Workflow
Billionaire tax
icon
Search documents
Billionaire Mark Cuban says abolishing billionaires would mean destroying the stock market and wiping out Americans' savings
Yahoo Financeยท 2025-10-24 18:14
Core Argument - The only way to eliminate billionaires would be to destroy the stock market, which would negatively impact the savings of ordinary Americans [1][2]. Group 1: Wealth Inequality and Stock Market - Mark Cuban asserts that extreme wealth is an inevitable outcome of the market system, stating that billionaires will exist as long as stock markets do [2][6]. - Cuban acknowledges that approximately 90% of the stock market is owned by the richest 10% of U.S. households, aligning with Federal Reserve data indicating that this group holds about 93% of all stock market wealth [3][4]. - He argues that forcing the top 10% to sell their stock holdings would lead to a significant decrease in value for the remaining 90%, potentially wiping out the savings of more than half the country [4]. Group 2: Taxation and Public Finances - Cuban contends that even if governments were to seize all assets owned by billionaires, it would not substantially improve public finances, as it would not cover the federal deficit or single-payer healthcare costs [5][6]. - He emphasizes the need to find ways to help others earn more rather than solely focusing on taxing billionaires [6].