Last week, CNBC and “Shark Tank” celebrity Kevin O'Leary voiced his disapproval of a provision included in the House GOP's tax proposal that would change the oversight of the Employee Retention Credit.

“I read all these bills through the eyes of small business,” O’Leary said. “[It] says the IRS will get extended powers to audit small businesses for up to nine years if it took [the credit]. Now, that is going to cause chaos in valuations if you have that hanging over your head.”

O’Leary then said: “Somebody should fix this in the big, beautiful bill, because it’s not beautiful for small business.”

He's not wrong. Worse, he's missing an even bigger, uglier issue.

Sure, these changes to the Employee Retention Credit will affect the small businesses that have utilized the credit, which provided additional support during COVID but has unfortunately been abused by some. However, the credit was utilized by a very small percentage of the country's 33 million small businesses. The bill, which the House

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