Houston Rockets Owner: ‘Our Great Capitalism Will Slowly Come To An End’ If Democrats Pass Tax Plan

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Tilman Fertitta, the owner of the Houston Rockets and several other businesses, warned during an interview this week that if Democrats pass a tax on unrealized capital gains that it would destroy capitalism in the United States.

Fertitta, who appeared on “Fox News Primetime” with host Brian Kilmeade, also weighed in on the supply chain crisis that is currently impacting consumers, saying that it was a contributing factor to surging inflation rates, adding, “we better get a hold of it quickly.”

Fertitta said that he has 4,000 openings across his numerous businesses, which span the restaurant and entertainment industries.

When asked about a supposed “billionaires tax,” Fertitta said that if it passes it will “make me not build as much because I won’t have the ability that creates so many more jobs.”

“And then you’re paying so many different taxes,” he continued. “Every employee pays payroll taxes, all your sales taxes, all the taxes they pay. It’s truly a mistake. It’s a social way of not doing things in this country. It’s the European way. Our great capitalism will slowly come to an end. And do I believe in taxes to make our country great? Absolutely. I don’t think a balance sheet billionaires tax is the way to do it. Do it on income. You can’t do it on balance sheets. It’ll never be right.”

WATCH:

TRANSCRIPT:

BRIAN KILMEADE, FOX NEWS HOST: Joining us right now Tilman Fertitta, owner of more than 600 properties in 36 states, as well as more than 80 Different Restaurant Brands. He’s the CEO of Landry’s Inc, and owner of the Houston Rockets, he understands the complexities of the supply chain crisis. Tillman, is it America’s fault for buying too much stuff?

TILMAN FERTITTA, HOUSTON ROCKETS OWNER: No, we’re really just trying to live like we always lived. And it’s really hard to believe that in 2021, with all the sophistication of products coming into America differently than they used to 30 and 40 years ago, that we’re suffering this issue, but it’s an international problem trying to get it all here. And what’s crazy is, once it gets here, we can’t even unload the boats to get it into our distribution centers to get out. But it’s definitely a problem. It’s causing a huge supply and demand. So what does that do? It causes crazy inflation, because that’s what’s happening right now. So we better get a hold of it quickly.

KILMEADE: Right. Tilman look at these job openings right now in this country, retail 1.1 million openings right now, in leisure 1.7, food services, your business, 1.5 million. Are you having trouble filling positions?

FERTITTA: We have 4,000 openings right now.

KILMEADE: Wow.

FERTITTA: Between the Golden Nugget casinos, all the restaurants, and all the entertainment venues. And people just don’t want to work anymore. So, I don’t know what happened to that part of capitalism. And I, what’s crazy, though, is our high end businesses are the most successful, so people are getting money from somewhere. But it’s just a tough time between the labor shortage and the supply shortage. So don’t get mad at your restaurant, when it’s extremely expensive right now. And the waiter has five tables instead of three. And your service isn’t quite as good. Everybody’s doing their best at all restaurants everywhere.

KILMEADE: I hear you, absolutely. Tillman, there’s a billionaires tax. You’re a billionaire … you’re number 158 on the Forbes 400 list. So, this might be a billionaire’s tax. How do you get a handle that? Do you think that’s the right thing to do, tax you horrible, rich people?

FERTITTA: You know, if they do, Brian, all it’s going to do is make me not build as much because I won’t have the ability that creates so many more jobs. And then you’re paying so many different taxes. Every employee pays payroll taxes, all your sales taxes, all the taxes they pay. It’s truly a mistake. It’s a social way of not doing things in this country. It’s the European way. Our great capitalism will slowly come to an end. And do I believe in taxes to make our country great? Absolutely. I don’t think a balance sheet billionaires tax is the way to do it. Do it on income. You can’t do it on balance sheets. It’ll never be right.

KILMEADE: Yeah, the one, the American thing is, don’t resent billionaires, try to be one. And that’s always been the goal. And that’s been your goal. No one gave you anything. Tilman Fertitta, thanks so much. Always great to talk to you. Best luck to the Rockets this year.

FERTITTA: Thanks, my friend.

KILMEADE: You got it.

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