Billionaire entrepreneur Mark Cuban, while campaigning for Vice President Kamala Harris on Saturday, stated that he would oppose her if she supported taxing wealthy individuals’ "unrealized gains," a component of a tax plan she has endorsed.
Cuban made these remarks during a town hall event with local Arizona entrepreneurs, where he was campaigning as a surrogate for the Harris-Walz ticket. Toward the end of the event, an attendee asked Cuban, “Quick question: What about unrealized gains?”
Cuban reassured the audience that Harris would not implement such a tax. “I’m glad you asked that. Some people believe there will be an unrealized gains tax on capital gains,” Cuban said, emphasizing, “There is not, there is not.”
In August, Harris supported tax increases outlined by President Joe Biden in his fiscal year 2025 budget, which includes a proposal for a 25% minimum tax on total income exceeding $100 million. This includes “unrealized gains,” or increases in the value of assets that have not been sold.
“When I saw that, I went ballistic because that’s an economy killer. Kamala knows that,” Cuban said, adding, “You haven’t heard her talk about it.”
