Mark Cuban praises Kamala Harris’s economic policies, calling her approach “pro-business” and “center 100 percent.”
At a Glance
- Mark Cuban commends Vice President Kamala Harris’s financial policy approach
- Harris proposes a 28% capital gains tax rate for high earners, lower than Biden’s plan
- Cuban highlights Harris’s focus on boosting small businesses and supporting entrepreneurs
- Harris aims to balance corporate interests with progressive policies
- Cuban states Harris would not tax unrealized gains as president
Cuban Applauds Harris’s Economic Vision
Billionaire entrepreneur Mark Cuban has recently expressed strong support for Vice President Kamala Harris’s economic policies, describing her approach as “pro-business” and “going center 100 percent.” This endorsement comes as Harris outlines her economic vision, which differs significantly from President Biden’s proposals, particularly regarding capital gains taxes and support for small businesses.
Cuban’s praise focuses on Harris’s proposed 28% capital gains tax rate for individuals earning $1 million or more annually. This rate is notably lower than President Biden’s suggested 39.6%, signaling a more moderate approach to taxation that Cuban believes will encourage investment and economic growth.
Supporting Small Businesses and Entrepreneurs
A key aspect of Harris’s economic plan that has garnered Cuban’s approval is her emphasis on boosting small businesses and making it easier for entrepreneurs to invest in startups. Harris has introduced a plan to allow new companies to deduct up to $50,000 in start-up expenses, a significant increase from the current tax break.
“Vice President Harris is ‘going center 100 percent’ on financial policy” – Mark Cuban
Cuban argues that this approach will particularly benefit women, people of color, and young entrepreneurs who often face challenges in securing risk capital. He emphasizes that lower capital gains rates make it easier to invest in riskier ventures, fostering innovation and economic diversity.
Distinguishing from Biden’s Policies
Cuban has been vocal about the distinctions between Harris’s economic vision and that of President Biden. He notes that Harris is crafting her own campaign identity while respecting the President’s proposals. This balancing act is evident in her approach to capital gains taxes and her focus on entrepreneurship.
“This is Kamala Harris’s campaign. It’s not Joe Biden’s campaign, right? Kamala Harris is not Joe Biden. They’re very, very different. She’s trying to be — again, this is my perspective — she’s trying to be very respectful of the president and everything he’s proposed. She’s trying not to directly contradict him in any way” – Mark Cuban
Harris’s team has also informed Cuban that they are not interested in taxing unrealized gains, a significant departure from Biden’s proposed “billionaire minimum tax.” This stance aligns more closely with traditional market principles and has gained approval from business-minded supporters like Cuban.
Balancing Interests and Looking Ahead
As Harris prepares for potential debates and outlines her policy plans, she aims to strike a balance between appealing to corporate backers and maintaining support from progressive voters. Her proposed changes would result in an all-in capital gains rate of 33% for the wealthiest Americans, compared to Biden’s proposed 44.6%.
Cuban’s endorsement and frequent discussions with Harris’s team highlight the Vice President’s efforts to gather input from business leaders and shape policies that promote economic growth while addressing inequality. As the political landscape evolves, Harris’s economic vision may play a crucial role in defining her potential presidential campaign and her approach to governing.
Sources:
1. Mark Cuban: Harris ‘going center 100 percent’ on financial policy
2. Harris’s Shift on Tax Cheers Her Corporate Backers
3. Mark Cuban says Harris won’t tax unrealized capital gains: ‘Not going to happen’
