‘Don’t Mess With The American Dream!’: Kevin O’Leary Says Kamala Harris’ Tax Plan Will Destroy American Businesses

“Shark Tank” co-star Kevin O’Leary said on Thursday that Vice President Kamala Harris’ tax plan will destroy the American Dream.

Harris plans to implement a 25% tax on unrealized capital gains for individuals making more than $100 million in wealth and raise the corporate tax rate from its current 21% to 28%, according to The Wall Street Journal. O’Leary said on Fox News’ “The Story with Martha MacCallum” that Harris’ plan will destroy American businesses and make the U.S. unable to compete with global businesses.

“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. But when all of a sudden you make us — and I’m looking at the G20, all the countries where your sovereign wealth, you want to put $100,000 billion to work and infrastructure — you care about capital gains tax. You care about the corporate tax rate … Why do you want to punish them for success?”

“So at the end of the day, when you make yourself so uncompetitive in the plethora of economies that compete with us and all of a sudden say, ‘corporate tax rates are the highest now, we’re in the bottom quartile of competition,’ it’ll be like what happened when we had 28%-plus corporate taxes, when companies started going to Ireland. We already tried this, it doesn’t work … This is a really, really, really bad idea. Incredibly bad policy,” O’Leary continued.