Billionaire investor Mark Cuban, owner of the Dallas Mavericks basketball team, said that while buybacks are “everything wrong with what companies do,” the decision to place a levy on them is the top of the list of bad taxes.
Cuban — with a net worth of $5.9 billion, according to the Bloomberg Billionaires Index — made the comments on Twitter late Wednesday after the U.S. Senate last week agreed to a 1% excise levy on share buybacks as part of a tax and climate package. The bill is expected to head to the House later this week.
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