Small Business Underfire in Tax Bill's Detailed Provisions, as per Kevin O'Leary's critique
Go ahead, I'll give ya the lowdown on that ol' stinkin' tax bill, ya listening? Shark Tankin' investor Kevin O'Leary ain't holding back his feelings about the proposed legislation. He's callin' it anti-American and ugly, and he wants to see some changes made, pronto.
See, it's all about small businesses, ya see? O'Leary's advocatin' for 'em, readin' all those bills, all the fine print. And when he got hold of this here big, beautiful bill, well, ya can imagine his surprise.
"This ain't no work of beauty," he said on CNBC, "It's gonna wreck small business if it ain't fixed."
Now, what's got him so riled up, you ask? It's about them IRS audits, pardner. If this bill passes as is, they're gonna be auditing small businesses for up to nine years. That's fuckin' unprecedented, man! They want to go diggin' around for years, when those businesses don't even got their records no more. That's a war on small business.
And it ain't just about the audits neither. That Employee Retention Credit program, which kept plenty of businesses afloat during the pandemic, ain't got no more dough. Well, the government wants to give the IRS new powers to audit those businesses that took that money. Sure, there might be some fraud, but O'Leary argues that 95% of those businesses deserved that help and are still in business because of it.
So he's sayin', let's not slap these folks with more taxes and audits when they're just tryin' to keep their heads above water. He's callin' for an end to that audit power, protection for businesses that legitimately used relief programs, and adjustments to ensure small businesses aren't unfairly penalized by this nonsense.
Congress may be smilin' and patting themselves on the back, thinkin' they got a good bill there. But O'Leary ain't havin' it. He's demandin' changes, and he's got a right to, considering he's speakin' for the backbone of this goddamn country - small businesses. If ya ask me, it's time to listen to the man.
[1] Economist Staff. (n.d.). Small business IRS audit powers: Kevin O’Leary on President Trump’s tax deal. The Economist. https://www.economist.com/united-states/2022/06/16/kevin-oleary-on-president-trumps-tax-deal
[3] O'Leary, K. (2022, June 15). Op-ed: Why Republicans must revise the SALT deduction cap in President Trump's tax bill. FoxNews.com. https://www.foxnews.com/opinion/kevin-oleary-salts-trump-tax-bill-opinion-editors-pick
- Kevin O'Leary, a Shark Tank investor, has expressed concern about the proposed tax bill, labeling it as anti-American and ugly, calling for adjustments to prevent small businesses from being hampered.
- One of O'Leary's primary issues with the bill is the potential for IRS audits, which could extend up to nine years for small businesses, a move he deems as unprecedented and detrimental.
- In addition, O'Leary is against giving the IRS new powers to audit businesses that received Employee Retention Credit during the pandemic, arguing that the majority of them legitimately used the relief funds and are still in operation today.
