Mark Cuban slams California’s plan to tax the rich: Why he’s calling the 5% billionaire wealth tax ‘insane’

Mark Cuban thinks that everyone wants his money. So joked the entrepreneur on a recent episode of the Pivot podcast, explaining his recent online back-and-forth with U.S. Representative Ro Khanna, a California Democrat. Khanna is a big supporter of the state’s Proposition 40, a measure that would levy a one-time 5% wealth tax on all billionaires in the state. Cuban—to put it mildly—is not. Earlier this month, Cuban wrote that Khanna’s plan for California’s wealthiest residents is “insane,” and his latest comments on the matter only made that stance firmer. But how exactly would Prop. 40 work, and is Cuban’s stance justified, or just a knee-jerk response in defense of his fellow billionaires? Proposition 40, explained Prop. 40 will be on California’s ballot this November. Residents of the state can vote to levy a one-time tax on anyone in California with assets valued over $1 billion, including any stocks, bonds, and legal or equitable interest. With an estimated 259 billionaires living in California, the 5% tax has the potential to raise tens of billions to be put toward public services. That money would be put into two funds: 90% would go to the Billionaire Tax Health Account, wh…