Billionaire Mark Cuban warned that taxing unrealized gains would “kill” the stock market but believes Vice President Kamala Harris would not prioritize the policy. While Harris supports parts of President Biden’s tax plan, Cuban stressed that it is not her final position. He also raised concerns about the policy’s impact on early-stage companies struggling with cash flow.
Mark Cuban Weighs in on Taxing Unearned Income
Billionaire Shark Tank investor Mark Cuban has warned that taxing unrealized gains would “kill the stock market,” though he expressed confidence that Vice President Kamala Harris would not pursue the policy. In an interview with CNBC on Thursday, Cuban stressed that while Harris supports parts of President Joe Biden’s tax plan, “that’s not necessarily where she ends up,” adding that the proposal is more of a “starting point” for the campaign.
Cuban expressed concern that such a tax would force companies to avoid going public, leading to negative economic consequences. He explained:
What I told them was if you tax unrealized profits, you would kill the stock market and that would be the last job plan for private equity because companies wouldn't go public.
He also noted that early-stage companies often have cash flow issues. “I would have to borrow money and actually go into debt just to pay my tax bill,” he said, recalling his experience in the early days of the internet.
Harris' campaign reportedly supports a 25% tax on unrealized capital gains for individuals with more than $100 million in assets. When asked why Harris hasn't publicly clarified her position, Cuban argued that the issue isn't a priority, saying:
The number of people actually affected by this is less than 1% of the voting population, and so this is not her number one priority. Not — in terms of talking about it and spreading the word.
Do you agree with Mark Cuban's views on taxing unrealized gains? Let us know in the comments below.
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