Vice President Kamala Harris’ proposed tax policies could cause significant harm to the U.S. economy, especially regarding capital growth and business competitiveness, according to investor and entrepreneur Kevin O’Leary. In a recent interview, O’Leary warned that Harris’ tax agenda, including increased taxes on corporations and wealthy individuals, would weaken the nation’s economic standing. He argues that these policies would not only hurt businesses but also undermine the American Dream for everyday citizens.
Key Facts:
– Kamala Harris proposes raising the corporate tax rate to 28%, which could make the U.S. less competitive globally.
– Her plan includes increasing taxes on capital gains for households earning over $1 million from 20% to 28%.
– A 25% minimum tax would be imposed on wealthy households, alongside a quadrupling of the tax on stock buybacks.
– Kevin O’Leary believes these policies will drive businesses and investments out of the U.S. to lower-tax regions like Ireland.
– O’Leary criticized the lack of specific tax policies in Harris’ campaign, warning of economic dislocation.
The Rest of The Story:
Kevin O’Leary, known for his role on “Shark Tank” and as chairman of O’Leary Ventures, is raising alarms about Kamala Harris’ proposed tax increases, which include significant hikes for corporations and wealthy individuals. Speaking on FOX Business, O’Leary explained that Harris’ plan to raise the corporate tax rate to 28% would harm the U.S.’s ability to compete with other countries in the global market. According to O’Leary, the tax burden would place American businesses at a disadvantage, leading many to relocate to lower-tax countries, echoing past trends.
O’Leary emphasized that raising corporate taxes would have cascading effects on the broader economy, particularly in terms of job creation and investment. “Last time we did this to ourselves, we started to see dislocation of headquarters moving to places like Ireland,” O’Leary said, expressing his concern that the same could happen under Harris’ proposed tax policies. He further explained that, under these conditions, the U.S. could find itself out of sync with the G7 and G20 economies, becoming increasingly uncompetitive.
O’Leary also criticized the Harris campaign for not providing enough detailed policies, particularly around corporate taxes. While Trump and Harris both have tax policies on the table, O’Leary warned that higher corporate taxes would diminish opportunities for capital creation in the U.S., a nation that accounts for 50% of global capital investment.
The American dream is the reason why half the world’s wealth is invested here and why people are willing to sacrifice their lives to come here. Taxing unrealized capital gains would destroy capital formation and decimate the American dream. pic.twitter.com/doSi2jRxAU
— Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) September 14, 2024
Commentary:
A Kamala Harris presidency would likely spell disaster for the U.S. economy, especially if her tax policies become law. Kevin O’Leary is right to be concerned that these policies would amplify the damaging effects of Bidenomics, driving corporations and wealth out of America at an unprecedented rate.
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By increasing corporate taxes and placing heavier burdens on high earners, Harris would stifle innovation, discourage investment, and slow economic growth.
This isn’t just about making the rich “pay their fair share,” as Harris claims. It’s about the long-term sustainability of the U.S. economy. If businesses are forced to leave or reduce their operations, everyday Americans will bear the brunt of this misguided approach in the form of fewer jobs, higher prices, and lost opportunities.
The Bottom Line:
Kevin O’Leary’s critique of Kamala Harris’ tax proposals raises serious questions about the future of the U.S. economy. By raising corporate tax rates and targeting wealthy individuals with steep hikes, Harris risks undermining American competitiveness in the global market.
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Whether this will come to pass depends on the outcome of the next election, but the warning from business leaders like O’Leary should not be taken lightly.
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