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Donald Trump and Kamala Harris' stance on taxes is causing a divide among voters, including among "Shark Tank" star Kevin O'Leary.
O'Leary revealed his position on taxes during an appearance on "Varney & Co.," breaking down the "big picture" impact of Harris' highly-touted plan.
This week on "Varney & Co.," O'Leary Ventures Chairman Kevin O'Leary breaks down how Donald Trump and Kamala Harris' tax plan would impact middle class Americans. (Fox News / Fox News)
Former President Trump laid out his plan during a rally in Saginaw, Michigan, earlier this week, vowing to give Americans the "largest tax cuts" in American history.
"I delivered you the largest tax cuts in American history and will do it again. We're going to get them lower, but we're going to do something else. No tax on tips, no tax on overtime and no tax on Social Security for our great seniors," Trump said Thursday.
"Look, our seniors were devastated by inflation. They don't get rich by this. But we're going to give them back essentially what they lost."
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O'Leary expressed strong support for the plan, saying it is a "fantastic" strategy to frame these topics as "political rhetoric."
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"The real big difference between what Harris has now is she dripped out a few policies through her V.P. recently. So I'm trying to figure out what the big picture is for people to understand between these two tax proposals," O'Leary began.
"In the case of Harris, what she is proposing to the country is let us pick sectors, and we will do tax proposals for them like the Science and Chips Act did. We're just going to focus on chip manufacturing. We are going to try and pick winners and losers, but there's no evidence the government ever does that. Then we're going to tax everybody at 28% to make every 11 sector of the economy pay for that."
O'Leary detailed Trump's proposed plan, explaining that his strategy mirrors the U.S. economy's past multi-decade success.
O'Leary Ventures Chairman Kevin O'Leary pictured alongside Democratic presidential nominee Kamala Harris. O'Leary compared Harris and Trump's tax proposals during an appearance on "Varney & Co.," Friday. ((Photo by Andrew Harnik/Getty Images) / Photographer: Ting Shen/Bloomberg via Getty Images / Getty Images)
"The Trump proposals are, I'm not picking winners, I'm just going to drop taxes down below 20% and let everybody fight for a share, which generally is how the American economy was successful over 200 years," O'Leary concluded.
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"You really have to start thinking about, can Kamala Harris pick winners and make you pay for it? Or should you let the market be the market? I think you know where I stand on that."