Billionaire investor Mark Cuban warned Thursday on CNBC's “Squawk Box” that Vice President Kamala Harris' capital gains tax plan would “destroy the stock market.”
“What I told them was that if we taxed unrealized gains, it would crash the stock market and it would be the ultimate jobs plan for private equity because companies wouldn't go public for fear of suffering a sharp drop in their stock prices,” Cuban said.
He added, “I would have had to borrow money based on unrealized gains, I would have been a hawk just to pay taxes instead of running the company, and a whole bunch of other reasons. They realize that's a problem. Again, she's not in direct conflict with Biden's tax plan, but her value proposition is that we need to tax everyone fairly.”
Co-host Rebecca Quick said, “I appreciate you calling and telling us what you're hearing in these quarters. That's great, but as you said yourself, you can't speak for the vice president. This is what they're telling you. Who knows what they're telling other people. My guess is they're telling everyone who donates exactly what they want to hear at this point.”
“No, no, no, no. Absolutely not, never,” Cuban said.
Quick said, “Why would they tell you the truth and not tell other people something else? If they don't say it publicly. Say it publicly so we can hold you to it.”
“I get that, but we need to get the details right,” Cuban said.
“Yes, but there are 60 days until the election,” Quick said.
“Like any good CEO, when the right decision is made, you have to execute,” Cuban said.
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