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 member’s 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 wouldn’t 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 wouldn’t 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 that’s a significant point. "You haven't heard her talk about it," he added.