• Mark Cuban said that taxing unrealized capital gains would “kill the stock market.”

• President Joe Biden proposed taxing unrealized gains for people value over $100 million.

• Kamala Harris is unlikely to endorse Biden’s plan, Cuban said.

Any proposal to tax unrealized capital gains would “kill the stock market,” the billionaire investor Mark Cuban said in a CNBC interview on Thursday.

As an element of his wide-ranging tax proposals, President Joe Biden has suggested taxing unrealized capital gains for people with a net value of greater than $100 million.

While Vice President Kamala Harris has not endorsed or dismissed Biden’s proposal on unrealized capital gains, Cuban said, it’s dead on arrival.

“Must you tax unrealized gains, you’ll kill the stock market, and it can be the last word employment plan for private equity because firms mustn’t going to go public because it’s possible you’ll get whipsawed,” Cuban said.

Cuban’s “whipsaw” comment alluded to the essential query investors have surrounding proposed taxes on unrealized capital gains: What happens if those unrealized capital gains eventually turn into unrealized capital losses in a volatile stock market?

But in response to Cuban, who said he’d been talking with the Harris campaign often in recent weeks, Harris is amazingly unlikely to endorse such a plan.

“They realize that’s the problem,” he said, adding of Harris: “Despite the undeniable fact that she isn’t directly conflicting the Biden tax plan, to her, her value proposition is we’d prefer to tax everybody fairly, starting from the Biden plan as a start line. But that shouldn’t be necessarily her ending point.”

Harris has already rejected some points of Biden’s tax proposals, offering her own vision of what she would propose as president.

While Biden proposed to maneuver the long-term capital-gains tax rate to 39.6% for households with taxable income of greater than $1 million, Harris says that is just too high and has proposed raising it to twenty-eight% instead.

“The aim I’m really attempting to convey is: She’s open-minded. She’s not an ideologue. She desires to do what’s best for business,” Cuban said.

Cuban defended the Democratic presidential nominee despite criticism that Harris has yet to unveil a slew of detailed economic-policy proposals with the November election fast approaching.

“Like all good CEO attempting to show around a battleship, there’s only lots it’s possible you’ll do every day,” Cuban said. “Like all good CEO, you’ve to do it when you get it right.”

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