Mark Cuban Criticizes Kamala Harris Plan to Not Tax Unrealized Gains Pledges to Oppose Her

Coin World reports:
Mark Cuban clearly stated that he does not support Kamala Harris’ plan to tax unrealized gains. The billionaire entrepreneur vowed to oppose Harris if she tries to push forward with this taxation.
Cuba made these remarks in response to a question from an attendee about the possibility of implementing such a tax. His answer? “No, no.”
Cuban supports Harris and Tim Walz’s campaign. He referred to the unrealized gains tax as an “economic killer.”
Cuba’s concerns
The potential tax that Cuban is referring to is part of Joe Biden’s fiscal year 2025 budget. It includes a minimum tax of 25% on total income exceeding $100 million, which would cover the money earned from unrealized gains, i.e., the money made from assets that have not been sold yet.
Cuban added, “You haven’t heard her say that.” He stated that Harris knows this tax would be devastating, even though her campaign team has not directly addressed it.
Meanwhile, Harris’ opponent Donald Trump has been using the unrealized gains tax as a weapon in his campaign, referring to it as “communism” during a rally in Pennsylvania.
Trump said, “Do you know what unrealized capital gains are? It’s communism.” His followers lapped it up. While Cuban aligns with Harris on many fronts, he refuses to let this issue slip away.
He told an audience in Arizona that he is confident Harris will not tax unrealized gains, but if she does, he is prepared to fight against her.
Cuban warned, “If I’m wrong, she’s going to hate hearing this—I’ll work hard so she won’t be reelected.” His half-serious comment elicited laughter from the crowd.
Harris’ loyalty to Biden is evident. In an interview with ABC News, she admitted that she would not criticize their president.
She refused to disclose whether she would take different actions than Biden. It’s a strategic position, but it also puts her in a dilemma with important supporters like Cuban.
Cuba, cryptocurrency, and activism
Cuban’s concerns about unrealized gains are related to his broader economic philosophy. Over the years, he has been critical of the traditional financial system and has gradually entered the cryptocurrency industry, realizing its potential.
He once said he would rather buy a banana than Bitcoin because, to him, Bitcoin had no real value. But over time, he began to change his attitude.
By 2017, Cuban suggested that investors allocate about 10% of their portfolios to cryptocurrencies like Bitcoin and Ethereum. He acknowledged that these were risky investments, but the potential benefits were enormous.
He wasn’t wrong. A $1,000 investment in Bitcoin at that time is worth around $11,800 today. Ethereum has also surged, with a similar return rate.
Cuban also likes Dogecoin. In 2021, he made headlines when he announced that the Dallas Mavericks would start accepting Dogecoin as payment for tickets and merchandise.
Financially, it paid off. If someone invested $1,000 when the Mavericks started accepting DOGE, that investment would now be worth over $2,100.
Meanwhile, Trump has shifted his support towards cryptocurrency this year. At a Bitcoin conference in Nashville, he announced his vision to make the US the “global cryptocurrency capital.”
Trump pledged to establish a national Bitcoin reserve, treat Bitcoin as gold, and reduce regulations on the industry.
However, Cuban remains critical of him, particularly in terms of his overall economic policies. He has previously stated that Trump’s second term would be disastrous for small businesses and the economy.
Cuban emphasized that Trump’s leadership has caused instability and harmed businesses and entrepreneurs.