Shark Tank star Kevin O’Leary and CEO Gerald Storch brought a free market reality check to Democratic socialist Sen. Bernie Sanders’ (I-VT) arguments for a $15 minimum wage on CNBC’s Squawk Box June 6. Sanders went to Arkansas to attack Walmart over wages and demanded at its annual shareholders meeting that it raise wages even more on June 5. O’Leary and Storch both opposed a wage mandate, saying markets do a better job of setting wages than the government.
Venture capitalist and businessman Kevin O’Leary expressed frustration over the minimum wage debate on Feb. 26 during a “Squawk Box” interview.
O’Leary, the co-host of ABC’s “Shark Tank,” argued on CNBC that the very debate over wage hikes is already hurting job creation by discouraging small businesses from hiring.
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For Time Magazine, Kevin O'Leary has decided that he's figured out why California is in such a budget mess. Is it because the state indulges over generous social programs, or always has some of the highest taxes in the nation, or because the denizens of its capitol in Sacramento are paragons of waste, fraud and theft? Nope. It's because California has Proposition 13, a measure that prevents state government from too easily raising taxes. Yep, O'Leary thinks California is in a mess because it doesn't have high enough taxes. And it's all Reagan's fault.
With some of the highest taxes in America, California is a hard place to make a living. According to the Tax Foundation, on average it takes a citizen 110 working days to earn enough money to pay his yearly tax bill. That is the fourth worst in the country. California consistently ranks in or near the top 10 worst states for its tax burdens from property taxes, to corporate taxes, to individual taxes and fees of all sorts. So, how can O'Leary imagine that taxes aren't high enough in California?