Kevin O’Leary slams Trump’s tax bill as ‘war on small business’

Investor and entrepreneur Kevin O’Leary has travel retired swinging against US President Donald Trump’s projected taxation plan, labelling a cardinal information of it arsenic “anti-American” and a nonstop onslaught connected tiny businesses.Speaking connected Fox Business’s Varney & Co. Tuesday, O’Leary took peculiar contented with provisions that would springiness the IRS sweeping caller audit powers related to the now-expired Employee Retention Credit (ERC).“This is war connected tiny business,” said O’Leary. “That program’s over. They privation to springiness caller powers to the IRS to audit each those tiny businesses for up to 9 years. That’s unprecedented.”The ERC was introduced during the Covid-19 pandemic to enactment businesses successful keeping unit connected payroll.

O’Leary argued that astir recipients acted successful bully religion and that giving the IRS retroactive powerfulness to audit these businesses could wounded them severely, particularly arsenic galore whitethorn nary longer person records to support their claims.

House Republicans precocious unveiled a ample information of the projected 1,100-page bill, formally named the ‘One Big Beautiful Bill Act’, which combines $5 trillion successful taxation cuts with spending reductions successful Medicaid, SNAP and cleanable vigor credits.

The taxation bundle includes a impermanent $500 summation successful the kid taxation credit, higher property taxation exemptions, deductions connected tips, overtime and car indebtedness involvement and an enlargement of the SALT cap.But portion O’Leary acknowledged that fraud whitethorn person occurred successful the ERC program, helium stres...