Kevin O’Leary is known for many things, but avoiding controversial comments is not one of them. He often faces backlash for statements that come across as out of touch at best and offensively indecent at worst.
Many people feel their taxes are being used poorly and that wealthy individuals are not contributing their fair share.
On paper, the rich may seem to pay more, but the amount often feels small compared to what they earn. They also have access to legal gaps that reduce what they owe, from using charitable structures to placing companies in tax lenient states like Delaware.
This debate resurfaced when Shark Tank’s Mr. Wonderful was asked about taxing the ultra-wealthy on Fox Business. And while there is growing public disdain with the wealthy, Kevin O’Leary has struck back at the idea.
Kevin O’Leary’s Bombshell On Taxing The Rich
During a Fox Business segment in April, the hosts mentioned an opinion piece that argued anyone sitting on more than one hundred million dollars is holding more wealth than they should.
This came right as news swirled that President Donald Trump had toyed with the idea of raising taxes on the highest earners.
Once they asked O’Leary what he thought, he didn’t tiptoe towards a well-informed answer and just shut the idea down right away.
The Shark Tank investor said the proposed plan was”dead on arrival, many times over.” He wanted listeners to know he saw it as more than a weak proposal. According to Kevin, the idea in itself disregards any concerns of the successful people.
Kevin then explained how higher taxes aimed at wealthy people feel like a penalty for doing well. Since humility is not a virtue for Mr. Wonderful, he went on to add that rich people already cover much of the tax bill and send billions to the government each year.
Debt is The Real Threat
In Kevin’s worldview, the top earners are already shouldering much of the tax burden. Raising their rates won’t fix the country’s money problems. The real issue is that Washington keeps approving budgets that push the nation deeper into debt.
O’Leary added that even some Democrats have been warning their own side, saying they can’t keep putting forward plans that require another two trillion dollars.
Incentives Should Guide Capital
Instead of raising taxes on wealthy people, Kevin suggested smaller tweaks that give some breathing room to workers who put in long hours. He backed Trump’s plan to remove taxes on tips and overtime and called it a solid break for people who grind through demanding shifts.
Mr. Wonderful also mentioned that the tax code is already hard to move through Congress, so leaving it as it is feels fine to him.
Kevin O’Leary suggested some more fixes. One of them was that the country should be pushing people toward long-term investing instead of making it harder.
Mr. Wonderful also criticized what he called helicopter money and said he would rather see no capital gains taxes when he backs key sectors like chip production. Smart incentives pull investment in, while higher taxes push it away.
“We don’t need to get into a place where we say ‘oh, you’re too rich and successful, let’s screw you down,’ Kevin said. This kind of thinking drags the country down in the long run. It puts extra pressure on people who take chances, build new ideas, and drive the economy forward.
Kevin’s Bottom Line On The Tax Debate
Talk of a tax hike for top earners never turned into law, but it stirred enough noise to reach cable shows, policy writers, and regular people following the issue. Through it all, Kevin O’Leary kept his stance static and steady. And what’s that?
Don’t target the people already covering a huge share of the nation’s expenses. Focus on policies that push the economy forward, back workers who keep it moving, and stop adding massive amounts of new debt.
Some will back his view, and others won’t. But he does not shy away from putting his position out there with the same energy he always brings.
