Kevin O’Leary dismisses President Joe Biden’s 25% billionaire tax hike proposal, says ‘it’ll never happen’ — points to another critical issue as the ‘enemy’ of his re-election

“There are 1,000 billionaires in America,” he said. “Do you know what the average federal tax is for those billionaires? No? They’re making great sacrifices — 8.2%. That’s far less than the vast majority of Americans pay.”

Biden takes issue with this statistic — and proposes a plan to address it.

“No billionaire should pay a lower federal tax rate than a teacher or sanitation worker or a nurse,” he said. “I propose a minimum tax for billionaires of 25%.”

Biden believes that this proposed tax rate would raise $500 billion over the next 10 years.

His proposal was met with a standing ovation from some audience members. However, “Shark Tank” star Kevin O’Leary was left unimpressed.

Wealth taxes

In a recent interview with the Daily Mail, O’Leary was adamant that Biden’s billionaire tax proposal will “never happen.”

O’Leary is not a fan of wealth taxes, pointing out their failure in other countries.

“The problem with wealth taxes is they've been tried,” he told the Daily Mail. “They've been tried in Britain and in France and it doesn't work. People just leave. Now these people pay 46 percent of taxes so you've got to be careful. You don't want them leaving the country.”

O’Leary was referring to a statistic from a report by the National Taxpayers Union Foundation, which suggested that the top 1% of earners in America paid 46% of all income taxes in the country for the tax year 2021.