmental holdings) then become part of the total debt.”

            The fact is, when GWB inherited the budget surplus (the necessary condition for reducing total debt), he immediately brayed “The government is taking too much of your money.” And promptly called for a tax cut.

  4. I’m in Canada now .

    Recently a politician running for the Canadian Fed Elections Alex Johnstone made some facetious comments about the ‘phallic shaped fence posts’ on a photo of Auschwitz (obviously not realizing what Auschwitz was and later when questioned by the press admitted ignorance )

    Think about it: Canada (U.S Ally) is embroiled in a decade long war in Afghanistan and is now involved fighting ISIS in Syria.
    THESE are the people going to decide how to conduct the fight and whom else to fight. People who don’t know Auschwitz (HIsotry 101) are going to figure out Kurds, Shites, Sunnis or what exactly is ‘Global Warming’ or the ‘GDP’ etc ?

    Sort of explains why even people like Trump have a chance.

    ——
    Personally I believe ALL politicians have to take a Political and Economic test like Students sit for the S.A.T. before allowed to run.

    1. before people get me wrong I’m not criticizing Canada.
      (Live here now and love it. Live on an island one and half hours from Seattle and Vancouver. )

      what I am depressed about is the quality of politicians world wide.

      1. “There is a cult of ignorance in the United States, and there has always been. The strain of anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that ‘my ignorance is just as good as your knowledge.”
        ― Isaac Asimov

        1. you have a certain point there

          “We get the quality we chose to elect”
          what I’m saying though that your options for who to vote for is often limited to idiots and bigger idiots.

          Competent people often don’t run as the only way to win elections today is with a vast and expensive campaign and to get the money you have to kowtow to the people who donate (certain rich people, pressure groups etc) — often people with real ideals don’t want to deal with that.

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