Mark Cuban says Kamala Harris will ‘kill the stock market’ if she keeps following Trump's path

Billionaire entrepreneur and owner of the Dallas Mavericks, Mark Cuban, recently took to social media platform X to defend Vice President Kamala Harris’s campaign strategy, drawing a very very interesting comparison to Donald Trump’s 2016 campaign.

Cuban’s remarks came in response to a user who urged him to have Harris engage directly with the American public. The user shared a video of Cuban’s appearance on CNBC’s Squawk Box, during which the discussion focused on Harris’s tax plans, particularly her proposal to tax unrealized capital gains.

Cuban says Harris is doing exactly like Trump in 2016

The 66-year-old Billionaire countered the X user’s call for more direct interviews with Harris, remarking that even Trump, during his campaign, often “talks gibberish and never directly answers a question.”

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Cuban shared that he had previously warned Harris’s campaign that such a tax could have “kill the stock market”. He argued that taxing unrealized gains would dissuade companies from going public and suggested it would become “the ultimate employment plan for private equity,” as fewer public companies would lead to more demand for private investments.

Cuban later defends Harris' tax plan and wishing to put name for a position in Harris Administration

Harris’s proposed tax plan aims to target unrealized gains for Americans with wealth exceeding $100 million, with the goal of raising $5 trillion over the next decade.

Harris also unveiled additional tax proposals, including a 28% tax on long-term capital gains for households earning $1 million or more—less than the 39.6% proposed by President Joe Biden. Additionally, she introduced a $50,000 tax deduction for startup expenses to foster small business growth.

Drawing on his own experience from the “internet days” when he was equity-rich but cash-poor, Cuban noted that taxing unrealized capital gains could have serious consequences. He emphasized that Harris’s campaign was aware of the issue, but the central point of her campaign's “value proposition” was to ensure that everyone, particularly the wealthy, is taxed fairly. He cautioned that these are the things “they are telling you,” but “who knows what they are telling other people?”

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During the CNBC interview, the hosts challenged Cuban’s insights, asking whether Harris’s team was only telling him certain things. Cuban responded, “It's her party. She gets to set the rules.”

Notably, the owner of the Dallas Mavericks recently also volunteered for a key position in Harris' administration. “I told her team, look, put my name in for the SEC. It needs to change,” he told at CNBC's show 'Squawk Box' on Thursday.

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