Potential future president, Vice President Kamala Harris, purveys a tax strategy that could potentially be a stumbling block for the prosperous economy of the United States, according to investor and television personality Kevin O’Leary. The chairman of O’Leary Ventures has expressed concerns that the vice president’s intended strategy may have far-reaching implications for not just businesses, but for everyday citizens of the country as well.
O’Leary addressed the issue during his Thursday appearance on ‘The Big Money Show’, asserting that an increase in taxes is an undeniable reality should this proposal come to fruition. ‘There’s no denying it; her plan would result in raised taxes,’ he emphasized.
Furthermore, O’Leary suggests that this issue is a part of a wider debate surrounding the long-standing narrative of enforcing the wealthy to contribute their ‘fair share’ in taxes. He views this topic as an enduring headline that never fails to make its way into the forefront of public discussions during each election cycle.
Yet a more worrying element of this debate for O’Leary is not the personal taxes, but the potential increase in corporate tax rates. He cautioned that Vice President Harris’s proposed 28% corporate tax rate could potentially place the American economy on shaky ground.
Despite her commitment to providing a $50,000 tax abatement for budding small businesses, O’Leary warns that an elevated corporate tax rate could incite investments and businesses to flee the U.S. for friendlier tax environments. He recalled historical instances where such tax decisions led to corporations relocating their headquarters from the U.S. to countries like Ireland, which offer lower tax jurisdictions.
‘Any party would be remiss to make such a move’, insisted O’Leary, highlighting the potential negative impacts of a corporate tax increase. He further stressed that such a decision would be dire for both sides of the political aisle.
In regards to the global standing of the U.S., O’Leary points out that the country currently maintains a balanced position within both the G7 and G20. Dramatically increasing the corporate tax rate to 28%, coupled with additional state taxes, could push the U.S. past the 30 percentile mark. This would significantly hamper the country’s competitiveness within the G7 and G20 nations.
In O’Leary’s view, this scenario is the epitome of a disastrous outcome, one that fills him with a fair amount of apprehension. ‘For me, this option paints a rather bleak picture. I find it quite worrisome,’ expressed the renowned investor.
O’Leary went on to discuss the anxiety that looms over business owners as they grapple with the looming uncertainties of future policies. Whatever the outcome of the election may be, this type of uneasiness is a common sentiment shared amongst most, if not all, business owners.
The popular businessman aired his dissatisfaction with what he termed ‘a policy-lite election’. He regrets the lack of clarity from Harris regarding her position on key fiscal issues such as corporate taxes. ‘I, along with many others, would appreciate a clearer perspective on her stances,’ opined O’Leary.
O’Leary made a noteworthy observation: the current condition of the United States as the world’s leading economy, with half of the global capital investment being directed into the country. ‘We cannot afford to disturb this equilibrium,’ he stressed.
He underlined that any decision that could potentially threaten this status quo should be approached with caution. ‘We cannot risk forfeiting such a position,’ O’Leary elaborated, signifying the substantial weight the world places in the U.S. economy.
Earlier in the month, O’Leary had issued a similar cautionary message about the impacts of a possible election victory for Vice President Harris. His repeated concern over this scenario amplifies his apprehensions over the proposed tax reforms under a new potential Harris administration.
O’Leary advocates for a careful assessment of policy implications, particularly when it involves shifting the current tax framework. His concerns highlight the need for thoughtful discussion and considerate decision-making in the realms of policy and government.
In conclusion, it is evident that opinions, such as those of Kevin O’Leary, underscore the need for a comprehensive and measured approach when determining the structure of the country’s tax system. The potential impact on the economy and the global standing of the United States remain crucial considerations that must be thoughtfully deliberated in any policy decisions.