Kevin O’Leary, popularly known for his role in “Shark Tank”, has raised concerns about President Donald Trump‘s “One Big, Beautiful Bill” and its potential impact on small businesses.
What Happened: O’Leary expressed his unease about a part of the bill related to small business tax audits, warning that it could “cause chaos in valuations,” in an interview with Maria Bartiromo on Fox Business. The bill, currently being discussed among House Republicans, suggests increased IRS audits linked to the Employee Retention Credit (ERC).
The ERC was originally designed to help businesses retain employees during the COVID-19 pandemic. However, a new bill may grant the IRS expanded authority to audit small businesses that claimed the ERC for up to nine years. O’Leary warned that this could negatively impact business valuations.
Proponents of the bill argue that increased oversight of the ERC program could help eliminate fraud, making the program less expensive and freeing up funds for other proposals in Trump’s policy agenda.
Despite often supporting Trump’s economic policies, O’Leary previously said, “This is war on small business.” as he spoke about the proposal. He plans to take the matter seriously, voicing his concern over the potential for heightened conflicts between the IRS and small businesses.
“Somebody’s got to raise the red flag and I am going to do it,” warned O’Leary.
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Why It Matters: This isn’t the first time O’Leary has voiced his concerns about legislative issues. Previously, he criticized Sen. Elizabeth Warren‘s (D-Mass) opposition to the stablecoin legislation, calling it “un-American” as reported by Benzinga.
The “One Big, Beautiful Bill” has been a contentious issue, with Republicans praising it and Democrats criticizing it. The bill aims to make permanent the expiring provisions that benefit high-income and wealthy earners.
However, critics like economist Justin Wolfers have slammed the bill as “reverse Robin Hood economics,” arguing that it cuts social safety nets while preserving or expanding benefits for the ultra-wealthy.
At the same time, according to the Congressional Budget Office (CBO), The tax measures in the House GOP's "one big, beautiful bill" to advance Trump's domestic policy agenda are projected to reduce federal revenues by an amount equal to approximately 10% of the current national debt over the next decade. The CBO also predicted that it would add nearly $3.8 trillion to the national debt
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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