Shark Tank’s O’Leary Criticizes VP Harris’ Business and Tax Plans: ‘Horrific’
Kevin O'Leary, investor and chairman of O'Leary Ventures, believes that Vice President Kamala Harris' tax plans as the Democratic presidential nominee could severely harm the U.S. economy.
According to O'Leary, Harris' proposals could have "multiple effects" on businesses and average Americans, as reported by Fox Business.
“Taxes will go up with their proposals,” O'Leary said on "The Big Money Show," adding that “she’s admitting that, she’s not denying it.”
He noted that the debate centers around the familiar notion of making "the rich pay their fair share," a theme that surfaces in “every single election cycle.”
However, O’Leary’s biggest concern lies with corporate tax rates. “At her proposed 28%, that would put the U.S. economy in an uncompetitive position,” he said.
While Harris has pledged a $50,000 tax break for startup small businesses, O'Leary warned that higher corporate taxes could lead to businesses and investments leaving the country.
“Last time we did this to ourselves, we started to see dislocation of headquarters moving to places like Ireland and other lower tax jurisdictions,” O'Leary explained. “That’s a huge mistake.”
He emphasized that the U.S. is currently in the middle of the G7 and G20 economies, but imposing a 28% corporate tax rate, combined with state taxes, could push rates into the 30% range, making the U.S. "not competitive anymore" on a global scale.
“That’s the most horrific outcome, and I’m very nervous about that,” he added.
O’Leary also expressed concern about the lack of detailed tax policy in the election, especially from Harris. “This is a policy-lite election. I’m disappointed that Harris doesn’t give us more policy specifically on taxes, specifically on corporate taxes. I need to know that. So does everybody else,” he remarked.
“We don’t want to do anything to change that,” O’Leary said, highlighting the importance of maintaining the U.S. as the world’s leading economy, with “50% of capital invested worldwide” flowing into the country.
Earlier this month, O'Leary issued another warning about the potential consequences of a Harris presidency.
During a NewsNation interview, O'Leary referred to Harris as the “it kid” but criticized her as a “blank sheet of paper” when it comes to policy. He pointed out her history of left-wing views during her 2020 presidential campaign but noted her current lack of clarity on key issues.
“I don’t blame her for not bringing up policy,” O'Leary said. “But then, she’s got to talk policy, and I don’t know what that looks like, and nobody does because she’s like a blank sheet of paper.”
He drew a comparison to Canadian Prime Minister Justin Trudeau, calling him the last “it kid” in Western politics. “That country is on its knees! He wiped it out!”
“Are Americans basically going to hire or bring in a president that’s another Justin Trudeau?” O'Leary asked. “I hope not.”
In recent polling, former President Donald Trump leads Harris by three percentage points in a national head-to-head survey conducted by Rasmussen Reports. According to the New York Post, “Trump came out ahead 49% to 46%.”