'%20x='0'%20y='0'%20height='100%25'%20width='100%25'%20%0A%20%20%20%20%20%20%20%20%20%20xlink%3Ahref='data:image/jpg;base64,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'%3E%3C/image%3E%3C/svg%3E)
Kevin O'Leary, the coveted Shark Tank investor, often speaks on topics of his expertise, which include finance, politics, and business, among others.
In a recent interview with Fox Business, published on his Instagram on May 14, Kevin openly criticized the proposed tax plan in the new bill, proposed by the GOP, or the Grand Old Party, aka The Republican Party.
"It's anti-American. It's against small businesses," he said.
Kevin said that he didn't think the members actually went through the consequences and the repercussions of the tax they proposed to levy on the small businesses because it looked like a cut-and-paste paragraph to him.
Trending
The Shark Tank investor explained that the new bill proposed to give new powers to the IRS, where they could audit small businesses for upto 9 years. Kevin described this as "unprecedented" and contradictory to the ERS, a program that helped small businesses with funds during the times of COVID.
What Shark Tank investor Kevin O'Leary said about the newly proposed tax plan
While discussing the newly proposed tax plan by the GOP, Kevin O'Leary recalled the time when the US government had a program called ERC, or Employee Retention Credit, under which they used to give money to small businesses to keep them employed during COVID. He said he read all these bills because he was an advocate for small businesses.
Kevin said that now that the program was over, the government wanted to give the IRS new powers to audit all those small businesses for upto 9 years. Kevin called this shift "unprecedented" and rhetorically asked what the need was to make such a move on small businesses.
The Shark Tank star explained that because these businesses were small, some of them wouldn't even have records going that far back. This meant that many of these audits would happen after the period of these records. This, the Shark Tank judge described as a "war" on small businesses.
"I don't think the members saw this. This looks like a cut-and-paste paragraph," Kevin added.
He added that he noticed it that morning and thought to himself that what he was reading couldn't be right. He called the new bill "unbelievable" and "outrageous" for the way it taxed small businesses.
He also thought giving such a power to the IRS was "unprecedented" as he didn't think it would stop at their audits. He deemed the new bill "anti-American," adding that he hadn't seen anything like it before.
"You want to talk about a big, beautiful bill? This is a big, ugly piece of that bill," Kevin added.
Kevin said the bill needed to be fixed. The interviewer asked him what other problems he saw with it, besides the part about auditing small businesses, which seemed like an attack.
Kevin said that it was the sheer fact that such a thing had never been done to small businesses before. He said that he understood that the government was looking to save money, but the COVID program, ERC, saved millions of businesses, even though some claimed the program was fraudulent.
He further explained that 95% of these businesses deserved the help they received from the ERC, flourished because of it, so it was unfair for the government to now "rip into them".
For more updates on Shark Tank investor Kevin O'Leary, fans of the show can follow him on his official Instagram and X pages, @kevinolearytv.
