(Bloomberg) -- 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 US 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.
©2022 Bloomberg L.P.
BNN Bloomberg Picks
More landlords converting units into short-term rentals
Artists are worried about AI. Here is why
What is it like to live in a converted office building?
One-third of Canadians unsure if they’re covered for climate risk
Carbon tax, trade barriers: experts on how to reduce food costs
Variable rate mortgage holders on the hook for thousands in interest: report