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O’Leary Ventures Chairman Kevin O’Leary weighs in on the dispute between New York City Mayor Zohran Mamdani and Citadel CEO Ken Griffin on ‘Varney & Co.’<\/p>\n
A renewed push to raise taxes on wealthy individuals and corporations in New York City is drawing criticism from business leaders as policymakers weigh how to balance budgets without driving away investment.<\/p>\n
O\u2019Leary Ventures Chairman Kevin O\u2019Leary joined FOX Business\u2019 Stuart Varney on “Varney & Co.” to weigh in on proposals targeting high earners, arguing the approach risks undermining the economic activity cities rely on.<\/p>\n
“Shark Tank” star Kevin O\u2019Leary calls out Mayor Zohran Mamdani’s NYC tax policies. (Andrew Harnik, Michael M. Santiago \/ Getty Images)<\/p>\n
“Well, let’s just look at the policy itself and stay out of the emotional aspect of it… These people do not live in the city, they do not burden the city with anything because they’re obviously out-of-towners,” O\u2019Leary said.<\/p>\n
TAX FIGHT HEATS UP AS NEW YORK TARGETS WEALTHY HOMEOWNERS<\/p>\n
His comments come as major firms and high-net-worth individuals increasingly signal a willingness to relocate capital in response to tax policy, a trend that has reshaped migration patterns across several high-tax states in recent years.<\/p>\n
\u2018The Big Money Show\u2019 discusses New York Gov. Kathy Hochul\u2019s new tax pledge amid fiscal challenges and a homeless shelter debate.<\/p>\n
O\u2019Leary pointed to the role that outside investors play in funding development and supporting local economies through spending and taxes.<\/p>\n
HOCHUL TAX PLAN TARGETS HIGH-END SECOND HOMES AMID REVENUE PRESSURES<\/p>\n
“They spend 5 million plus dollars… Not using any of the city’s services, which is what the city needs, less people putting pressure on it. They pay taxes, and they pay maintenance jobs to maintain the buildings,” he said.<\/p>\n
He argued that policies targeting those investors risk discouraging activity that cities depend on.<\/p>\n
Alpha Wave Global president and former Miami Mayor Francis Suarez discusses New York City Mayor Zohran Mamdani\u2019s proposed pied-\u00e0-terre tax and push for free child care on \u2018The Bottom Line.\u2019<\/p>\n
“Let me count how many ways this policy is stupid… You want more of these people… That don’t live here, pay taxes, pay maintenance, create jobs… And don’t use the city’s services, that’s sheer blind stupidity, that policy,” O\u2019Leary said.<\/p>\n
The debate highlights broader questions about how cities can balance revenue needs with maintaining a competitive environment for investment and growth.<\/p>\n
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#NYC #tax #hike #wealthy #draws #sharp #criticism #Kevin #OLeary<\/p>\n","protected":false},"excerpt":{"rendered":"
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