Billionaire investor Mark Cuban warned that 2024 Democratic presidential nominee Kamala Harris’s economic plan would “kill the stock market” Thursday on CNBC’s “Squawk Box.”
Harris proposed increasing the capital gains tax rate to 28% during an economic policy speech Wednesday in New Hampshire. Cuban, who is part of a group of over 800 venture capitalist investors and tech leaders who publicly endorsed the Democratic nominee, said Harris should tax all Americans fairly to avoid an economic catastrophe.
“What I told them is if you tax unrealized gains, you’re going to kill the stock market, right? 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 said.
Cuban recalled a time when his net worth was high but his money in the bank was low, highlighting the potential effects of Harris’s capital gains tax plan.
“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.
“Squawk Box” co-host Rebecca Quick challenged Cuban on Harris, suggesting that her campaign is “telling anybody who is donating to them exactly what they want to hear.” (RELATED: Millions Could Miss Trump, Harris Debate As ABC Feuds With Major TV Provider)
Cuban erupted with 16 immediate “no’s” before telling Quick that Harris is “absolutely, positively not” just saying what her donors want to hear.
“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.
“I get it, but you’ve got to get the details right,” Cuban replied.
Quick reminded Cuban that there are 60 days until Election Day in November. Cuban then told the CNBC host, “Like any good CEO, you’ve got to do it when you get it right.”