Billionaire entrepreneur Mark Cuban made it clear at a town hall in Arizona that he does not believe Vice President Kamala Harris would ever support a tax on unrealized profits. Speaking to a room full of local business owners while campaigning for Harris, Cuban boldly stated that if Harris ever supported 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 profits. “Some people think there will be an unrealized gains tax on capital gains. There isn’t, there isn’t.” He assured everyone that they did not have to worry about these types of taxes, where people would have to pay taxes on investments that have not yet been sold.
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The public’s concern is somewhat understandable. In August, Vice President Harris approved President Joe Biden’s fiscal year 2025 budget, which includes a proposal to tax unrealized gains for individuals with total income over $100 million. This proposal aims to introduce a minimum tax of 25% on these profits, which has worried some people, especially in the technology and financial sectors. However, Cuban insisted that Harris would not carry out this plan.
Cuban was clear in sharing his personal views. He even went so far as to promise that if he was proven wrong about Harris’ intentions, he would ensure she was not re-elected. “If I’m wrong, she’ll hate to hear it, I’ll work so she doesn’t get re-elected. Because that’s how wrong I think that is, but I already know it’s not going to happen,” he said. , which led to laughter from the audience.
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It’s worth noting that while Harris supported Biden’s budget, which includes the idea of an unrealized profits tax, she herself has not specifically discussed it. Cuban emphasized that Harris did not directly address the unrealized income tax issue and that is an important point. “You didn’t hear her talk about it,” he added.
