A Threat to the American Dream [VIDEO]

Kevin O’Leary, a star of “Shark Tank” and a seasoned entrepreneur, recently sounded the alarm over Vice President Kamala Harris’ latest tax plan, warning that it could spell doom for the American Dream.

Speaking on Fox News’ “The Story with Martha MacCallum,” O’Leary didn’t hold back, calling the proposal an unmitigated disaster that could drive businesses out of the United States and cripple the nation’s ability to compete globally, as reported by the Independent Journal Review.

Harris’ plan, as outlined by The Wall Street Journal, aims to impose a 25% tax on unrealized capital gains for individuals with more than $100 million in wealth. She also seeks to hike the corporate tax rate from 21% to 28%.

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O’Leary was quick to point out the severe consequences of such a move, especially in a world where global competition is fierce and businesses are always looking for the most favorable environments to invest.

“The idea to raise capital gains tax, to make America uncompetitive. You gotta think about capital. We’re the number one economy on earth, most foreign capital wants to invest in America because it’s competitive. But when all of a sudden you make us — and I’m looking at the G20, all the countries where your sovereign wealth, you want to put $100,000 billion to work and infrastructure — you care about capital gains tax. You care about the corporate tax rate … Why do you want to punish them for success?”

He continued “So at the end of the day, when you make yourself so uncompetitive in the plethora of economies that compete with us and all of a sudden say, ‘corporate tax rates are the highest now, we’re in the bottom quartile of competition,’ it’ll be like what happened when we had 28%-plus corporate taxes, when companies started going to Ireland. We already tried this, it doesn’t work … This is a really, really, really bad idea. Incredibly bad policy.”

Kevin O’Leary says Kamala Harris’ tax plan will destroy the American Dream pic.twitter.com/O2oSPnE053

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The investor didn’t mince words when discussing the potential impact on American entrepreneurs. He asserted that such a tax policy would effectively punish those striving to achieve the American Dream, pushing them to consider relocating their businesses abroad.

“We do not want to punish American entrepreneurs,” O’Leary said firmly. “The number one export of America is not a product or a service, it’s the American Dream. That’s the number one export. Don’t mess with the American Dream! There’s a reason people try to get through barbed wire to get in here, we don’t want to set a policy up where they’re trying to get out of America. That’s what I see, and I don’t like it.”

O’Leary also took aim at Harris’ proposal to implement a federal ban on so-called “price gouging” in grocery stores, labeling it as “un-American” and unworkable. “This populist idea sounds good on paper, but it’s impossible to enforce and has failed everywhere it’s been tried,” he argued. “We’ve seen this before in the 1970s in America, and it doesn’t work. It’s a recipe for disaster.”

Finally, O’Leary slammed Harris’ housing plan, which includes building 3 million homes and providing $25,000 in down payment assistance to first-time homebuyers. He called the proposal “beyond inane” and predicted it would never pass Congress.

“The idea that a seller won’t simply raise the price if buyers are handed $25,000 is laughable. This is the worst policy I’ve ever heard, and everyone in real estate knows it’s a non-starter.”