As the election cycle heats up, business figures are weighing in on the economic proposals of various candidates. One such figure is Kevin O’Leary, the renowned investor from ‘Shark Tank,’ who has voiced his skepticism about Vice President Kamala Harris’ economic agenda. In an interview with Fox News, O’Leary labeled Harris’s plans as “too crazy,” and went on to pose a series of questions he would ask her if given the chance. His primary concern centers around three key policy areas.
First, O’Leary questions the rationale behind Harris’s support for increasing the corporate tax rate to 28%. He argues that such a hike, coupled with existing state taxes, could incentivize large American corporations to relocate their operations to countries with more favorable tax regimes, like Ireland. “Explain to me why going up to a 28% corporate tax rate, in addition to state taxes, where large American headquarters are located, is not going to force them offshore?” he asked.
Second, O’Leary expresses concern about Harris’s proposed $25,000 credit for first-time homebuyers, aimed at addressing the housing affordability crisis. While the policy seeks to make homeownership more accessible, O’Leary fears it could potentially exacerbate inflation, further worsening the very problem it aims to solve. “Why isn’t that inflationary? Please explain that to me,” he said, highlighting the potential for increased demand to outpace supply in the housing market, ultimately driving up prices.
Third, O’Leary criticizes Harris’s stance on price controls, arguing that such policies have a history of failure. “We know with certainty that doesn’t work,” O’Leary stated, referencing similar policies implemented in the U.S. during the 1970s and in other countries. While Harris hasn’t explicitly advocated for widespread price controls, she recently called for a federal ban on price-gouging groceries.
Ultimately, O’Leary’s central concern remains whether Harris’s economic policies will contribute to economic growth. “None of the policies I’ve heard yet are going to be pro-GDP,” he asserted during the interview. While Harris has positioned herself as a champion for working families, proposing measures to tackle income inequality, housing affordability, and corporate accountability, critics like O’Leary argue that these measures could backfire, ultimately hindering the very economic growth they aim to promote.
