Billionaire investor Mark Cuban has stepped into the political arena, voicing his support for Vice President Kamala Harris’ economic policies while engaging in a public exchange with fellow tech mogul Elon Musk. Cuban’s endorsement of Harris’ approach to taxation and business growth has sparked debate among high-profile entrepreneurs and political figures.
In a series of posts on “X,” Cuban defended Harris’ economic vision against criticism from conservative voices, including Musk. The “Shark Tank” star challenged perceptions about Harris’ tax policies, particularly those targeting high-income earners and corporations.
“This is Kamala Harris’s campaign. It’s not Joe Biden’s campaign, right? Kamala Harris is not Joe Biden. They’re very, very different,” Cuban said on CNBC’s “Squawk Box.”
Cuban expressed his support for Harris following her September 4, 2024 speech in New Hampshire, where she introduced new economic plans to boost small businesses. He praised her as pro-business and pointed to her centrist approach to financial policy. Cuban emphasized that Harris’ speech focused heavily on entrepreneurs, highlighting her efforts to increase access to investment and make it easier for individuals to invest in startups—more so than any other politician.
Cuban also revealed his frequent communication with Harris’ campaign, regularly offering advice on economic issues. He noted that he speaks with the administration several times weekly, providing input on taxation and investment strategies.
Elon Musk noticed Cuban’s involvement and shared a post from a conservative source criticizing his stance on taxation. The post alleged that Cuban supports higher taxes on the wealthiest Americans.
In response to Musk’s commentary, Cuban extended an olive branch, congratulating the SpaceX CEO on the successful Polaris mission. He then offered to discuss Harris’ policies directly with Musk, stating, “If you want to directly ask me questions about any of @KamalaHarris policies and approach, I’m happy to tell you what I know. In exchange I’m hoping you will do the same about the Republican Candidate.”
Cuban’s support for Harris comes as her economic proposals are under scrutiny. Recently, Harris proposed increasing the capital gains tax to 28 percent for those with $1 million or more in income. This rate, while higher than the current effective level of 23.6 percent, is significantly lower than the 44.6 percent rate proposed in a July budget update from the Biden administration.
Cuban explained his stance on capital gains tax, noting that higher rates make it more challenging to invest in riskier ventures. He pointed out that those who struggle the most to secure investment capital are women, people of color, and young graduates—those who should be encouraged to take risks and pursue entrepreneurial opportunities.
Cuban’s endorsement of Harris has faced pushback. Although Elon Musk acknowledged that Harris surpassed most people’s expectations in a recent debate, Musk continues to back former President Donald Trump. Musk argued that when it comes to accomplishing tasks rather than merely offering pleasing rhetoric, he strongly believes Trump would perform much better.
The differing views between Cuban and Musk highlight the ongoing debate about economic policy in the lead-up to the presidential election. While Cuban sees Harris as a champion for entrepreneurs and small businesses, others, like Musk, question her ability to implement effective policies.
As the political landscape evolves, Cuban’s vocal support for Harris adds another dimension to the economic policy debate. His willingness to engage directly with critics like Musk suggests that discussions about taxation, investment, and business growth will remain at the forefront of the presidential campaign.