Kevin O’Leary says Kamala Harris’ tax plan will “destroy the American Dream.”
On Thursday, ‘Shark Tank’ star and famed investor Kevin O’Leary, Chairman of O’Leary Ventures, joined Fox News’ “The Story with Martha MacCallum” and warned Americans that Kamala Harris’ tax plan”will destroy the American Dream.”
O’Leary criticized Harris’ Communist-style price control scheme to combat the inflation crisis she had created by imposing a federal ban on so-called “price gouging” on groceries saying the “un-American” plan would be impossible to implement and has failed wherever it has been tried.
“This is Soviet-style price control that leads to inflation, supply shortages, very big problems in terms of competition.”
“I think it’s a very populist idea, impossible to implement. It would never pass Congress. So she seems to be throwing a lot of stuff at the wall, I understand why she’s doing it, she’s being encouraged by what she’s seeing in the polling.”
“But a lot of these proposals have not been scrutinized by you, reporters, on a one-on-one interview to actually understand how they’d be implemented. This is an incredibly bad idea, tried in the ’70’s in America, doesn’t work in Venezuela, North Korea, anywhere.”
“It’s un-American.”
O’Leary also criticized Harris’ plan to build 3 million homes in the U.S. and give first-time homebuyers $25,000 in down payment assistance unrealistic.
“This idea is beyond inane. It is the worst policy I’ve ever heard and everyone in real estate knows it’s a non-starter. That’s the second idea I know would never stick, would never get through Congress,” O’Leary said.
O’Leary also addressed Harris’ plans to implement a 25% tax on unrealized capital gains for individuals making more than $100 million. Further, she has pledged to raise the corporate tax rate from its current 21% to 28%.
O’Leary warns that Harris’ plan will destroy American businesses and make the U.S. unable to compete with global businesses.
O’Leary stated, “I’m worried about something much more sinister.”
“The idea to raise capital gains tax, to make America uncompetitive. You gotta think about capital. We’re the number one economy on earth, most foreign capital wants to invest in America because it’s competitive. But when all of a sudden you make us — and I’m looking at the G20, all the countries where your sovereign wealth, you want to put $100,000 billion to work and infrastructure — you care about capital gains tax. You care about the corporate tax rate.”
“Remember, 82% of of jobs in American are created by private companies that are corporations. That’s who America works with and for and how we pay for our society. Why do you want to punish them for success?”
“So at the end of the day, when you make yourself so uncompetitive in the plethora of economies that compete with us and all of a sudden say, ‘corporate tax rates are the highest now, we’re in the bottom quartile of competition,’ it’ll be like what happened when we had 28%+ corporate taxes when companies started going to Ireland. We already tried this, it doesn’t work.”
“This is a really, really, really bad idea. Incredibly bad policy.”
Harris’ capital gains tax policy, O’Leary warned, would “punish American entrepreneurs” and force many people to want to leave America.
“We do not want to punish American entrepreneurs. The number one export of America is not a product or a service, it’s the American Dream. That’s the number one export.”
“Don’t mess with the American Dream!”
“There’s a reason people try to get through barbed wire to get in here, we don’t want to set a policy up where they’re trying to get out of America. That’s what I see, and I don’t like it.”
Watch:
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