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AI, taxes and a world full of memes: Mark Cuban on supporting Kamala Harris | US elections 2024
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AI, taxes and a world full of memes: Mark Cuban on supporting Kamala Harris | US elections 2024

AAs the US presidential election approaches, billionaire Mark Cuban has proven to be an energetic surrogate for Kamala Harris on the campaign trail. In making the case for business leaders to support the Democrat over Donald Trump, Cuban drew on his experience (in technology, investing, health care and now sports, as a minority owner of the NBA team Dallas Mavericks), on his celebrity (as a leader “Shark”). for 15 seasons of ABC’s Shark Tank) and a willingness to confront Trump-supporting billionaires, including Elon Musk.

The path was not smooth. Last week, Cuban clashed with progressive members of Congress after criticizing Federal Trade Commission Chairwoman Lina Khan over her antitrust work in the tech sector. This and other topics, including Cuban’s thoughts on Trump’s support for tariffs and the perennial question of whether Cuban himself has presidential ambitions, are covered below in emailed answers to 10 questions from Guardian writers and editors.

Why did you start advocating for Kamala Harris? Do you coordinate the campaign or chart your own course?

I think she would be a far better president than her opponent. And I do my own scheduling. We discuss that they will be preparing some things closer to the election (on Thursday, Cuban appeared with Harris at a rally in Wisconsin).

Can Harris appeal to white, working-class voters? If yes, how?

I think her appeal is the same for everyone. She is ethical, not an ideologue, open-minded, analytical, she wants to solve problems, no matter where they come from. She has announced that she will appoint a Republican to her cabinet.

She understands technology and its importance to national security far better than her opponent. When Donald Trump talks about AI (artificial intelligence), all he’s talking about is how much power it uses. Kamala understands the strategic, economic and defense opportunities it presents.

I have worked with their team to significantly reduce drug costs, and this is just the beginning of their reduction in healthcare costs.

Why are men such a problem for the Harris campaign? How would you address them?

I think we live in a world of memes. Donald Trump does an excellent job of speaking in sound terms rather than substance. Soundbites are more meme-friendly. I also believe that social media algorithms amplify these memes, which benefits Trump among men.

You have known Trump for some time and have dealt with him. Do you think he has deteriorated with age, as his critics claim? If yes, how?

Yes. His speeches are longer and more rambling. The number of non-sequiturs continues to increase. He tried to give direct answers to questions. I don’t think he’s even trying or capable anymore.

What would a second Trump presidency mean? the US, and why should business people choose Harris over Trump?

Stability is key for larger companies. They don’t want to wake up to a tweet or a new tariff that impacts their business because Donald got mad at someone.

I think tariffs are also a big issue for companies of all sizes: 10%, 20%, 60%, 200%, they are paid by the importer and passed on to the customers.

Trump uses tariffs as a threat to American companies, even as it helps their foreign competitors. A 200 percent tariff on John Deere makes their foreign competitors cheaper (Trump threatened the tariff if the company moved some production to Mexico), even after a 10 or 20 percent tariff on their products. That’s crazy.

So many small business owners import products. But tariffs could literally drive small retailers and manufacturers out of business.

Small companies do not have the price elasticity of larger companies. You cannot pass on the additional costs and administrative costs associated with customs duties.

Trump doesn’t understand how he wants to drive small retailers and manufacturers out of business: 75% of manufacturers have fewer than 20 employees. Tariffs on the inputs for the products they produce could drive them out of business.

Under Kamala, the benefits to small businesses would be significant. More than 97 percent of small businesses are Sub S or LLC, meaning they are taxed at their personal rates. For all of these business owners, if their income is $400,000 or less (that’s 95% or more), their taxes will not increase, but will likely decrease.

Kamala also proposes increasing the ability to claim expense claims for startup costs up to $50,000 (a 10-fold increase), and has child care tax credits and newborn tax credits that allow parents to get the help, that you need to keep your company running.

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Many other successful businessmen – Elon Musk, Peter Thiel – support Trump. What is its appeal? Why do you think they are wrong?

I can only advise. I think they think they can manipulate him.

Has Harris told you how her business policies will differ from Biden’s, and can she balance her pro-big business stance with her anti-price gouging stance?

Understandably, she didn’t want to offend her current boss. But the differences are stark. For corporate and capital gains, it came in at 28%, well below what Biden wanted. She wants no tax on unrealized capital gains. I think she has shown that she will be much stricter at the border.

Why do you think a President Harris – or presumably President Trump in a second term – would remove Lina Khan as chairwoman of the FTC because of her stance on antitrust issues? Are you prepared for the “brawl” with progressives that Alexandria Ocasio-Cortez has promised on this issue?

I should rephrase what I said before (“If it were me, I wouldn’t keep Khan” and: “The bigger picture is that she hurts more than she helps,” to Semafor last Tuesday). I have expressed my opinion, which is that while I believe Lina has done a great job with PBMs (Pharmacy Benefit Managers), scam companies, and more, I prioritize AI because of its importance to our economy and believe that our greatest AI -Companies not doing this should be dissolved. However, I have no intention of demanding or suggesting her dismissal.

You said you would have supported an enterprising Republican like Mitt Romney or Jeff Flake if they had run for president. Can a Republican like that ever be nominated again? What do you say to those Republicans — Romney, Larry Hogan and others — who don’t support Trump but won’t vote for Harris?

I think they will vote for her. They just don’t want to say it and deal with the backlash. And my comments to Jeff and Mitt were whether Biden would be the nominee. I would vote for Kamala in both cases.

I cannot emphasize enough how important it is that Kamala comes to the center. I think she will do the best job representing all Americans, not just Democrats or Republicans. I think about her encouraging approach to her campaign: Not only did she try to stay positive, she also didn’t criticize anyone but Trump and JD Vance.

This is important. Not a negative word about their supporters. Just an attitude that tries to bring people together. Compare that to Trump’s hateful rhetoric. I mean, saying he hates Taylor Swift just because she didn’t support him is emblematic of who he is and how different he and Kamala are.

Have you ever been tempted to run yourself — as a Romney-esque, business-minded Republican or on some other platform? Could it be you already?

For about eight hours. Then I woke up. 🙂 🙂

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