Mark Cuban Endorses Harris’ Tax Plan: The Harris Administration Has Been the Most Open

SORKIN: “I know you’ve been outspoken on Twitter and X on this issue, and I’m glad you’re going to hopefully be outspoken right here on ‘Squawk’ about this particular plan. I’m curious both what your take is on the tax plan itself as it relates to capital gains, what you’ve been hearing from other entrepreneurs and investors, and then maybe we can get into some of the debate about unrealized gains as well.”
Cuban: “Sure, well, let me talk about the process, because I think that’s the most important element here when it comes to the vice president’s tax approach. You know, I’ve talked to the Biden Administration, I’ve talked to the Trump Administration, I’ve talked to the Obama Administration, and I think the Harris administration has been most open. I mean, they’ve been very clear to me and other business people that, look, we realize that rich people have to pay their fair share, but we don’t have all the answers. So Mark and others, what do you think is the best approach to taxing wealthy people so that they pay their fair share to help contribute to reducing the deficit and we can come up with some new ideas? And let me just tell you, I’ve probably talked to them, and I know others do as well, three, four times a week about what’s the best approach to taxing the wealthy and increasing revenues and cutting costs for that matter.”
SORKIN: “So what did you tell them originally? What do you think the right rate for — for capital gains should be?”
Cuban: “Well, you know, you heard her in her speech yesterday she said that, you know, billionaires should pay more than the average working people, firefighters, et cetera. And if you just look at the numbers, right, if a firefighter or somebody who’s working their butt off is making $150,000 a year, they’re paying 24 percent. And she came out yesterday and said 28 percent for capital gains, which when I talked to them, I thought was fair. Now, the next question is, does it include the ACA —“ [crosstalk] SORKIN: “Yes.”
Cuban: “Right, does it include —“
SORKIN: “Yeah.”
Cuban: “— the extra 3.8 percent and they didn’t commit to a number to me, but what they told me is they expected it to end up with a two handle.”
QUICK: “Well, but 3.8 percent potentially going to 5 percent is what some places are reporting. So 28 percent —“
Cuban: “No, no.”
QUICK: “— sounds fair to you, Mark.”
Cuban: “Yeah.”
QUICK: “Does 33 percent sound fair if that’s what it ends up being? If we’re still — we’re talking about —“
Cuban: “No. I agree with you.”
QUICK: “— numbers that we don’t quite know.”
Cuban: “Yeah, I agree with you, 33% is not right. And again, I’m not committing what the final number is going to be, but every conversation I’ve had, including up to yesterday after her speech, was that it was going to end up with the two handle.”