'It'll never happen!' Shark Tank star Kevin O'Leary shrugs off Biden's proposed $3 TRILLION tax raid on the super-rich as he warns voters' number one concern is inflation and the 'price of their cornflakes'

Shark Tank star Kevin O'Leary has shrugged off Biden's proposed raid on the super-rich, claiming it will 'never happen.'

The President used his State of the Union address on Thursday night to announce a sweeping raft of measures targeting big corporations and Americans worth over $100 million.

But O'Leary said the proposal was simply 'campaign speech' and 'great fodder' which will 'fade off in 48 hours.' He added that the President's biggest barrier to re-election was inflation - which his speech did little to address.

The 69-year-old entrepreneur also voiced concerns that overtaxing billionaires would cause them to leave the country. 

Shark Tank star Kevin O'Leary has lambasted Biden's proposed raid on the super-rich, claiming it will 'never happen'

Speaking exclusively to DailyMail.com, he said: 'None of this stuff is ever going to become law, and everybody knows that. But it's great campaign rhetoric. There was not a whole lot in terms of substance.

'I'm not being critical, I'm just saying he did the right thing: rallied the troops by bringing out the themes like 'tax the rich!' which worked for him last time.

'It'll fade off in 48 hours and we're right back to where we were. It doesn't move the needle in either direction.'

President Biden raised eyebrows last night when he promised to decrease the federal deficit by $3 trillion through a series of relentless tax grabs.

The biggest headline was raising corporate tax rate to 28 percent and the corporate minimum rate to 21 percent - up six percentage points from its current 15 percent.

On top of that the White House is proposing a new 25 percent minimum tax on Americans with more than $100 million.

President Biden raised eyebrows last night when he promised to decrease the federal deficit by $3 trillion through a series of relentless tax grabs

But O'Leary, who has an estimated net worth of $400 million, cautioned: 'The problem with wealth taxes is they've been tried. 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. 

'We have already seen some interesting moves from states that have tried to implement these kinds of wealth taxes. Bezos left Seattle for Florida, for example.'

He was citing a report by the National Taxpayers' Union which found the top one percent of earners in America paid 46 percent of all income taxes.  

Other proposals outlined by the White House included revive a Covid-era expansion of the Child Tax credit. 

The move increased benefits from $2,000 to $3,600 for children under the age of six and $3,000 for those under 18.

At the center of the housing initiatives were two tax credits. The first would help to mitigate the current cost of a mortgage, the other would aim to increase housing supply

Biden also discussed reducing the cost of refinancing a mortgage by eliminating lender's title insurance on some refinances

And the announcement also included a plan to offer $10,000 tax credits to first-time buyers and homeowners who sell their properties for less than the median house price in their county.

However, it was scant on detail, failing to outline key criteria buyers would need to hit.

O'Leary cautioned that such measures did little to ease concerns about inflation - which is front and center of voters' minds.

He said: 'Inflation is always the enemy of the incumbent. It doesn't matter who you are in the White House when there's inflation. People go to the voting booth remembering what it cost them for their cornflakes and milk in the morning, and what it cost to fill up the car to drive there.

'And they vote against that.'