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From Breitbart: Billionaire investor Mark Cuban warned Thursday on CNBC’s “Squawk Box” that Vice President Kamala Harris’ capital gains tax plan would “kill the stock market.”
Cuban said, “What I told them is if you tax unrealized gains, you’re going to kill the stock market, and it’s going to be the ultimate employment plan for private equity because companies are not going to go public because you can get whipsawed.”
He added, “Based off the unrealized gains, I would have had to borrow money and I effectively would have been in hawk just to pay my tax bill instead of trying to run my company and a thousand other reasons. They realize that is the issue. I can’t repeat it enough. Even though she is not directly conflicting the Biden tax plan, to her her value proposition is, we need to tax everybody fairly.”
Cuban insisted that Harris will not actually tax unrealized capital gains.
“Every conversation I’ve had is that it’s not going to happen,” he claimed, later adding, “I’m talking to these folks three, four times a week, having back-and-forth conversations, and their verbatim words to me is, ‘That’s not where we want to go.’”
Co-host Rebecca Quick pushed back on Cuban, saying, “I appreciate you calling in and telling us what you’re hearing on these fronts, that’s great, but as you said yourself, you can’t speak for the vice president. These are things they’re telling you. Who knows what they’re telling other people. My guess is they’re telling anybody who is donating to them exactly what they want to hear at this point.”
Cuban, 66, has an estimated net worth of $5.7 billion. He endorsed Hillary Clinton in 2016, Joe Biden in 2020, and has endorsed Kamala Harris for 2024.
Meanwhile, Harris has vowed to significantly increase taxes on the wealthy, claiming they need to to “pay their fair share.”
WATCH BELOW:
Mark Cuban Gets Grilled by CNBC on the Kamala Harris Tax Plan
“If you tax unrealized gains, you’re going to k*ll the stock market” pic.twitter.com/89LS4cyVDc
— Chief Nerd (@TheChiefNerd) September 5, 2024
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