'Higher Taxes, Less Capital'– Kevin O'Leary Sounds Alarm On Corporate Tax Hikes And Economic Growth

Kevin O'Leary isn't holding back on Kamala Harris's tax plan. The "Shark Tank" star took to X (formerly Twitter) and Fox News to slam the idea. "America's the largest economy on Earth," he tweeted. "Fifty percent of the world's capital comes here. We DON'T want to mess with that! The higher you raise corporate taxes, the harder it is to create capital opportunity." O'Leary’s concerned and he's not alone.

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He didn't mince words. He's calling out Harris's proposal to raise corporate tax rates from 21% to 28% and he's not thrilled about her plan to tax unrealized capital gains at 25% for those making over $100 million. In his view, this could cripple the U.S. economy. "Raising capital gains tax to this level is making America uncompetitive," he said on Fox. "We're the world's top economy because we're competitive. But this plan? It sends the wrong message. It says America's not the best place to invest anymore."

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X wasn't quiet either. In response to O'Leary's update, technologist Benny Buckets asked, "So, what should billionaires pay in taxes then? Or do [we] enjoy our system where loopholes and expensive accountants are the way of the land?" Former software engineer G.R.R. chimed in with a radical idea: "Rewrite the tax code. Drop ALL write-offs, exemptions, temp breaks, credits, etc." You know, the simple stuff.

But O'Leary isn't just worrying about big businesses. He thinks this will hit entrepreneurs hard. "We don't want to punish American entrepreneurs," he said. He sees this as more than a business issue. For him, it's about protecting what America stands for. "The number one export from America isn't a product or service – it's the American dream," he added. And in his eyes, this plan puts that dream at risk.

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Kevin O’Leary's not a fan of Kamala Harris's tax plan, but not everyone agrees. Jared Bernstein, from President Joe Biden's economic team, says people are still angry about price increases from three years ago. He thinks higher taxes on the rich could be a win. He argues it could fuel investment in infrastructure and schools, which would actually boost the economy over time. According to Bernstein, these kinds of taxes don't stop innovation. Instead, they could help level the playing field, making things better for everyone, not just the wealthy. So, not all doom and gloom – some experts see opportunity.

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It's not just taxes that are on O'Leary's mind. Harris also wants to impose federal price controls on grocery stores to stop price gouging. O'Leary thinks it's a terrible idea. "Populist? Sure. But impossible to make work," he said, pointing out how price controls have failed in places like Venezuela and North Korea. "It doesn't work. It never works."

He's not alone. Some economists are also worried about how price controls could backfire. O'Leary believes Harris's policies could do serious damage – not just to businesses, but to the country. "These ideas aren't realistic," he said. "They're bad for business, bad for the economy and bad for the American people."

So, yeah, O'Leary's not a fan and he’s not staying quiet about it.

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