Kevin O’Leary Says If You Want To ‘Steal’ Rich People’s Money With Taxes, Go Ahead — But They’ll Move And ‘Find A New America’ Like England Did

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Taxing the rich can sound like an easy way to fill government coffers. But "Shark Tank" investor Kevin O'Leary warns that the people expected to foot the bill can also take their money elsewhere.

"If you want to steal rich people's money, go ahead. They'll just move," O'Leary said in a video posted to his YouTube channel in June.

O'Leary argued that wealthy Americans already pay a large share of the country's taxes and that higher rates could push business owners, investors and entrepreneurs toward states or countries with more favorable tax policies.

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He pointed to combined state and federal tax rates exceeding 50% in places such as California, New York, New Jersey and Massachusetts. Some high earners have moved to lower-tax states such as Florida and Texas, fueling debate over how much governments can raise taxes before losing residents and investment.

O'Leary took the argument beyond state lines, suggesting that if every state made the tax burden too high, wealthy people could leave the country altogether.

"And if you really make it difficult for them in every state in America, they'll do what they did in England," O'Leary said. "They'll find a new America."

He means that wealthy people and entrepreneurs could seek opportunities in other countries if they believe the United States has become less attractive for building businesses and keeping their money.

"The thing about socialism and communism is you run out of other people's money very quickly because they simply leave," O'Leary said.

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Supporters of higher taxes argue they can fund public services and reduce inequality. Critics warn that steep rates could discourage investment or encourage wealthy residents to relocate. The outcome depends on the policies involved and how people respond.

O'Leary is also betting on the infrastructure behind the AI boom. He is backing the proposed Stratos Project, a massive AI data center and power-generation campus in Utah's Box Elder County .