Mark Cuban has made it clear that he’s not on board with Kamala Harris’s plan to tax unrealized gains. The billionaire entrepreneur vowed to campaign against Harris if she tries to push that tax forward.
Cuban’s remarks came after an attendee asked about the possibility of such a tax being implemented. His response? “There is not, there is not.”
Cuban is backing Harris in her campaign with Tim Walz. He referred to the tax on unrealized gains as an “economy killer.”
Cuban’s fear
The potential tax Cuban was referring to is part of Joe Biden’s fiscal 2025 budget. It includes a 25% minimum tax on total income over $100 million, which would cover unrealized gains—money made on assets that haven’t been sold yet.
“You haven’t heard her talk about it,” Cuban added. He suggested that Harris knows the tax would be devastating, even though her campaign hasn’t spoken directly about it.
Meanwhile, Harris’ opponent Donald Trump has been using the unrealized gains tax as a weapon in his own campaign, calling it “communism” during a rally in Pennsylvania.
Trump said, “Do you know what an unrealized capital gain is? It’s communism.” His crowd ate it up. Cuban, though aligned with Harris in many ways, refuses to let this issue slide.
He told the Arizona crowd he’s certain Harris won’t tax unrealized gains, but if she does, he’s ready to fight against her.
“If I’m wrong, she’s going to hate to hear this—I’ll work so she doesn’t get elected again,” Cuban warned. His comments, half-serious, drew laughter from the crowd.
Harris’ loyalty to Biden is clear. In an interview with NBC News, she admitted that vice presidents don’t criticize their presidents.
She refused to say if there’s anything she would have done differently than Biden. It’s a strategic stance, but it’s also put her in hot water with important supporters like Cuban.
Cuban, crypto, and campaigns
Cuban’s concerns about unrealized gains tie back to his larger economic philosophies. He’s been critical of traditional financial systems for years and has slowly moved into the crypto industry, recognizing its potential.
He once said he’d rather buy bananas than Bitcoin because, to him, the latter had no real value. But over time, he started to change his tune.
By 2017, Cuban advised investors to put about 10% of their portfolios into cryptocurrencies like Bitcoin and Ethereum. He admitted these were risky investments, but the potential upside was huge.
And he wasn’t wrong. A $1,000 investment in Bitcoin back then would be worth around $11,800 today. Ethereum, too, has skyrocketed, with similar returns.
Cuban has also taken a liking to Dogecoin. He made headlines in 2021 when he announced that the Dallas Mavericks would start accepting the meme coin for tickets and merchandise.
And financially, it’s paid off. If someone had invested $1,000 in DOGE when the Mavs started accepting it, that investment would now be worth over $2,100.
Meanwhile, Trump turned pro-crypto this year. At the Bitcoin Conference in Nashville, he announced his vision for making America the “crypto capital of the planet.”
Trump has promised to set up a national Bitcoin reserve, treat Bitcoin like gold, and slash regulations on the industry.
Cuban remains critical of him though, particularly when it comes to his overall economic policies. He’s said before that a second Trump term would be disastrous for small businesses and the economy.
Cuban has emphasized that Trump’s leadership creates instability, something that hurts businesses and entrepreneurs.
Source: https://www.cryptopolitan.com/mark-cuban-slams-kamala-harriss-plan-to-tax-unrealized-gains-vows-to-campaign-against-her/