Democrats · California · Cuba · Fortune Technology
‘Only idiot startup founders stay in Cali’: Mark Cuban rips billionaire tax—and opens a rift inside the Democratic Party
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Billionaire entrepreneur Mark Cuban didn’t hold back in a public squabble with Rep.
Key facts
- Over the weekend, Cuban got into it with Khanna as the representative promoted his signature policy, Proposition 40, a ballot measure that would impose a one-time tax of up to 5% on the covered
- The California Democratic Party and the California Labor Movement stood with Bernie Sanders and me in supporting a 5% wealth tax on 250 California billionaires,” Khanna said in a video posted on X
- Cuban, long a self- identified “libertarian at heart,” has been more closely affiliated with Democrats in recent years, as a high-profile surrogate for Kamala Harris in the 2024 presidential race
- California’s Proposition 40 is expected to generate tens of billions of dollars over several years, according to the Legislative Analyst’s Office
Summary
Cuban, long a self- identified “libertarian at heart,” has been more closely affiliated with Democrats in recent years, as a high-profile surrogate for Kamala Harris in the 2024 presidential race and endorsing Hillary Clinton in 2016. Cuban has remained one of the wealthy’s largest advocates against taxes on wealth, specifically on unrealized gains. Over the weekend, Cuban got into it with Khanna as the representative promoted his signature policy, Proposition 40, a ballot measure that would impose a one-time tax of up to 5% on the covered assets of people and trusts with more than $1 billion. “The California Democratic Party and the California Labor Movement stood with Bernie Sanders and me in supporting a 5% wealth tax on 250 California billionaires,” Khanna said in a video posted on X.