Billionaire Mark Cuban backed Kamala Harris in 2024, and he'd probably still vote for Democrats. Despite that, he's not too keen on Ro Khanna's insane billionaire wealth tax. Why? Because the tax doesn't just tax actual wealth, it taxes unrealized gains, too.

Cuban slammed Khanna over it.

Unless of course you want the gov to own shares (something I thought you criticized) and possibly have control of companies who underperformed, (or the funding market changed), and couldn’t pay back their loans over those 10 years ?" Cuban wrote. "And I’m sure the investors in those companies will be thrilled about their new partners. That will make for interesting board meetings. 'Today’s first topic is trying to figure out how to motivate the founder(s). They just lost $250m of their shares in the company they founded, to the state of California. Anyone got any ideas?'"

He also came up with a new motto for the state: “Cali, You make it. We take it !”

Khanna defended the asinine plan.

Recommended
The Death of Academic Fraud Jason Arday Won’t Shut Us Up Kurt Schlichter Guess Who David Crowley Blames for Milwaukee County's High Taxes and Fiscal Mess Amy Curtis

Khanna wrote, "Mark, come on a road trip with me around California, Pennsylvania and the country and ask ordinary Americans how they feel about a billionaire tax. Most say, I promise you, why only 5 percent? There used to be a time where everyone deeply admired business leaders. We always had our suspicion with politicians. But business leaders were different. Andy Grove, Lee Iacocca, Warren Buffett. I know people respect you, especially with shark tank! But doesn't it concern you that today's business leaders do not have the same esteem today. Why is that? It's because many Americans feel the system is not working for them, that the success of a few is not tied to their success."

We're willing to bet most Americans, when told that five percent is on unrealized gains, would change their tune.

"What I am trying to do is offer a new social contract for this country. I am a progressive capitalist — I want a future economy that works for everyone, not just the capital class in a few places. I want thoughtful business leaders like you to help me build that country," Khanna added.

That didn't sit well with Cuban, who pointed out Khanna doesn't understand business.

Yes, this is exactly what Khanna wants California, and the nation to be: a place that punishes and disincentivizes entrepreneurship. 

This did not go well for Khanna.

"There is a huge difference between someone with liquidity , running a huge public company, and someone who has dedicated every minute of who knows how many years,  to building a company, to finally have a dream financing come true , only to be insulted by a politician. 'We will sell your shares for you,'" Cuban wrote.

Cuban is correct, of course. People like Khanna don't create things. They only take from those who do, and if they destroy your business in the process, they'll say it's your fault.

Of course, Cuban will still keep voting for Democrats like Khanna instead of politicians that support and protect businesses.