After Senator Elizabeth Warren proposed an extreme tax plan for Americans, one of the wealthiest people that the tax plan would affect is now speaking out against it.
Billionaire and Shark Tank star Mark Cuban has a message for Democrat Senator Elizabeth Warren and her new tax plan for Americans.
According to the Daily Caller, Mark Cuban ripped Democratic Massachusetts Sen. Elizabeth Warren on Tuesday for her tax hike proposals. At Vox Media’s Code Conference in Los Angeles, Cuban discussed women in politics and criticized the two-party system.
According to the entrepreneur, he would be willing to accept a tax increase, but Warren’s plans go too far.
This comes after Senator Warren, along with other Democrats, proposed the Ultra-Millionaire Tax Act. The bill would tax American households with a net worth above $50 million.
According to the Daily Caller, A 2% annual tax would be imposed on households with a net worth between $50 million and $1 billion under the Ultra-Millionaire Tax Act. An additional 1% surtax would apply to anyone with a net worth over $1 billion. The tax proposal would affect approximately 100,000 households, according to Warren.
Furthermore, the proposal includes anti-evasion measures such as a 40% tax on citizens who renounce their citizenship “to avoid paying their fair share of taxes.”
Taxpayers with a net worth greater than $50 million would also be subject to a 30% minimum audit rate. Warren also proposes investing $100 billion into the IRS to hire more employees to enforce the tax.
Senator Warren’s tax plan proves that she is a straight up socialist. Even a billionaire with money to spare doesn’t even approve her plan, even after saying he wouldn’t mind paying more in taxes than he already does. What a clown show.