Kevin O’Leary on Biden’s Wealth Tax – “Just Campaign Rhetoric, Won’t Materialize”

President Biden’s State of the Union address introduces a series of measures targeting big corporations and Americans with a net worth over $100 million, triggering skepticism from Shark Tank star Kevin O’Leary.

O’Leary’s Take: “Campaign Speech” and Temporary Fodder

In an exclusive conversation with DailyMail.com, Kevin O’Leary dismisses Biden’s proposal as mere “campaign speech” that will quickly fade from public discourse.

Wealth Tax and the Threat of Inflation

O’Leary points out the lack of substance in Biden’s address, emphasizing that the proposed wealth tax won’t become law and highlighting inflation as a more pressing concern for the President’s re-election.

Overtaxing Concerns: A Warning Against Wealth Exodus

Expressing worry about potential consequences, O’Leary suggests that overtaxing billionaires could lead them to leave the country, citing examples from other nations where such measures failed.

Wealth Tax’s Track Record: Lessons from Britain and France

Referencing a report by the National Taxpayers’ Union, O’Leary argues against the efficacy of wealth taxes, citing previous attempts in Britain and France and emphasizing the risk of wealthy individuals relocating.

White House’s Tax Grab: Corporate Rate Hike and Minimum Tax Proposals

Breaking down the key elements of Biden’s tax plan, O’Leary highlights the proposed increase in corporate tax rates and introduces the new 25 percent minimum tax on Americans with over $100 million.

O’Leary’s Net Worth and Cautionary Perspective

With an estimated net worth of $400 million, O’Leary shares insights on the potential impact of wealth taxes and cautions against overlooking the contributions of top earners who already shoulder a significant tax burden.

Beyond Wealth Tax: Other Proposals in the Spotlight

Exploring additional measures outlined by the White House, including the revival of a Covid-era Child Tax Credit expansion and the plan to offer $10,000 tax credits to first-time homebuyers.

Inflation and the Voter’s Perspective

O’Leary emphasizes the significance of inflation in shaping voters’ opinions and predicts its potential impact on the upcoming elections, suggesting that people tend to vote against incumbents during periods of inflation.

O’Leary’s Final Verdict: Little to Address Inflation Concerns

Summing up his perspective, O’Leary critiques the lack of substantial measures to address inflation in Biden’s speech and anticipates a swift return to the pre-address status quo.

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