Mark Cuban Criticizes Ro Khanna's California Billionaire Wealth Tax Proposal as 'Insane'
Mark Cuban, a prominent Dallas resident and entrepreneur, has publicly criticized Silicon Valley Congressman Ro Khanna's proposal for a California billionaire wealth tax, calling it 'insane.' Khanna's plan, which is on the ballot this November, suggests a one-time 5% tax on billionaires' wealth in California. To address liquidity issues for those whose fortunes are tied up in illiquid assets, Khanna proposed that the government could provide loans in exchange for shares, with terms that are 'long but not infinite.' Cuban, who has supported Democratic candidates in the past but opposes the wealth tax, engaged in a lengthy exchange with Khanna on X, questioning the logic of the state loaning money to founders only for it to be immediately returned as tax, arguing it yields no incremental receipts for the state. Other prominent figures, including Anduril Industries co-founder Palmer Luckey and investor Bill Ackman, have also rebuked Khanna's suggestion. The proposal has already led to a costly campaign agains...