In a recent CNBC interview, billionaire investor Mark Cuban expressed his strong opposition to the idea of taxing unrealized capital gains, stating that it would “kill the stock market.” This statement came in response to President Joe Biden’s proposal to tax unrealized gains for individuals with a net worth of over $100 million.
Cuban’s concerns are rooted in the potential impact such a tax policy could have on companies going public. He believes that if unrealized gains are taxed, companies may be deterred from going public due to the risk of being negatively affected by market volatility.
While Vice President Kamala Harris has not explicitly endorsed Biden’s proposal on taxing unrealized capital gains, Cuban suggested that she is unlikely to support such a plan. He highlighted the importance of fair taxation and hinted that Harris may have her own ideas on how to approach tax policy.
In addition to the debate over taxing unrealized gains, Cuban also defended Harris and her approach to economic policy. Despite criticism that Harris has not released detailed economic proposals, Cuban praised her open-mindedness and commitment to finding solutions that benefit businesses.
As the November election approaches, it will be interesting to see how the tax proposals put forth by Biden and Harris evolve. Cuban’s insights provide a unique perspective on the potential implications of taxing unrealized capital gains and the importance of considering the impact on businesses and the stock market as a whole.