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International Business Times UK

Business

Stephanie Cruz

'Taxing the Rich' May Cost America More Than It Gains, Kevin O'Leary Argues

Kevin OLeary America Cenk Uygur Massachusetts

Kevin O’Leary, in a clip from 'The Diary of a CEO,' argues that higher taxes can prompt wealthy investors and entrepreneurs to relocate. (Credit: YT/ The Diary of a CEO)

Shark Tank investor Kevin O'Leary has warned that taxing the wealthy too aggressively could shrink the revenue base governments are trying to expand, arguing that high earners and the businesses they fund leave when rates climb too high.

Speaking on the Diary of a CEO podcast, the O'Leary Ventures chairman made the case during a debate with The Young Turks co-founder Cenk Uygur, hosted by entrepreneur Steven Bartlett. The episode, billed as an emergency debate on the economy, was released on 28 May.

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