Kevin O’Leary, investor on the show Shark Tank, argues that inflation is a stealthy tax burden on the middle class. In a Fox News interview, O’Leary criticized proposals to raise taxes on the wealthy, claiming the middle class is already squeezed by rising prices.
He argues that inflation reduces the purchasing power of wages and savings, essentially acting as a tax without a bill. O’Leary suggests that additional tax hikes would further stifle economic growth. He believes this is because less money would be available for investments by individuals and businesses.
O’Leary acknowledges the popular idea of taxing the rich more, but questions its effectiveness in the current economic climate. He suggests focusing on controlling inflation as a way to improve the middle class’s financial situation.
