Cuban warns Ro Khanna on business and tax
The article discusses California's proposed one-time 5% wealth tax on residents with over $1 billion in assets, which the California Democratic Party endorses. While some officials, including Governor Newsom, oppose it, supporters argue it would fund healthcare for working-class residents. Prominent figures like Mark Cuban criticize the measure, warning it could drive startup founders and investors out of California and impact investment decisions, especially for those with illiquid assets. Rep. Ro Khanna defends the tax, proposing a loan mechanism for founders to pay without liquidating shares, a plan Cuban dismisses as ineffective and punitive to entrepreneurs.
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