Business
Kevin O’Leary rips California leaders as ‘terrible managers’ over wealth tax
O’Leary Ventures Chairman Kevin O’Leary joins ‘Varney & Co.’ to weigh in on California’s proposed billionaire tax, the growing wealth exodus from blue states and why America is falling behind China in the AI power race.
“Shark Tank” investor Kevin O’Leary tore into California Democrats as “terrible managers” over a proposed billionaire wealth tax Thursday, urging state residents to fire their leaders and “hire somebody else.”
“Why don’t the people of California say, ‘We have terrible managers?’” O’Leary asked on “Varney & Co.”
“They never talk about why expenses are going up, why they should cut government. Their services aren’t any better than what I’m getting here in Miami, and we control these things. We have better managers, so get the whacking stick out and do the right thing. Hire somebody else.”
The criticism comes as California lawmakers weigh a one-time 5% tax on residents worth more than $1 billion, a proposal that would apply to individuals who lived in the state as of Jan. 1 and could come due next year, FOX Business’ Connor Hansen reported.
Kevin O’Leary, chairman of O’Leary Ventures, arrives to speak before the Senate Committee on Aging and the House Select Committee on the Chinese Communist Party joint hearing April 9, 2025, in Washington, D.C. (Andrew Harnik/Getty Images / Getty Images)
Supporters of the measure argue it would generate tens of millions of dollars for public programs such as healthcare and education, but opponents warn the levy could force billionaires to liquidate assets or unwind companies to cover the bill, accelerating an exodus of high-net-worth residents and entrepreneurs.
O’Leary said the outcome is already visible.
“When you basically start taxing people for success, it’s un-American,” he said.
CALIFORNIA’S HATRED FOR CAPITALISM IS KILLING THE GOOSE THAT LAID ITS GOLDEN EGG
California Gov. Gavin Newsom speaks during a rally Nov. 8, 2025, in Houston, Texas. Newsom has warned about the negative implications the wealth tax course pose. (Brandon Bell/Getty Images / Getty Images)
“And, as the Constitution provides, competition of states, they move to places like where I am — Miami.”
The proposed measure even raised the eyebrows of California Democratic Gov. Gavin Newsom, who acknowledged the wealth tax is bad economics.
“The evidence is in. The impacts are very real — not just substantive economic impacts in terms of the revenue, but start-ups, the indirect impacts of … people questioning long-term commitments, medium-term commitments,” Newsom said.
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‘Varney & Co.’ host Stuart Varney discusses Bernie Sanders’ new billionaire tax campaign and New York City’s proposed budget plan.
“That’s not what we need right now at a time of so much uncertainty. Quite the contrary.”
He predicted the measure “will be defeated.”
House Republicans have moved to block the proposal at the federal level, introducing legislation that would prevent states from retroactively taxing residents even after they relocate to lower-tax jurisdictions.
FOX Business’ Kristen Altus contributed to this report.
India’s mango farmers are being urged to innovate as climate change makes cultivation “unpredictable”.
Check out what’s clicking on FoxBusiness.com.
Beverage giant Keurig Dr Pepper is significantly expanding its portfolio this year, unveiling more than 35 new drinks across its soda, tea, water, juice and energy brands.
The Burlington, Massachusetts- and Frisco, Texas-based company announced Wednesday that the lineup will feature flavors such as Dr Pepper Creamy Coconut, A&W Root Beer Float, 7UP Shirley Temple and Canada Dry Fruit Splash Strawberry, among others.
“Consumers want beverages that fit every need throughout their day,” Katie Webb, vice president of innovation at Keurig Dr Pepper, said in a statement.
Several of the launches will be limited-time offerings.
HEINEKEN TO CUT UP TO 6,000 JOBS GLOBALLY, LOWERS PROFIT GROWTH FORECAST AMID INDUSTRY STRUGGLES
Limited-edition Dr Pepper Creamy Coconut and Dr Pepper Creamy Coconut Zero Sugar return to shelves in April 2026. (Keurig Dr Pepper / Unknown)
Dr Pepper Creamy Coconut returns in April, followed by A&W Root Beer Float in July.
7UP Shirley Temple is slated for a nationwide rollout during the holiday season.
Snapple will introduce a limited-time raspberry tea and lemonade blend this summer in celebration of America’s 250th birthday. The brand is also refreshing its packaging and logo beginning in March.
Canada Dry is expanding its Fruit Splash line with a new strawberry flavor set for a nationwide launch in February.
KEURIG RECALLS MORE THAN 80K MCCAFÉ DECAF K-CUP PODS OVER CAFFEINE MIX-UP
Mott’s Zero Sugar juice drinks in Apple and Peach Mango flavors, debuting in March 2026 as the brand’s first zero-sugar lineup. | Unknown
Keurig Dr Pepper said citrus flavors continue to resonate with younger consumers, driving launches such as Bai Barù Blood Orange and Kroger-exclusive 7UP Endless Summer Mandarin Orange.
The company also said zero-sugar sodas are generating six times more dollar growth than regular varieties, and all 2026 carbonated soft drink innovations will be offered in both regular and zero-sugar options.
Mott’s will debut its first zero-sugar juice drink line in March.
In the energy category, brands including GHOST, C4, Bloom and Black Rifle are also expanding flavor offerings.
MCDONALD’S PLANS MASSIVE OVERHAUL WITH MAJOR CHANGES TO RESTAURANTS AND MENUS
Cans of A&W Root Beer Float and A&W Root Beer Float Zero Sugar, set to launch in July 2026. (Keurig Dr Pepper / Unknown)
According to Keurig Dr Pepper’s State of Beverages 2025 Trend Report, 44% of Americans – and 72% of Gen Z consumers – try new beverages each month.
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“Dr Pepper Creamy Coconut was inspired by viral social media trends and its comeback is powered by pure consumer love – when fans rally this hard for a flavor, we listen,” Webb added.
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These productions have been sticking to romance or family drama to keep costs down as they need fewer visual effects. But now AI can “elevate low-budget productions into more ambitious genres such as sci-fi, period drama and, now, action”, Kwok says.
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TOPPAN Holdings Inc. 2026 Q3 – Results – Earnings Call Presentation (OTCMKTS:TOPPY) 2026-02-19
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North Korea’s Kim opens 9th Party Congress citing economic achievements
Trump pitches economic plan in Georgia as high prices frustrate voters
German tax revenues fell by 3.4% in January, finance ministry says
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Form 13G Power REIT For: 19 February
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