Mark Cuban slams California’s plan to tax the rich: Why he’s calling the 5% billionaire wealth tax ‘insane’
Mark Cuban thinks that everyone wants his money. So joked the entrepreneur on a recent episode of the Pivot podcast , explaining his recent online back-and-forth with U.S. Representative Ro Khanna, a California Democrat. Khanna is a big supporter of the state’s Proposition 40, a measure that would levy a one-time 5% wealth tax on all billionaires in the state. Cuban—to put it mildly—is not.…
Mark Cuban, the billionaire entrepreneur, has vehemently criticized California's proposed billionaire wealth tax, known as Proposition 40. In a recent interview on the Pivot podcast, Cuban called the 5% tax "insane" and argued that it would devastate California's thriving startup ecosystem. Prop. 40, set to appear on the November ballot, would tax individuals with assets exceeding $1 billion at a rate of 5%.
The funds raised from the tax would be allocated to healthcare, education, and food assistance programs. Cuban argued that many of the state's billionaires are "stock rich" rather than cash rich, making it unlikely that they could quickly access the 5% tax amount. He also expressed concern that the tax would drive unicorns and their jobs out of California.
Cuban's stance has been met with support from Khanna, a California Democrat who believes the tax is necessary to fund public services and support working-class Californians.
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