Mark Cuban has always been a straight shooter and he didn’t hold back while campaigning for Vice President Kamala Harris in Phoenix. At a town hall event, Cuban was clear about one thing – he’d stand against Harris if she moved forward with a tax on the unrealized gains of wealthy Americans.
Unrealized gains refer to the paper profit from assets that have increased in value but that haven’t been sold yet. Sounds simple enough, but taxing them? That’s where things get heated.
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“Let me set the record straight,” Cuban began when someone from the crowd asked, “What about unrealized gains?” He assured the audience that Harris wouldn’t tax these paper profits. “There is not going to be a tax on unrealized gains,” he repeated firmly, adding, “Kamala knows that an economy-killer like that would do more harm than good.”
This discussion comes at a time when Harris has endorsed President Joe Biden’s tax increases, part of the 2025 budget plan. One proposal is a 25% minimum tax on total income exceeding $100 million, including unrealized gains. While Harris has broadly supported Biden’s fiscal policy, she hasn’t directly commented on this issue. Cuban seemed adamant that this provision was off the table, even if others think it’s up for debate.
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What’s tricky here is that the idea of taxing unrealized gains has become a political hot potato and it’s no surprise it’s catching fire in the lead-up to the 2024 elections. Critics, including former President Donald Trump, have criticized this part of the Biden tax proposal.
Trump, never one to shy away from sharp words, called the idea “communism” during a campaign rally in Wilkes-Barre, Pennsylvania, arguing that it would be the downfall of the economy if implemented.
“She refuses to say, ‘No, we’re not going to do that,'” Trump told his audience. Trump’s comments reflect growing concerns that this policy could reshape the tax landscape and harm economic growth.
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But not everyone agrees with Cuban and Trump. According to the U.S. Department of the Treasury, proponents of taxing unrealized gains argue it’s a long-overdue move to ensure the wealthiest Americans contribute their fair share.
