Proposed minimum tax on oligarch-like billionaires and millionaires decried as ‘un-American’ by reality VC.
A proposal by the Biden administration to assess a minimum tax on the super-rich has drawn sharp criticism from Kevin O’Leary of TV’s “Shark Tank.”
“This is un-American, this idea,” O’Leary said in an interview on CNBC Monday.
“If you take the 400 people this is going to affect, they’re some of the most extraordinary people that have ever created businesses in America,” he added.
The tax proposal would force households worth more than $100 million to pay a minimum tax of 20%, in part by including unrealized gains on stocks and other assets in their income.
The plan would take in $360 billion over 10 years, with half coming from households worth more than $1 billion, according to the White House.
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President Joe Biden argued during his campaign that it was grossly unfair that many wealthy people effectively pay no income taxes or pay at much lower rates than many middle-income Americans.
O’Leary, however, argued that “there are thousands and thousands of jobs that have been created,” by the companies launched by billionaires.
“Billions in taxes have been paid,” he added.
Berkshire-Hathaway CEO Warren Buffett has routinely criticized inequality in the tax system, noting that he is taxed at a lower rate than many of his employees.
But O’Leary was unmoved.
“If you want to take Elon Musk’s money from him while he’s still alive, cause remember we’re going to get it when he’s dead. The estate tax is going to clean him out when he’s dead, but why take his money now when he’s creating all these jobs and all this innovation?”