Shark Tank star Kevin O’Leary, aka “Mr. Wonderful” panned President Joe Biden’s new tax plan, suggesting that the president would damage the country in the same way that many Democrats have broken their states.
O’Leary pointed out the negative impact of high taxes on states and countries during the April 16 edition of Fox News’s Your World with Neil Cavuto. “The minute you really start raising taxes and they become uncompetitive either at the state level, you see everybody leaving New York and going to Florida or to Texas,” O’Leary told anchor Neil Cavuto, before pointing out that the “same thing happens with countries.” O’Leary went on to say that higher taxes would stall the growth of the American economy: “So you got to be very careful. … I admire what [Biden] wants to do -- but the more he taxes, the less growth there will be and that is the risk.”
In response to a question from Cavuto, O’Leary discussed how the entrepreneurs targeted by Biden’s tax proposal fuel economic growth, saying, “To get rich, they had to be wildly successful. Let's just take a Bezos or what’s happened with Elon Musk. They have created hundreds of thousands of jobs. They have created economies that are derivatives to the companies they’ve made. That’s the essence of success in the economy.” Cavuto went on to suggest that the left punishes this kind of success.
O’Leary then criticized Democrats like Senator Elizabeth Warren (D-MA), pointing out how their vision had led to migration out of their states into more business-friendly environments like Florida. “I used to live [In Massachusetts]. So did all my neighbors. Now we live here in Miami and we visit Massachusetts, because it's now Taxachusetts,” O’Leary said, before adding, “So I don’t think that works, as long as there another place to go. That is how America was formed: Taxation oppression by the British, and here we are. Let's remember that lesson.”
Biden stated his intent to raise taxes on both corporations and individuals in a “fact sheet” published on March 11. The president heavily criticizes former President Donald Trump’s Tax Cuts and Jobs Act of 2017, while promising that his plan “[r]estores the top marginal tax rate to 39.6 percent for single filers making over $400,000 a year and married couples making more than $450,000 per year.”
Due to inflation, $400,000 in March of 2024 only has the purchasing power of $317,440.42 in Jan. 2018 (the first month after the “Tax Cuts and Jobs Act” passed), according to the U.S. Bureau of Labor Statistics “inflation calculator” tool.
Biden’s plan to raise taxes also includes an anti-energy provision. Although the president has repeatedly moved to limit drilling and made statements discouraging long-term investment in fossil fuels, he outrageously attacks oil and gas companies for failing “to invest in production.” In his “fact sheet,” Biden promises to end “tax breaks” and “tax subsidies” (Biden may be using these terms interchangeably) for the industry.
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