Mark Cuban says Kamala Harris' plan to tax unrealized gains will 'kill stock market'

If you were concerned about Kamala Harris supporting a 25% tax on unrealized capital gains for individuals with more than $100 million in wealth, you don't have to worry about it any longer.

Harris campaign supporter Mark Cuban "insists Harris won't actually do it," according to FoxBusiness.com.

Cuban appeared on CNBC's Squawk Box over the phone to discuss his enthusiasm for Harris, as well as to talk about how "he regularly communicates with her campaign to advise on economic issues."

The renowned investor and businessman claims that he has told the campaign that putting more taxes on people with over $100 million in net worth would not be a good idea.

"What I told them is if you tax unrealized gains, you’re going to kill the stock market, and it’s going to be the ultimate employment plan for private equity because companies are not going to go public because you can get whipsawed," Cuban claimed.

"My own personal experience back from the internet days, all of a sudden… my net worth was enormous but the number of dollars in the bank wasn't enormous," he said, "Based off the unrealized gains, I would have had to borrow money and I effectively would have been in hock just to pay my tax bill instead of trying to run my company."

"They realize that's the issue," Cuban concluded. "I can't repeat it enough, even though she's not directly conflicting, the Biden tax plan, to her, her value proposition is we need to tax everybody fairly."