"Bashing The Rich Is Not What America's About," Kevin O'Leary Says of Increasing Taxes For The Wealthy

Well-known entrepreneur and TV personality Kevin O'Leary recently spoke on Fox News about taxing the rich in response to a caller stating, "I just want an America where I have the chance to pay less in taxes than people like Kevin O’Leary." O'Leary expressed concerns about the political rhetoric that targets successful entrepreneurs and the potential repercussions of consequential policies on the American economy. 

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O'Leary stated that he doesn't want to talk about an exclusive club of wealthy people – that's not what this is about. Instead, he says thinking about America as an entrepreneurial economy would be better. "We reward entrepreneurship," he said. "We reward men and women that take risks to start businesses in their basement and create hundreds of thousands and millions of jobs."

He mentioned that other successful entrepreneurs like Jeff Bezos and Elon Musk should not be penalized for their achievements. "Do you want to punish them for their success? Is that what America has become? Let’s punish our entrepreneurs? No! They pay their fair share and percentage of taxes. They abide by the tax laws. And they create jobs."

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Diving further into entrepreneurs’ unique challenges, O'Leary explained that many don't draw salaries and instead reinvest their earnings into growing their businesses. "We don’t make any money because we’re taking it all and putting it into companies and starting to grow them. And we get capital gains. Now, if you don’t like capital gains tax, you want to increase it and become very uncompetitive. Entrepreneurs will take their money somewhere else. And foreign investors will also go somewhere else."

Many others do not share O’Leary’s sentiments, particularly those not part of the billionaire class. Oxfam America, a nonprofit dedicated to fighting inequality and injustice, firmly believes that billionaires don't pay their fair share in taxes. On their website, Oxfam cited studies that revealed the wealthiest 400 billionaire families in the U.S. paid an average federal individual tax rate of 8.2%, while the average American taxpayer paid 13% in 2021. 

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"That's not paying your fair share," Oxfam wrote. "Instead of rewarding wealth over work, our tax system should ensure that billionaires play by the same set of rules as the rest of us. It's good for the planet, and it's essential to the preservation of our democracy."

It's not just the lower class and "poorer" citizens that want increased taxes for the wealthy, though. Bill Gates has even advocated for higher taxes on the rich, including himself. 

The disparity about the fairness of the U.S. tax system may likely never be settled. Advocates for higher taxes on the rich argue that a more progressive tax system is essential for bridging the gap between the rich and the poor and providing better support for health care and education. On the other hand, O'Leary argues that excessive taxation could stifle innovation and entrepreneurship, which are crucial to the American economy. 

As policymakers navigate these complex issues, it’s important to consider the potential impacts on all segments of society, from entrepreneurs and investors to everyday workers and taxpayers.

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