Posted on 09/05/2024 11:15:32 AM PDT by ChicagoConservative27
Billionaire investor Mark Cuban warned Thursday on CNBC’s “Squawk Box” that Vice President Kamala Harris’ capital gains tax plan would “kill the stock market.”
Cuban said, “What I told them is if you tax unrealized gains, you’re going to kill the stock market, 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.”
He added, “Based off the unrealized gains, I would have had to borrow money and I effectively would have been in hawk 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.”
(Excerpt) Read more at breitbart.com ...
Yes I thought Mark Cuban was liberal politically.
So does this policy position change his vote?
That’s their plan. Come on Mark. You know that.
So how would this work anyway
If buy stock at $25 and at the end of the year it’s $100
So they will tax you $75 for that year ??
Then what if you sold it the next year for $125?
You have to pay another tax for the capital gain?
It would collapse the entire economy.
Harris is just talkin' trash, saying whatever her handlers think her base wants to hear.
If she's elected, she'll do what her handlers tell her, not what she promised on any particular day.
“...I effectively would have been in hawk...”
Hawk?
I’m pretty sure I know what the plan is.
1) Make sure all your buddies have secured a large short position in the stock market.
2) In Q1 pass an unrealized cap gains tax on stocks sending the market in a nose dive, wiping out pensions, 401Ks and the middle class.
3) In Q3 admit this was the wrong thing to do and reverse it to a very small cap gains tax on stocks.
4) The rich and politically connected buy it all back on pennies on the dollar and get richer than they ever dreamed, and the middle class is decimated.
It would make the Great Depression seem like the good old days.
Presumably, you would get to add the taxed portion of the unrealized gain to basis. This proposal is ridiculous. There would be valuation disputes all over the place. Unadministrable.
All the insiders would sell Towards the end of the year to avoid the tax
Would be especially brutal for smaller caps
How big are his capital gains? He’s a multi billionaire and he’d have to hawk something to pay tax on his capital gains? I am definitely not a financial advisor, so what am I missing here
I think it’s supposed to be “hock”. Must be an AI transcription.
This is about the first time I’ve agreed with him on something
contemporary.
Exactly! Who did he come out for?
I swear the guy has a screw or 99 loose.
Kamala couldn’t tell you anything about how the stock market works.
The only way most investors and business owners can raise enough cash to pay taxes on their unrealized gains would be to SELL a portion of their stocks.
Each year, before April 15th, there would be a stock market crash, thus, wiping out ALL the alleged gains!
I think the impact would be more significant than that.
Any assets taxed would lose value relative to any assets that are not taxed.
There would almost certainly be some loopholes—whether for collectibles of various kinds, fine art, certain businesses etc.
We are talking Congress and lobbyist heaven here.
So—if stocks were subject to this tax then the wealthy would just move money out of stocks and into nontaxed items.
That would lower the demand for stocks very substantially—and therefore would mean a permanent lower level price.
Well the 2x4 just hit him in the face. So do you think it will change his vote - I doubt it.
Well, it sounded like hawk, so that’s close enough. Besides, it passed spell check. /s
There are so many people now who will use an expression that they’ve never seen in written form and who don’t think at all about what it means.
Trades within these plans do not trigger capital gains; they can double or triple in value during the life of the plan and the owner only pays ordinary income on the distributions.
-PJ
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