O’Leary Ventures Chairman Kevin O’Leary Joins ‘Varney & Co.’ weigh in on California’s proposed billionaire tax, wealth growth in green states and why America is trailing China in the AI power race.
“Shark Tank” investor Kevin O’Leary tore through California Democrats as “bad bosses” over the proposed wealth tax Thursday, urging the state’s citizens to fire their leaders and “hire somebody else.”
“Why would Californians say, ‘We have bad bosses?'” O’Leary asked on “Varney & Co.”
“They never talk about why costs are going up, why they have to cut government. Their service is no better than what I get here in Miami, and we control these things. We have better management, so get out the whacking stick and do the right thing. Hire someone else.”
The criticism comes as California lawmakers are considering a one-time 5% tax on residents worth more than $1 billion, a proposal that would apply to residents in the state starting Jan. 1 and could go into effect next year, FOX Business’ Connor Hansen reports.
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Kevin O’Leary, Chairman of O’Leary Ventures, arrives to speak before the Senate Committee on Aging and the House Select Committee on a joint hearing on the Chinese Communist Party on April 9, 2025 in Washington, DC. (Photos by Andrew Harnik/Getty/Getty)
Supporters of the measure say it will generate tens of millions of dollars for public programs such as health care and education, but opponents warn the tax could force billionaires to liquidate assets or free up companies to foot the bill, hastening the exodus of high-net-worth citizens and businesses.
O’Leary said the results are already visible.
“If you start taxing people to get by, it’s not American,” he said.
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California Gov. Gavin Newsom speaks during a rally on November 8, 2025, in Houston, Texas. Newsom warned of the negative effects of the wealth tax study. (Photos by Brandon Bell / Getty Images)
“And, as the Constitution provides, the competition of the states, they move to places like where I am – Miami.”
The proposed measure even raised the eyebrows of California’s Democratic Gov. Gavin Newsom, who admitted that the wealth tax is bad economics.
“The evidence is there. The impacts are very real — not just the big economic impact in terms of profits, but to begin with, indirect impacts … people are questioning long-term commitments, medium-term commitments,” Newsom said.
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‘Varney & Co.’ host Stuart Varney discusses Bernie Sanders’ new tax campaign and New York City’s proposed budget plan.
“That’s not what we need right now, at a time of so much uncertainty. Quite the contrary.”
He predicted the measure “will be defeated.”
House Republicans moved to block the proposal at the federal level, introducing legislation that would prevent states from re-taxing residents after they move to lower-tax areas.
FOX Business’ Kristen Altus contributed to this report.
