In a scathing critique of Vice President Kamala Harris’ proposed tax policies, “Shark Tank” star Kevin O’Leary warned that they will destroy the American Dream and handicap businesses. On Fox News’ “The Story with Martha MacCallum,” O’Leary slammed Harris’ plan to implement a 25% tax on unrealized capital gains for individuals making over $100 million in wealth and raise the corporate tax rate to 28%.
O’Leary argued that these policies would make the U.S. uncompetitive on a global scale, deterring foreign investment and forcing successful entrepreneurs to leave the country. “Why do you want to punish them for success?” O’Leary questioned, highlighting the importance of keeping America a desirable place for businesses to thrive.
The investor also criticized Harris’ proposal to ban “price gouging” on groceries, calling it a “very populist idea” that is “impossible to implement.” He pointed out that this approach has failed in the past, including in countries like Venezuela and North Korea, and is against the American principles of free market and competition.
When it comes to Harris’ plan to build 3 million homes and provide first-time homebuyers with $25,000 in down payment assistance, O’Leary called it “beyond inane” and predicted it would never pass through Congress. He argued that individual home sellers would simply raise their prices if each buyer is handed $25,000, making it impossible for the plan to succeed.
O’Leary further dismantled Harris’ policies by saying that the government will not be able to secure loans from states to build 3 million homes and that this proposal is a “non-starter” in the real estate industry. “It is the worst policy I’ve ever heard and everyone in real estate knows it,” he stated.
Throughout the interview, O’Leary emphasized the destructive effects of Harris’ tax plan and other proposals on the American Dream, which he claimed is the country’s number one export. He warned against “punishing American entrepreneurs” and said it is crucial to not “mess with the American Dream.”
Kevin O'Leary says Kamala Harris' tax plan will destroy the American Dream pic.twitter.com/O2oSPnE053
— Daily Caller (@DailyCaller) August 29, 2024
O’Leary delivered a damning verdict on Harris’ policies, calling them “incredibly bad ideas” and “un-American.” He urged the media and the public to scrutinize these proposals and see the impracticality and harm they will cause if implemented. O’Leary’s remarks serve as a stark warning against the dangers of blindly following populist agendas and the importance of prioritizing the success of American businesses and the American Dream.