Mark Cuban, Would-be Dodgers Owner, Says Idea of Higher Corporate Taxes Hindering Hiring is 'Nonsense'
Mark Cuban, one of the billionaires named as a possible Dodgers' bidder (he has said the price was too high), is spoiling the trickle-down tax-break arguments of Republican lawmakers again.
The Dallas Mavericks owner had previously sided with billionaire Warren Buffet in declaring that the rich should pay "lots of taxes."
He's at it again, essentially arguing that higher taxes really wouldn't impact the bottom line of ultra-wealthy corporations that much. He told CNBC today:
That's [the tax issue] so far down the list [for corporate CEOs]. It's the right thing for them to say, Well the more money you put in my pocket the better I'll be.
He said the idea that increased taxes could hinder hiring is "nonsense."
The comments come as President Obama is proposing to eliminate tax cuts for the rich and the Occupy movement is highlighting the loopholes that let many wealthy corporations go without paying at the rate most working Americans do.
Warren Buffet, a billionaire investor, has said that people like him should be taxed at the same rate. As it is, investors' capital gains earnings are taxed at about 15 percent, while normal payroll and income taxes for the working classes are taxed at about double that rate.
Republicans have argued that "trickle-down economics" dictate that higher taxes on the rich and corporations are bad, since these are entities with higher spending and hiring power that can kick-start the economy.
Occupy leaders have noted that despite record earnings by the corporate sector, namely banks, unemployment has remained at a record high the last few years. Trickle down doesn't seem to work, they say, but corporations are still getting their breaks.
Here's what Cuban has said previously:
So be Patriotic. Go out there and get rich. Get so obnoxiously rich that when that tax bill comes , your first thought will be to choke on how big a check you have to write. Your 2nd thought will be "what a great problem to have", and your 3rd should be a recognition that in paying your taxes you are helping to support millions of Americans that are not as fortunate as you.
So you still want this guy to buy the Dodgers?