Billionaire entrepreneur Mark Cuban made it clear at a town hall in Arizona that he doesn’t believe Vice President Kamala Harris would ever support a tax on unrealized gains. Speaking to a room full of local entrepreneurs while campaigning for Harris, Cuban boldly stated that if Harris ever backed such a tax, he would actively campaign against her.
“I’m glad you asked that,” Cuban said in response to an audience memberâs question about unrealized gains. “Some people think that there’s going to be an unrealized gains tax on capital gains. There is not, there is not.” He reassured everyone that they shouldn’t worry about this kind of tax, which would require people to pay taxes on investments that haven’t yet been sold.
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The audience’s concern is somewhat understandable. In August, Vice President Harris endorsed President Joe Biden’s fiscal year 2025 budget, which includes a proposal to tax unrealized gains for individuals with more than $100 million in total income. This proposal aims to create a 25% minimum tax on those gains, which has made some people, especially in the tech and finance sectors, anxious. However, Cuban insisted that Harris wouldnât follow through on this plan.
Cuban was straightforward when sharing his personal views. He even went so far as to promise that if he turned out to be wrong about Harris’s intentions, he would work to make sure she wouldnât get reelected. “If I’m wrong, she’s going to hate to hear that, I’ll work so she doesn’t get elected again. Because that’s how wrong I think that is, but I already know it’s not going to happen,” he said, prompting laughter from the audience.
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It’s worth noting that while Harris supported Biden’s budget, which contains the unrealized gains tax idea, she hasn’t specifically talked about it herself. Cuban emphasized that Harris hasn’t directly addressed the unrealized gains tax and thatâs a significant point. “You haven’t heard her talk about it,” he added.
On the other hand, former President Donald Trump has been using the issue to attack Harris. At a campaign event in Pennsylvania, Trump criticized the idea, saying, “Do you know what an unrealized capital gain is? It’s communism is what,” NBC News reports. He also accused Harris of refusing a transparent stance against the tax.
Cuban has been a prominent Harris supporter and a surrogate at several campaign events. Although he has been vocal about his support for her initiatives, he has also made it apparent that his allegiance has limits, particularly regarding economic policies that he feels will be detrimental to the economy.
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This article At An Arizona Town Hall, Mark Cuban Assures That Harris Won’t Tax Unrealized Gains. If He’s Wrong, He’ll Work Against Her In The Future originally appeared on Benzinga.com
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