"This is a big deal" - Shark Tank's Kevin O'Leary talks about passing a new tax package in America

Kevin O'Leary, the Shark Tank investor, recently sat down with Fox Business to discuss the new tax package for America. He claimed that it is the most important thing and even the Republicans can not say no to that because the idea was included in one of the mandates coming into the elections.

According to Kevin, he thinks that while there are other issues to be dealt with such as inflation and the economy at large, the tax package is a major one. In recent news, it was revealed that the proposed tax package by the Trump Administration for the fiscal year aims to maintain the tax rate at 21%.

However, there are discussions about reducing it to 15%. This was revealed during the elections by the now-President Trump in his economic agenda. It is aimed to provide stability for businesses and investors. Discussing the same, the Shark Tank investor says,

"But the one that matters Stuart, the only one that matters, I know everything is important but, this tax thing you talked about, this is a big deal. We've got to nail that because that's the backbone of the economy."

He continued,

"We've got to keep it at that 21, I don't care if he gets to 15. That would be great. But I think that the 21 is right in the middle of the G20. We gotta stay right there. And we gotta get that through. Otherwise, it's chaos on the edge of town."

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Shark Tank investor Kevin O'Leary talks about steady tax rates in the US

Discussing the 21% rate, Kevin says it is important to have economic stability with these rates. Even with the discussions of lowering it to 15%, which would be good according to him, 21% is an ideal bar because it keeps America in the G20.

He remarked that none of the opposition parties in the political scenario can oppose this proposal because it was mentioned in Trump's mandate during the elections.

Navigating the conversation to America's economy, Kevin reminisces about Eli Crane, a businessman he had met on Shark Tank. He, along with various congressmen, he says, is focused on reducing the deficit in the economy, which would ultimately result in lower spending. Talking about Eli, Kevin said,

"Well, take a guy like Eli Crane, new in there. Very hard core against the deficit. I know that because he was on Shark Tank, if you believe it or not. I invested in his company and he's a great guy. And he just wants one thing. When are we gonna deal with the deficit? Throw me a bone on the deficit. That's his message and the other seven are the same thing. I don't think that's a bad message."

Shark Tank investor Kevin insisted that the tax package is a crucial beginning towards the steady economic health of the country. He feels that the Feds might have an objection, but that can be dealt with by having a negotiation about some cuts here and there. He says,

"Maybe, you know, the idea of negotiating with them saying look, let's make some cuts here, some cuts there, but we gotta get the tax package. We have got to get the tax package and everybody knows that."

Noting about the opposition, including the Freedom Caucus and the Republicans, cannot object to it because the tax package was one of the mandates coming in during the elections. Thus, he is confident that the Trump Administration will get it.

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Shark Tank season 16 airs new episodes weekly on Fridays at 8 PM Eastern Time on ABC.