The debate surrounding Vice President Kamala Harris’ tax policies has taken an unexpected turn, with billionaire investor Mark Cuban extending an open invitation to Tesla and SpaceX CEO Elon Musk for a public discussion.
This invitation follows a recent exchange on X (formerly Twitter) where Musk shared a post criticizing Cuban’s stance on taxation. The post alleged that Cuban, known for his frequent communication with Harris’ campaign, supports higher taxes for the top earners in the United States. In response, Cuban offered Musk the opportunity to directly question him about Harris’ policies, requesting in return that Musk share his insights about Republican candidate Donald Trump.
The focus of this potential debate lies in Harris’ proposed 25% tax on unrealized capital gains for individuals with a net worth exceeding $100 million. Earlier this month, Harris unveiled these plans, but Cuban, appearing on CNBC’s “Squawk Box,” asserted that Harris has no intention of implementing this tax. “I’m not going to speak for the vice president, she makes the final decision,” he stated, adding, “I’m talking to these folks three, four times a week, having back-and-forth conversations, and their verbatim words to me is, ‘That’s not where we want to go.’”
This exchange comes amidst concerns voiced by Kevin O’Leary, chairman of O’Leary Ventures, about the potential negative impact of Harris’ tax policies on the U.S. economy. O’Leary argues that these policies could hinder capital growth and disrupt the American dream. “That’s a debate that’s going on in terms of the classic, ‘make the rich pay their fair share. That’s a narrative that goes into every single election cycle.”
Meanwhile, Cuban has been a vocal supporter of Harris, particularly praising her policies for entrepreneurs and startups. He believes she is pro-business and more supportive of entrepreneurs than any recent candidate.
This public debate, if it were to occur, would offer a platform for both Musk and Cuban to express their views on the complex issue of taxation and its potential impact on the U.S. economy and the future of American business.
