Kevin O'Leary Warns Of Economic Impact From Kamala Harris' Tax Plans

Kevin O’Leary, Chairman of O’Leary Ventures, has voiced his apprehensions regarding tax policies proposed by Vice President Kamala Harris. O’Leary warns that these policies could potentially have a negative impact on the U.S. economy.

What Happened: On Friday O’Leary expressed his criticism of Harris’ tax proposals. He cautioned that these policies could impede capital growth and disrupt the American dream.

Speaking with Fox News, O’Leary highlighted that Harris’ plans encompass a 25% “minimum” tax on wealthy households, an escalation in taxes on capital gains and dividends for households earning more than $1 million, and a fourfold increase in the tax on stock buybacks.

“Taxes will go up with their proposals,” he said, adding, “She’s admitting that, she’s not denying it.”

“That's a debate that’s going on in terms of the classic, ‘make the rich pay their fair share. That’s a narrative that goes into every single election cycle,” he added.

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O’Leary’s primary concern is Harris’ proposal to establish the corporate tax rate at 28%. He maintained that such a rate would make the U.S. economy non-competitive, possibly leading businesses and investments to relocate out of the country.

“That’s, to me, the most horrific outcome, and I’m very nervous about that,” O’Leary stated.

“The more concerning one for the economy, not just personal taxes, is corporate tax rates. That, at her proposed 28%, would put the U.S. economy in an uncompetitive position,” he said.

O’Leary stressed that regardless of the election’s outcome, policy “uncertainty” continues to be a significant concern.

“Last time we did this to ourselves, we started to see dislocation of headquarters moving to places like Ireland and other lower tax jurisdictions,” O’Leary said. “That, we shouldn’t do. That’s a mistake for either party. That’s a huge mistake.”

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This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.