Kevin O’Leary, the investor known for his role on ABC’s “Shark Tank,” has criticized Minnesota Gov. Tim Walz, the recently announced Democratic vice presidential nominee.
In an interview with Fox News, O’Leary painted a bleak picture of Minnesota’s economic performance under Walz’s leadership.
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“He’s not a good manager,” O’Leary said, citing what he described as a decline in employment across multiple sectors in Minnesota. “Every other sector is in decline,” he added, arguing that only publicly funded services like health care have seen job growth.
Walz’s tenure has also led to some job creation efforts, however. In 2020, the governor signed the $1.9 billion Local Jobs and Projects Plan, which boosted employment through construction and renovation projects in the wake of the COVID-19 pandemic. Despite this, Minnesota’s job growth has lagged behind national averages. According to data from the Bureau of Labor Statistics cited by ABC News, Minnesota’s total nonfarm payrolls have grown just 0.5% since 2020, compared to 5.8% nationwide.
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O’Leary’s criticism focused on Minnesota’s tax policy, particularly a recent change that adds a 1% tax on net investment income over $1 million. This tax is on top of the state’s existing graduated income tax system, which caps at 9.85% for high-income earners.
Walz’s tax reforms haven’t been limited to high-income earners. Last year, he introduced legislation that included a child tax credit of up to $1,750 for each child 17 and under in households earning about $96,000 or less a year. He also expanded tax exemptions for Social Security payments and income from student loan forgiveness.
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“He’s also added a 1%, 100 basis point, surcharge on top of the 9.8% tax on retirees,” O’Leary said. “And of course they’re leaving the state in droves.”
The investor suggested that these policies have led to an exodus of retirees and capital to lower-tax states such as Florida, Texas and South Dakota. “He’s the best governor for Texas, Florida and North and South Dakota. But not for Minnesota,” O’Leary joked.
Despite the tax increases, Minnesota is expected to end 2025 with a $3.7 billion budget surplus, the ABC News report said.
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Still, Minnesota’s tax system has its defenders. In January of this year, the Institute on Taxation and Economic Policy published a report identifying Minnesota as one of six states that “reserve their lowest overall tax rates for low-income families.”
The debate over Walz’s economic record comes at a key time, as presumptive Democratic nominee Kamala Harris prepares to lay out her economic plans in a speech Friday, according to Bloomberg Intelligence analyst Nathan Dean. How Walz’s Minnesota approach might affect the Harris administration’s national policies is unknown.
The spotlight on Walz’s record is likely to increase as the election approaches. While O’Leary’s criticism offers one perspective, voters will have to weigh it against other economic indicators and policy goals as they assess the Democratic ticket.
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This article Kevin O’Leary Criticizes Vice Presidential Candidate Tim Walz: ‘He’s the Best Governor for Texas, But Not for Minnesota’ originally appeared on Benzinga.com
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