“Shark Tank” star and investor Kevin O'Leary told Fox Business Network's “Kudlow” on Wednesday that Vice President Kamala Harris' plan for an unrealized capital gains tax is “un-American.”
“This is the most disturbing tax proposal I've ever heard, why think about America – 62% of jobs are created by small businesses with five to 500 employees,” O'Leary said. “We watch their values go up every year, even as they struggle to stay afloat in all the regulatory environments and competition.”
He continued: “And then all of a sudden, you get a tax bill. Let's say our business goes from being worth $10 million to $20 million in five years. Where are we going to get the $3, $4 million in cash that we don't have, that we never had? If you think about it realistically, you can see how bad this is.”
O'Leary continued, “If I'm a small business owner, if I own a dry cleaners, and they tell me I've been open for four years and I'm owed $800,000, that's not my asset. It just doesn't make sense. It's just so un-American. It's un-American! It's un-American!”
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