Mark Cuban Slams Elizabeth Warren for Messaging on Wealthy Americans
Cuban said that taxing unrealized gains, as Warren has suggested, "would be a disaster."
Mark Cuban, a billionaire who owns the Dallas Mavericks and is known for his role on Shark Tank, spoke out against Sen. Elizabeth Warren (D-MA) Monday, criticizing her messaging about wealthy Americans.
During an appearance on Fox Business Network, he said, “I don’t think Elizabeth Warren knows at all what she’s talking about when she deals with this. I think she just likes to demonize people that are wealthy and that’s fine.”
Cuban said that taxing unrealized gains, as Warren has suggested, “would be a disaster.”Related: Mark Cuban May Have to Pay the State of Texas Millions If He Doesn't Play the National Anthem at Home Games
"It’s a great political move for her, but I just don’t think that they really understand the implications of taxing unrealized gains," Cuban told anchor Niel Cavuto. "People are going to have to sell things they otherwise would not sell. People are not going to make the same investments."
An analysis from the University of Pennsylvania’s Wharton School earlier this year showed that the senator’s plan to tax the wealthiest Americans’ net worth could reduce the country’s economic growth by 1.2% over the next three decades.
"I know it would change investment attitudes and approaches and I just think it would hurt the market,” said Cuban, who has argued that one of the most patriotic things a person can do is “make a boatload of money” and pay “lots of taxes.”