Mark Cuban slams Kamala Harris' capital gains tax plan, says it will 'kill the stock market'

By 
 September 6, 2024

Billionaire liberal Mark Cuban is usually quick to blindly defend high-profile Democrats, like Vice President Kamala Harris. 

But according to Breitbart, it seems there's at least one policy idea of Harris' that he can't get on board with - capital gains taxes.

Harris' tax plan regarding capital gains, Cuban said this week on CNBC's "Squawk Box," would do nothing less than "kill the stock market."

Cuban explained that Harris' plan would wreck businesses and would put the focus on trying to pay back taxes after taking out loans instead of growing the business and employing more people.

What did he say?

Cuban held nothing back in his assessment of Harris' radically progressive capital gains tax policy proposal.

“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." Cuban said.

Cuban broke it down further, noting what he would have to do with his company if something like Harris' capital gains tax plan was in place.

“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," Cuban said.

He added, "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.”

Calling them out

Co-host Rebecca Quick called out Cuban on the plan proposal, wondering why the Harris-Walz campaign hasn't been transparent with the public about it as of yet.

"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," Quick said.

Cuban responded, "No, no, no, no. Absolutely, positively not.”

“Why do you think they’re telling you the truth and not telling other people other people other things? If they won’t say it publicly. Say it publicly so we can hold you to it," Quick said, triggering Cuban to back peddle for the campaign. No surprise there.

 

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