Posted on 09/07/2024 10:29:53 AM PDT by MinorityRepublican
Billionaire Mark Cuban acknowledged that Vice President Kamala Harris' plan to tax unrealized capital gains would "kill the stock market," while insisting that she won't go through with it as dubious CNBC hosts pushed back in a contentious interview Thursday.
Cuban joined CNBC's "Squawk Box" on the phone to discuss his support for Harris, revealing that he regularly communicates with her campaign to advise on economic issues.
The interview took a turn when Cuban was asked about the Biden administration’s proposal – which the Harris campaign has indicated it supports – to tax investment returns that have not yet been realized.
Cuban said he disagreed with the premise of taxing unrealized gains, but insisted that it would not happen under a Harris presidency. He said the Harris campaign is using the Biden tax plan as a "starting point," but that it's "not necessarily her ending point."
"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," the "Shark Tank" investor said.
He added that in the early stages of a company's development, it is common to be "cash poor" despite having equity.
"My own personal experience back from the internet days, all of a sudden… my net worth was enormous but the number of dollars in the bank wasn't enormous," he said, "Based off the unrealized gains, I would have had to borrow money and I effectively would have been in hock just to pay my tax bill instead of trying to run my company."
(Excerpt) Read more at foxbusiness.com ...
He's a good businessman though. And it was time to sell. Sports teams are way overvalued.
It absolutely will, but did that ever stop the ds/dems?
It won’t just kill the stock market. It will kill home values for people who have built equity in their homes. It will kill both residential and commercial real estate. In fact, it will kill any type of asset that comes under capital gains laws.
PROP 13 in CALIF GOT PASSED BECAUSE OF SIMILAR PROPERTY TAX INCREASES.
NEWSOM managed to get COMMERCIAL property REMOVED FROM PROP 13.
NOW-—MILLIONS OF SQ FEET of OFFICE SPACE ARE EMPTY in CALIF.
Cuban’s another idiot who doesn’t understand Communists and who will be thrown out with the rest of us when he ceases to be useful to them.
Yes, I understand that the new tax would phase in for people worth $100 million or more and be in full for $200M, but it’s still a bad idea, especially since they can widen the net once it’s initially implemented.
Sure, and Hitler was just joking about killing all the Jooos! She won’t do it because she won’t be elected. That’s the only real assurance.
Intangibles taxes effectively taxed gains in assets such as stocks.
What about intangibles taxes?
For years, North Carolina imposed an an intangibles tax using the unrealized value of an asset as of December 31.
The floor for filing was very low. When I lived in North Carolina, the minimum required for filing was $10 in liability. This affected many middle class taxpayers, such as those exercising company stock options.
The state imposed it for years, without use of the Internet.
Any agency like the IRS, that imposes complex tax programs like the Alternative Minimum Tax, can easily impose an unrealized capital gains tax, using state intangible tax systems as models.
Mark Cuban states the obvious. How did this jerk ever get rich?
Even if she had the ability to do it, it’s only fair to allow expensing of unrealized losses.
She SAYS she will. She also says that her ‘values’ have never changed (from whatever the hell they are/were). She’s said that she wants $5T to spend on ‘things’. Those things will need her to take your money, ergo unrealized capital gains taxes.
STFU, Cuban.
Politicians, including Donald Trump, have promised to eliminate carried interest for two decades. It hasn’t happened. Neither will taxation of unrealized capital gains.
Cuban knows he could never achieve what Trump has achieved and it drives him mad with jealousy.
Yea. Vote for her anyway, right. I tend to take democrats at their eord on raising taxes, especially as an unpopular subject.
Unrealized gain taxitation will destroy even the Tbill market and suck all unspent money out of the economy.
Imagine a 15% gain and you have to sell your assets to pay your tax bill... realized gains come from sale. They are trying to engage a forced asset transfer.
They are stupid, but they want to destroy the country and the middle, upper class comes first.
He “insists Harris won’t actually do it”
But she wants to.
I hope they tax the blood you could sell if you could sell blood. Demonrats are just evil.
Mark Cuban: Single Digit I.Q.
I think this Chicagoan is right on the mark.
https://x.com/TimRunsHisMouth/status/1832277906925420583
I think that you may potentially make a lot of money Cuban. PAY UPNOW! Then pay more later.
All tax bills must originate in the House.
Harris isn’t doing ANY of the crap she talks about.
Hey! Commie Cuban! She really CANNOT do it if she is not ever elected...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.