"Backbone of the economy" — Shark Tank investor Kevin O'Leary on passing the new tax package

Kevin O’Leary, a prominent Shark Tank investor, has highlighted the importance of passing the new tax package, stating that it is a priority. In a recent clip from his Fox Business interview posted on Instagram on January 31, 2025, O’Leary underscored that while many issues are significant, the tax policy is central.

"I know everything's important, but this tax thing I talked about, this is a big deal. We got to nail that because that's the backbone of the economy," he emphasized.

For the unversed, the proposed tax package focuses on maintaining the corporate tax rate at 21%, with discussions about potentially lowering it to 15%. The package is positioned as a key element of the administration’s economic agenda, aiming to provide stability for businesses and investors.

He further noted that the current political environment provides a limited window for passing such legislation before the midterm elections.

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Shark Tank investor Kevin O'Leary emphasizes the importance of passing the new tax package

Maintaining a competitive tax rate

O'Leary has stressed that keeping the corporate tax rate at 21% is essential for economic stability. He elaborated,

"We've got to keep it at 21%. I don't care if he gets to 15%, that would be great but the 21% puts us right in the middle of the G20. We've got to stay right there. Otherwise it's chaos on the edge of town."

The Shark Tank investor's perspective aligns with concerns about economic positioning, as he noted that any deviation from this rate could create uncertainty. Discussing potential opposition within Congress, O'Leary stated,

"I just can't imagine the Freedom Caucus or any group within the Republican Party in the House saying, no, no, no, no, we don't get a vote for this, we're not going to have it."

O'Leary expressed confidence that the administration can pass the tax package, despite opposition from fiscally conservative lawmakers. He also noted that some Congress members are focused on reducing the deficit, which could lead to talks about cutting spending.

He mentioned Representative Eli Crane as an example, saying,

"Take a guy like Eli Crane...I know that guy because he was on Shark Tank, if you believe it or not. I invested in his company...he just wants one thing: when are we going to deal with the deficit, throw me a bone on the deficit."

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Political and economic implications

O'Leary has framed the tax package as a critical policy measure that aligns with the administration's election mandate. He reiterated,

"I mean, that was the mandate coming into the election."

The Shark Tank investor reflected on the emphasis placed on tax policy as a priority by both the administration and its supporters. During the discussion, the Fox Business reporter noted that it was on the "top five issues" to which O'Leary responded,

"So, I mean, it's got to happen."

His statement suggests that the passage of the tax package is expected and viewed as essential by policymakers. In addressing the broader economic consequences, O'Leary maintained that securing the tax package is a primary objective.

"We've got to get that tax package. That was the mandate coming into the election," he reiterated.

The Shark Tank investor's statements indicate that he views this legislation as central to sustaining economic growth and preventing instability.

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