Vice President Kamala Harris has stirred the pot of controversy with much of her political rhetoric, including her proposal of taxing unrealized stock gains. Such a plan has piqued the interest of billionaire Mark Cuban, who gave a deflective response when asked about it on a recent interview.
The Democratic nominee has backed a measure that would switch the current system of only taxing stock profits that have been cashed in with taxing rising stock values before they are sold. However, the proposal would only apply to those with at least a $100 million net worth.
When asked about it during a phone call with CNBC’s Becky Quick, Cuban acknowledged that the proposal would destroy the stock market. But he explained that it would be the “ultimate employment plan for private equity” since businesses would not “go public.” He also shared that he was “cash poor” when the internet was first getting underway but that he was “equity rich” at the same time.
If implemented at that time, Cuban noted that the proposal would have inhibited his ability to effectively run his own companies. The entrepreneur then added that Harris is planning to “tax everybody fairly” with her proposal. Quick thanked Cuban for calling in to share broader context about such proposals before reminding him that he cannot speak for the nominee.
She then suggested that there is a chance the Harris campaign is telling every donor “exactly what they want to hear,” noting that nobody really knows “what they’re telling” others. Cuban interrupted her with a resounding chorus of “no’s” before saying that Harris is “absolutely, positively not” feeding narratives to donors.
The host returned by asking why he thought the campaign was “telling you the truth” and avoiding saying the same things to others, emphasizing that the team “won’t say it publicly.” Quick added that Harris has been noticeably vague about her views even as the election looms ahead, to which Cuban said it would not faze him if Harris only gave her stance on issues one day before Election Day.
The billionaire continued to come across as flustered when he was asked what a reasonable timeline would be to share her opinions. Cuban shifted the conversation back to taxing unrealized stock gains, saying it is “not number one priority” for the Harris campaign because it won’t impact a large percentage of voters.
He added that the public should not expect a “full-detailed disclosure” ahead of the election, which he said he is “OK with.” He rhetorically wondered if “two weeks” was enough time for people to “digest any of this information.”
The billionaire’s defensive comments overlapped with remarks he made in defense of Harris on social media. Earlier this week, conservative pundit Ben Shapiro mocked the Democratic nominee for hugging a fan in a video circulating online. He said that those who “wanted” their candidate “to hug you” should “seek psychological help.”
But the Shark Tank businessman fired back in a different vein, writing that those pursuing professional help are the ones who “don’t want” the presidential candidates to be “capable of hugging.” He added that “empathy and kindness” should be the top skills looked for in “great leaders” for the upcoming election.
