The Keith Edwards Show - Billionaire’s Reaction To Wealth Tax Is INSANE

Episode Date: August 27, 2026

👍 SUPPORT THE SHOWSubscribe on Edwards WireBecome a MemberKeith Edwards reacts to Mark Cuban's big announcement, amidst efforts to finally tax his wealth.📡 JOIN THE COMMUNITYListen on SpotifyFollow me on FacebookFollow me on InstagramFollow me on TikTokFollow me on XFollow me on Threads🎙️ TALK TO MEVoicemail line: ‪[phone]‬Business: [e-mail]

Mark Cuban came out recently in an interview and said that if he were to run for president, he'd do so not as a Democrat. But it's the reason why that I think got a lot of people pissed off. Really, I think what this is all about is a reaction to what the left is doing. The left is actually trying to get creative about how we can actually tax billionaires. Most billionaires pay a smaller percentage than you or me. Let's pull the chat. Do you know what a wealth tax is?

No, no, no, no. Let me ask you like this. Do you know how a wealth tax works? Because that's, I didn't know. I had heard a wealth tax. Of course I've heard a wealth tax. But I didn't really understand what it is, how it works. That's what this whole thing's about. It's not just about the fact that Mark Cuban doesn't want to be associated with Democrats. It's about the fact that Democrats and certainly folks on the left, progressives, want to do something about the income tax. disparity between working class people and the capitalist class. Okay, looks like a lot of people don't know how it works. All right, that's good. I want to make sure you understand because I actually did not know. I was at a dinner with, I'm allowed to say this. I asked. I'm allowed to say this.

I was at a dinner with Roe Kana, who is a member of Congress, of course. He represents much of Silicon Valley. He's in favor of what is going to be a, what would be a wealth tax that California's are going to vote on. this November, I'm going to tell you a little bit about that proposition. But I was at dinner with him. And I said, I said, can I just be asked? Can I just, because listen, this is something you should do.

A lot of people don't ask when they don't know something. And I think that's so wrong. It's okay to not know something. It's not okay to not know something and to one, pretend like you know or two, never ask. And so I was like, can I, I got you right here. What is a wealth tax? What is that? And he explained very simply to me.

What happens is that? that the accountant for the billionaire goes and itemizes everything the billionaire owns. Stocks, companies, land, what's in the bank account, like everything. Art. And from that number is their wealth. And so then they are taxed, like let's say 5% in California. From that number, they then have to give 5% of that wealth in tax. Are you following me?

So it's very hard. Now, it's not impossible, but it's much harder for them to slip away from it with like all the different means in which they're able to do that right now. And two, I think it's much, it's a much fair way of doing it because you're looking at the totality of what they own and what they're worth. So that's what a wealth tax is. Now, let's get to this because what's really interesting. Now, there's this thing called Proposition 40 in California.

Proposition 40 would acquire the estimated 200 California's. whose net worth exceeded $1 billion at the start of this year to pay a one-time 5% tax, okay? One-time 5% tax, okay? Are you against that? I'm not against that. But there's like this Astro-Turf campaign on the internet trying to stop proposition for 40 from happening. Now, they're going to be voted on. And this is the type of stuff they're pointing out.

This is from Sergei Bryn, who is a Google founder, talking about the California tax. You have questions about the wealth tax. up 40. So here are some facts. Newsom, Bacera, and Hilton are all voting no, calling it sketchy policy that will damage our economy. Teachers, firefighters, and planned parenthood affiliates of California are also voting now because economic studies show it will cost the state $25 billion, forcing deep cuts to hospitals, schools, and first responders. Learn more at facts on 40.org and decide. It's like, I always think it's really interesting. what the people who are against it say. Now, this is from the Americans for Prosperity website.

And I believe that's like a right wing think tank. That is my thought. That's what I believe it is. But they go, Americans are anxious about stagnant incomes and the rising costs of living. Some politicians have responded by floating taxics, including a wealth tax. But what is a wealth tax? And it explains what it is. And then it says here, well, wealth tax may raise some revenue. it would definitely not help address the affordability crisis and the rising costs of living that's keeping many Americans up in it. And then it goes on to like these proposed things like, why tax billionaires? Well, what if instead of taxing billionaires, we protected property rights?

We promote trust in legal clarity. We prevent force and fraud and remove artificial barriers at the scourge, open competition. And it's like, uh, yes and like, like, yeah, I would like to do those things. And I like to tax the shit out of you, too. Okay? Some of you are saying in the chat that 5% one time isn't enough. I agree. I think we need to federalize this.

That's why we have to get progressives in office. I will tell you who will not be a progressive in office. And that is Mark Cuban, who said the following on Karras Swisher's podcast. You should run as a Republican that would fuck them up. Oh, no. If I was going to run, that's what I would do. I can't win as a Democrat. Not with the DSAs and all that shit there.

Yeah. And oh, by the way, speaking of Medicare for all. I read Al Said's book on Medicare for All. It's not bad. He has a lot in common with Trump on some of his positions on drugs. But it wasn't a bad book. But in any event, I think people just look for things that are not what is it. They're looking for something different.

Right, right. Yep. Right. Going from the Tea Party to change it, hope and change, Tea Party, Trump, not Trump, J6, now DSA, anything that's different. It's just like what people said to me about Trump, Trump won. I had a buddy that I played basketball with, and I'm like, I know this guy, yada, yada, yada. He's like, let me just tell you something. I've been voting for politicians my entire life. You know what they've done for me? Nothing. Why would I vote for a politician again? I've been voting for Democrats my entire life. You know what they've done for me?

Right. All right. So then what are you going to do? Run as a Republican? That would be kind of. Oh, that would be fun, though. Would you just please do it just for just to drive? J.D. Vance's head would blow off. Yeah, and the competitive side of me likes that part, but doesn't like the governing part at all. Basically, what he's doing is attacking the DSA, saying that he wouldn't be able to run because of the DSA. I actually think that's not untrue. I mean, I don't know how you feel. I'm sorry. Like, I do not know J. B. Pritzker personally. I've never met him. I know some people who work for him, and I respect them. But I kind of, like, inherently feel like we just are, we're in a moment right now.

where we need someone in office who understands what it feels like to lack, who understands what it feels like when you don't know how you're going to buy your kids lunch, what it feels like when you have to figure out, all right, I got, I got the $500 check. How am I going to make this stretch for two weeks? I feel like what our government lacks are people that know what that feeling looks like. Because I do, I really do believe that if we had a government that reflected the people who actually live in it and who reflected the majority of the people who are in it, we would not be creating these laws and we would not, certainly would not have people who are against a wealth tax. Pam's fiber frenzy says no billionaires in power. Yes. Yes. And I've said

this before. I don't know if this is extreme or not. I don't know. I tend to not be an extreme commentator for better, for worse, probably for worse, because I don't get his money. No one shares my shit. But I will say that the one minority, I absolutely discriminate against billionaires. Like my thing is like, I'd never met J.B. Pritzker. He might be a nice guy, but he's a billionaire. So I automatically have a prejudice against him. And that is just how I am. Sorry. All right, now, Mark Cuban was asked about the wealth tax. And here's what he said. Discussed the wealth tax. You had a whole argument. You wanted to sit down with Elizabeth Warren and have it set. This way. If there's a wealth tax, particularly on mark to market for unsold

assets, there would be no cost plus drugs. Because? I'd have to save up cash. It costs me a shitload of money to do this. It's like, well, I'd have to have cash. Oh no. Oh, no. The multi-billioner would have to have cash to pay his taxes. Imagine that. You have money in your checking account to pay your taxes? What, like, what a great injustice this would be. And I have to take a lot of risk. I mean, big guys can come in and just crush me and I have to be ready to deal with that. And you're talking hundreds and hundreds of millions of dollars. And you, you know, I don't care.

I mean, at least maybe there's some, but that's just not sitting in the bank waiting, you know, to pay taxes on. Yeah, the idea of just soak the rich billionaire tears, tears that sell that cup. Screw you with Elizabeth Warren. You're everything wrong with politics. Okay. Okay, then. All right. Okay.

Good to know. Bernie Sanders says, Sergi Brin, is leading a $90 million ad campaign to stop California's $5% billionaire wealth tax. He is $133 billion richer since Trump's election, but that's apparently not enough. He'd rather children lose access to health care than pay his fair share. Greed is a sickness. Absolutely. All right. Here's Roe Conne talking about that wealth tax. California Democratic Party and the California Labor Movement just stood with Bernie Sanders and me in supporting a 5% wealth tax on 250 California billionaires. Passing this ballot initiative will ensure that millions of working class and middle class Californians don't lose their health care.

Look, the Sacramento establishment and lobbyists are just blatantly out of touch. What this shows is that California voters won a Democratic Party that will stand up for the working class over the billionaire class. Yes. And then here is one more person talking about Prop 40. People in California, I'm sure, know about it. But people around the other parts of the nation might not have heard much about it. So tell us about Prop 40, please. Sure. Well, the first thing again, Proposition 40 was a direct response to President Trump signing the one big, beautiful or awful bill, whatever you want to call it, last July 4th. largest defunding.

All right. This guy right here is the person who wrote the law, who wrote Prop 40. The rating of American health care in history will take a trillion dollars over 10 years out of the system. It's $100 billion in California over the next five years. The thing about California, there's at least two unique things. One is California has more billionaires than any other state in America, in large part because of Silicon Valley and all of this technology.

and artificial intelligence and on and on. And the second thing is we have the ability to put things on the ballot to voters if you can go out and get the signatures for it. So when the legislation got signed last summer, we basically had 90 days to ask ourselves, is there a solution we can come up with? And everyone acknowledges that it's $20 to $25 billion a year

that's being sucked out of our health care system. And that bill is going to be, paid by consumers paying higher premiums. It's going to be paid by people who lose coverage. And so we said, well, look, the billionaires in California have never had it better. There's about 250 billionaires that collectively their aggregate wealth is $2.4 trillion. It is an unfathomable amount of money. Seven years ago, the billionaires in California were worth $700 billion to they're worth 2.4 trillion. Their wealth is more than tripled in the last seven years. Interestingly enough, Sergey Brin, one of the Google founders, who's the chief financier of our

opposition, his wealth has increased by $26 billion this year alone. And we're just a little over halfway through. Yeah. So, I mean, billionaires make way too much money. And they should have to pay their fair share. Now, I do think the problem here is, is that this is like a federal problem that currently has a local solution. Like, listen, well, how many of the chat? Like, 65% of you didn't know what a wealth tax is. And I think it's good that it's like raising the awareness that this is a thing we can do. This is a thing we can implement nationally.

But I do think in order for this to really happen, you've got to create a, it has to be a nationalized. Now, that's where I'm like, all right, this is going to be a generational project in order to get this thing passed. But we should, we should work towards it. income inequality, it doesn't just hurt working people. It also hurts our democracy. When this power imbalance happens and people see that there's a different set of laws for the very rich and there's a different set of rules, eventually people either stop trying to participate in democracy or they go towards an authoritarian who they think can actually fix the problem. I do think that this is like a very creative solution. I truly did not know that this was a thing,

or at least I didn't know what it meant, but I don't know if it's necessarily something that can get fixed. But here's one guy who freaking out about billionaires having to pay money. This is stealing. Is it? Is it? This is stealing. This is legalized stealing from people who have already paid taxes on their unrealized gains on a arbitrary threshold of a billion dollars. This is as un-American as it gets, claiming to be.

a one-time deal. I would ask anyone who has ever found a spouse cheating who said it was only one time, whether or not they really believe that, because that's what you're being asked to believe. This will only happen one time, and that threshold will never get lowered. If you believe that, you will buy anything. But this is a sham. This is a farce. This is theft. But like, it's not, first off, we're just trying to get tax. We're just trying to get taxes paid. We're just trying to collect some revenue so that we can fund programs that help everyone. Roads, bridges, military. We're $40 trillion in debt, my friend.

How do you think we're going to fix that solution? A wealth tax isn't going to fix at all, but we have to start getting so. We have to get serious and creative if we're going to fix this.