Multibillionaire Mark Cuban is one of the many incredibly wealthy men who have warned that ideas like the wealth tax currently on the ballot in the state of California would be a disastrous idea. Talk about self-interested!
Objectively Speaking, the Wealth Tax Sucks
Ted Rall
Ted Rall is a syndicated political cartoonist for Andrews McMeel Syndication and WhoWhatWhy.org and Counterpoint. He is a contributor to Centerclip and co-host of "The TMI Show" talk show. He is a graphic novelist and author of many books of art and prose, and an occasional war correspondent. He is, recently, the author of the graphic novel "2024: Revisited."
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As a first step, I’d get rid of the loopholes in the tax code that help the ultrawealthy. I’m talking specifically about avoiding inheritance tax via GRATs, and about avoiding capital gains taxes via the capital basis step up at death. If Mark Cuban could get behind closing the existing loopholes, I’d hear him out on whether an additional wealth tax is also necessary.