Mark Cuban told Rep. Ro Khanna, D-Calif., that he doesn't "understand business" during a heated clash over California's proposed 5% billionaire wealth tax, warning it could drive startup founders and investors out of the state.
The exchange centered on California's Proposition 40, a controversial ballot measure that would impose a one-time 5% wealth tax on residents with more than $1 billion in assets.
The measure has been endorsed by the California Democratic Party, while some notable leaders, including Gov. Gavin Newsom, have expressed opposition.
In a video posted on X on Saturday, Khanna made the case for the tax, arguing that it would help preserve healthcare for working-class Californians. He said the "Sacramento establishment" and lobbyists opposing the measure were "blatantly out of touch."