Mark Cuban says Senate stock buyback tax plan tops ‘bad tax’ list

news5h08/11/2022

1 1 minute read

Mark Cuban says Senate stock buyback tax plan tops 'bad tax' list

Billionaire investor Mark CubanThe owner of the Dallas Mavericks basketball team, said that while the acquisition was “everything wrong with what the companies do,” the decision to levy the tax on them was one of the worst.

Cubans – with a net worth of $5.9 billion, according to the Bloomberg Billionaires Index – made comments, opinions above Twitter late on Wednesday after the US Senate agreed last week 1% excise tax on share buyback as part of a tax and climate package. The bill is expected to go to the House of Representatives later this week.

That’s all the congress does. We agree there. But just say that. Don’t try to justify the acquisition. Acquisition, IMHO, is everything wrong with what the company does. It’s a response to pressure from big investors, to CSuite, who want to design EPS, try to eat the stock, to get the bonus.

– Mark Cuban (@mcuban) August 11, 2022

No good taxes. However, when Congress considers the financial engineering and the exclusion of a significant number of stakeholders, from all bad taxes, the missile acquisition tax is at the top of the list.

– Mark Cuban (@mcuban) August 11, 2022

If that’s my call, I’ll create a tax exemption that says if all employees receive stock at a rate equal to their W2 + Kx, no tax will be paid. But we know very few CEOs who accept that. So I will charge 2% tax

– Mark Cuban (@mcuban) August 11, 2022

Would love to exchange ideas about stock buyback tax. We seem to agree that there is no such thing as a good tax. (I don’t want to tell @norbertjmichel ) But, sometimes there are necessary taxes. Click below to see the full theme! https://t.co/0L0ejKh0pT

– Mark Cuban (@mcuban) August 11, 2022

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