(DailyEmailNews.com) – Warning of the highly likely severe consequences for the stock market, billionaire investor Mark Cuban recently criticized Kamala Harris’ proposed economic plan.
During a speech in New Hampshire, Harris suggested raising the capital gains tax rate to 28%.
Cuban believes this move would discourage companies from going public, thus favoring private equity firms due to market volatility.
Speaking on CNBC’s “Squawk Box,” Cuban expressed concerns about the implications of taxing unrealized gains.
“What I told them is if you tax unrealized gains, you’re going to kill the stock market, right?” he said.
“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, right?” Cuban added.
He recalled a personal experience where he had little cash on hand despite his sky-high net worth, which would have forced him to borrow money just to cover his tax liabilities.
He emphasized the need for fair taxation across all economic brackets: “Based off the unrealized gains, I would have had to borrow money and I effectively would have been in hot 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 added.
During the interview, “Squawk Box” co-host Rebecca Quick questioned Cuban’s confidence in Harris’ campaign promises, suggesting that the campaign was “telling anybody who is donating to them exactly what they want to hear.”
Cuban strongly disagreed, countering with multiple “no’s” and insisting that Harris is not merely echoing donor preferences.
“Why do you think they’re telling you the truth and not telling other people other things? If they won’t say it publicly. Say it publicly so we can hold you to it,” Quick challenged.
Cuban recognized the importance of getting policy details right and hinted that leadership needed the right timing and precision, especially close to the election.
“I get it, but you’ve got to get the details right,” he responded, later adding, “Like any good CEO, you’ve got to do it when you get it right.”
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