Billionaire entrepreneur Mark Cuban recently defended Vice President Kamala Harris’s campaign strategy on X, drawing parallels with Donald Trump’s 2016 campaign.
What Happened: In response to a user urging him to have Harris speak “directly to the people”, Cuban highlighted Harris’s efforts to connect with voters through city-to-city rallies.
The X user shared a video of Cuban appearing on CNBC’s Squawk Box in which the hosts touched on Harris’ plans to tax unrealized capital gains. The billionaire said that he told Harris’ campaign that if they taxed these gains you are “going to kill the stock market.” He said it would turn out to be the “ultimate employment plan for private equity.”
He underscored that by saying companies would not go public. He cited his own experience during the “internet days” when he was cash-poor but equity-rich.
Cuban said Harris’ campaign realizes that this is the issue. He explained that Harris’ “value proposition” was that everyone needs to be taxed fairly. He was challenged then by the interviewers who said while they appreciated Cuban’s disclosures during the chat but these were “things that they are telling you.”
“Who knows what they are telling other people?” Cuban then broke into a barrage of “Nos.”
He noted, “It’s her party. She gets to set the rules.” Cuban also challenged the user’s demand for interviews with Harris, pointing out that Trump “talks gibberish and never directly answers a question.”
Why It Matters: Harris has proposed a tax plan targeting unrealized gains of Americans with wealth over $100 million, aiming to raise $5 trillion over a decade. This has caused opposition from Silicon Valley investors, who argue it would stifle innovation and harm startups. Despite backlash from donors, proponents believe the plan addresses inequality in the current tax system.
On Thursday, Harris also proposed a 28% tax on long-term capital gains for households earning $1 million or more, a decrease from President Joe Biden’s previously suggested 39.6%. Harris also introduced a $50,000 tax deduction for startup expenses to support small businesses. This tax plan reflects a shift in her economic approach ahead of the 2024 election.
Cuban’s defense of Harris comes amidst a series of interactions he’s had on X regarding the Vice President. Previously, he asked his followers to choose between Harris and Trump as role models for children. He also engaged in a storm of tweets about Harris’s economic proposals.
Photo by Kathy Hutchins on Shutterstock
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
