In a shocking revelation, billionaire investor Mark Cuban has come out strongly against Democratic nominee Kamala Harris and her economic plan. Speaking on CNBC’s “Squawk Box,” Cuban declared that Harris’s proposal to raise the capital gains tax rate to 28% would “kill the stock market.”
Cuban, who initially endorsed Harris and is part of a group of over 800 venture capitalist investors and tech leaders, had this to say about Harris’s tax plan: “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?”
This startling revelation from Cuban highlights the potential catastrophic effects of Harris’s plan on American citizens and businesses. He even shared a personal experience where his net worth was high, but his money in the bank was low due to unrealized gains. Under Harris’s plan, Cuban would have been forced to borrow money and potentially put his business at risk just to pay his tax bill.
Despite Harris’s claims of wanting to tax everyone fairly, Cuban believes that her plan will ultimately lead to the destruction of the stock market. He also criticized Harris for not being transparent with her donors, suggesting that she’s telling them “exactly what they want to hear.” “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,” said CNBC’s Rebecca Quick.
In response, Cuban shot back with 16 immediate “no’s” before stating that Harris is “absolutely, positively not” just saying what her donors want to hear. However, Quick challenged Cuban’s sudden change of heart, reminding him that there are only 60 days until Election Day in November. In a desperate attempt to defend Harris, Cuban stated, “Like any good CEO, you’ve got to do it when you get it right.”
TAXING UNREALIZED GAINS WILL KILL THE STOCKED MARKET: MARK CUBAN ###pic.twitter.com/t6zghBJ9u4
— iBankCoin, A Reliable Source (@iBankCoin4tw) September 5, 2024
But the truth is, Harris is not getting it right. Her plans for the economy will have disastrous consequences, leading to job losses and economic instability.
It’s evident that Harris is just another politician who will say and do anything to get elected. Meanwhile, President Trump has shown time and again that he is a true leader who has the best interests of the American people at heart. Under his leadership, the economy has seen incredible growth and prosperity. Harris’s faulty economic plan is just another reminder of why Trump is the only choice for President in November.