Billionaire investor Mark Cuban thinks it will be an expensive four years under Donald Trump. During an interview with the FOX Business Network’s Maria Bartiromo, he argued that Trump’s tax plan will increase the deficit calling his tax cuts “draconian.”
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Trump’s plan would cut taxes across the board for corporations, middle income households and America’s wealthiest, while ending the tax break for carried interest. He would also implement a one-time tax of 10% on overseas profits for U.S. corporations.
While there’s “nothing wrong with the concept,” Cuban says timing is the actual problem.
“He likes to put out a ten year timeline… The problem is, in year one, when you lower taxes immediately, first of all people are going to put off paying taxes and defer. So… the deficit is going to go way up, revenues are going to go way down. Then when it starts to kick in at the lower tax rate, because he’s spending a lot of money, the deficit is going to be enormous… We could be at a horrible recession as a result.”