Mark Cuban, Ro Khanna Clash Over California Wealth Tax Proposal

Billionaire Mark Cuban and Representative Ro Khanna engaged in a public dispute on X over a proposed 5% wealth tax in California.

Cuban argued the tax would harm startup founders and investors, potentially driving businesses out of the state. He stated that if the measure passes, he would require any startup he invests in to relocate from California. Khanna countered that founders would only owe the tax if their companies succeeded and would not be personally liable if the business failed.

Cuban estimated the tax could raise $20 billion annually for California. He also criticized Khanna's proposal, stating that many startup founders are cash poor, stock rich and may struggle to pay the tax on their company shares. Cuban previously supported Kamala Harris in 2024, touting her as pro-business. Khanna, who is considering a 2028 presidential run, also recently advocated for cutting off military aid to Israel at a Democratic National Committee meeting, stating the country has committed genocide in Gaza. He also proposed a multi-racial New Deal for the United States.