The Harris campaign’s made a giant mistake. They’ve aligned themselves with socialists and communists.
And Kamala Harris was just called out as a dirty communist in a gound-breaking Fox News segment.
Renowned “Shark Tank” investor Kevin O’Leary has strongly criticized Vice President Kamala Harris’ proposed tax plan, claiming it would “destroy the American Dream.” In a recent appearance on Fox News’ The Story with Martha MacCallum, O’Leary voiced his concerns about the potential impact of Harris’ economic policies on American businesses and global competitiveness.
The Proposed Tax Plan From Kamala Harris Campaign
Reportedly, Harris’ plan includes a 25% tax on unrealized capital gains for individuals with over $100 million in wealth as well as an increase in the corporate tax rate from 21% to 28%, a stark 33% increase to the tax burden of corporations in America.
O’Leary argued that these measures would make the United States less attractive for foreign investment and harm its competitive edge. He stated, “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.”
The investor warned that such policies could lead to a repeat of past scenarios where high corporate tax rates drove companies to relocate to countries with more favorable tax environments, such as Ireland.
Impact on American Entrepreneurship
O’Leary expressed particular concern about the effect on American entrepreneurs, stating, “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!”
He further cautioned that these policies might discourage people from coming to America and potentially encourage others to leave. O’Leary also took aim at other elements of Harris’ economic plan.
He described the proposed Harris campaign’s federal ban on grocery price gouging as “un-American” and impossible to implement. O’Leary also criticized Harris’ plan to build 3 million homes and provide $25,000 in down payment assistance to first-time homebuyers, calling it “beyond inane” and “the worst policy I’ve ever heard.”
O’Leary’s comments reflect a broader debate about the potential impacts of proposed tax and economic policies on American businesses and the overall economy, but so far Harris has struggled to find traction with these more extreme positions she’s taken.
O’Leary even went so far as to compare her policies to the devastating ones of socialist and communist nations like North Korea and Venezuela, saying they simply “don’t work” anywhere in the world where they’ve been tried.
“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 said in his Fox News interview.
Kevin O'Leary says Kamala Harris' tax plan will destroy the American Dream pic.twitter.com/O2oSPnE053
— Daily Caller (@DailyCaller) August 29, 2024
Even though the Kamala types like to blame corporations for everything, the reality is that being pro-business is a good thing. Low business taxes are beneficial for several key reasons, primarily because they help everyone in America by creating a strong and resilient economy.
Low corporate tax rates allow businesses to retain more of their profits, which can then be reinvested into the company. This increased investment leads to hiring of additional employees and increased research and development of new products and technologies. Expanding the market helps employees position for higher pay and better benefits.
Employees are fighting over fewer monetary resources when you increase corporate tax rates, and that’s a fact.
Stay tuned to the DC Daily Journal.
