California is about to find out whether taxing billionaires is an idea that works in practice the same way it works in a speech.
A ballot measure heading to voters in November is forcing that question into the open, and the fight it has triggered between a $10.6 billion investor and a sitting congressman says more about the difficulty of the idea than either man intended.
Mark Cuban spent the weekend of August 15 on X, tearing into Rep. Ro Khanna's defense of California's proposed 5% one-time tax on billionaire wealth.
What started as a policy disagreement became something more pointed, and the specifics of what each man said reveal exactly why wealth taxes that sound simple on paper tend to fall apart in the details.
The core of Cuban's argument isn't that billionaires shouldn't pay taxes. He's made clear he has no problem paying taxes. He paid $288 million to the IRS in a single year and said he was proud of it.
#taxes #billionaires #california #mark
A ballot measure heading to voters in November is forcing that question into the open, and the fight it has triggered between a $10.6 billion investor and a sitting congressman says more about the difficulty of the idea than either man intended.
Mark Cuban spent the weekend of August 15 on X, tearing into Rep. Ro Khanna's defense of California's proposed 5% one-time tax on billionaire wealth.
What started as a policy disagreement became something more pointed, and the specifics of what each man said reveal exactly why wealth taxes that sound simple on paper tend to fall apart in the details.
The core of Cuban's argument isn't that billionaires shouldn't pay taxes. He's made clear he has no problem paying taxes. He paid $288 million to the IRS in a single year and said he was proud of it.
#taxes #billionaires #california #mark
5 days ago
