Kevin O'Leary, a notable investor and entrepreneur, vocally opposes President Trump's proposed tax plan, describing it as 'anti-American' and harmful to small businesses. Highlighting the end of the Employee Retention Credit, he expresses concern about the increased powers given to the IRS to audit small businesses for nearly a decade. He emphasizes that such audits could happen after records are no longer available, characterizing the situation as a 'war on small business.' House Republicans continue working on Trump's tax agenda distanced from proposals regarding SALT deductions and millionaire taxes.
"This is anti-American. It's against small business. I've never seen anything like it. You want to talk about [a] big, beautiful bill? This is a big, ugly piece of that bill. It's gotta get fixed," Kevin O'Leary said.
"For small business[es], I'm their advocate. So I read all these bills. That program's over. They want to give new powers to the IRS to audit all those small businesses for up to nine years. That's unprecedented. Why would we want to do that to small business?"
"So many of these audits would occur after the period where they don't have their records. This is war on small business," O'Leary expanded.
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