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Mark Cuban Says Buyback Levy Is Top of ‘Bad Taxes’ List

Mark Cuban 

Mark Cuban 

Photographer: Martina Albertazzi/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.