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Austin Mack and Keelon Russell are competing for Alabama’s starting quarterback job. Mack and Russell have played sparingly so far in their college careers.

The Chicago Cubs have parted ways with a Toronto Blue Jays castoff who endured a brutal outing this season.

California is about to find out whether taxing billionaires is an idea that works in practice the same way it works in a speech.

A ballot measure heading to voters in November is forcing that question into the open, and the fight it has triggered between a $10.6 billion investor and a sitting congressman says more about the difficulty of the idea than either man intended.

Mark Cuban spent the weekend of August 15 on X, tearing into Rep. Ro Khanna’s defense of California’s proposed 5% one-time tax on billionaire wealth.

What started as a policy disagreement became something more pointed, and the specifics of what each man said reveal exactly why wealth taxes that sound simple on paper tend to fall apart in the details.

Mark Cuban wealth tax argument and the startup founder liquidity problem

The core of Cuban’s argument isn’t that billionaires shouldn’t pay taxes. He’s made clear he has no problem paying taxes. He paid $288 million to the IRS in a single year and said he was proud of it.

What he objects to is taxing wealth that doesn’t exist as cash.

A startup founder who built a company now worth $2 billion on paper has a $100 million tax bill under this measure. But if that $2 billion is in company shares that can’t be sold without triggering a collapse in the company’s valuation, the founder doesn’t have $100 million.

They can’t borrow it easily against shares in a company less than a year old. They can’t pay it. That’s the scenario Cuban is describing when he says the tax is the “biggest F you in the history of entrepreneurship. Ever.”

Related: Mark Cuban doubles down on the stock market and Elon Musk

“Ro, that’s insane. You want the state to loan money to the founder, who will then immediately give it back to the state as a wealth tax? Meaning the state has not received any incremental receipts? What’s the point of that?” Cuban wrote on X. He also said that if the tax passes, “only idiot startup founders stay in Cali,” and that he would make leaving the state a condition of any future investment he makes in a multi-billion dollar startup.

Ro Khanna government loan fix and why billionaire tax critics aren’t buying it

Khanna’s answer to the liquidity problem was a government loan. California would lend the money to illiquid founders, secured against their shares. The loan would be repaid in cash or the state would take the shares. A non-recourse structure, he called it.

Cuban’s response was immediate. If the founder defaults and the state ends up owning shares, California becomes a stakeholder in private companies.

“I’m sure the investors in those companies will be thrilled about their new partners,” he wrote.

The sarcasm was the point. State government as venture co-investor is not a problem anyone has solved, and the governance questions alone would make the structure deeply unattractive for the companies involved.

Khanna pushed back with names. Jensen Huang, Lisa Su, Sundar Pichai. Executives he said would stay in California regardless. He argued that roughly 72% of billionaire wealth nationally sits in liquid public stock, and that most of California’s 250 billionaires wouldn’t need a loan in the first place, according to Bloomberg. 

The proposal also drew rebukes from Anduril Industries co-founder Palmer Luckey and investor Bill Ackman.

Both men are partially right. Huang, Su and Pichai do run companies with highly liquid share structures. Cuban’s concern is the startup founder two years in, not the CEO of a Nasdaq-listed company.

That’s a narrower population than the headline suggests, but it’s also the population that produces the next Nvidia or AMD.

The fight between Cuban and Khanna is going to keep running.Nathan/Getty Images

California Proposition 40 Billionaire Tax Act details and opposition funding

The measure, formally known as the Billionaire Tax Act, would levy a one-time 5% tax on the net worth of California residents worth more than $1 billion as of January 1, 2026. It covers stocks, bonds, private business interests, art, collectibles and intellectual property, according to CalMatters.

Backers, led by the healthcare union SEIU-UHW, estimate it raises close to $100 billion, with 90% earmarked for healthcare and the rest split between education and food assistance. That’s the political case. The practical one is more complicated.

California’s own Legislative Analyst’s Office has warned the state could lose hundreds of millions in future income tax revenue annually if enough billionaires leave. Some already have.

Google co-founders Larry Page and Sergey Brin were among at least half a dozen high-profile billionaires who relocated assets, businesses or residences before the vote even happens. The theoretical bill for Page alone, with a net worth around $270 billion, would approach $13.5 billion.

Opposition has raised more than $118 million against the measure, with Ripple co-founder Chris Larsen funneling millions into the campaign. The constitutional question over taxing unrealized gains hasn’t been resolved either.

Any federal equivalent would face immediate legal challenge, and California’s version isn’t immune to that argument.

Federal wealth tax 2026 Bernie Sanders Ro Khanna bill and what states are doing

Khanna and Vermont Senator Bernie Sanders have separately pushed a federal wealth tax bill targeting Americans worth more than $1 billion. Maine has already added a surcharge on high earners.

JPMorgan doesn’t expect Congress to seriously consider a national wealth tax for at least another two and a half years, leaving states to test the idea first, according to TheStreet.

Even California Governor Gavin Newsom, who has made taxing the wealthy a national platform, opposes his own state’s version of the idea. That contradiction is the most revealing detail in the whole debate.

If the governor who has built his brand on progressive taxation thinks this specific version goes too far, the implementation problem is real, not just a talking point from the opposition.

The fight between Cuban and Khanna is going to keep running. But the more useful question isn’t who won the argument on X. It’s whether California can design a wealth tax that captures the revenue it’s promising without accelerating the exodus of the people it’s taxing.

That answer arrives in November.

Related: Mark Cuban has strong words on AI companies and job losses

“Such a system would help ensure that no one is financially devastated by a serious illness or injury.”

TheStreet aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission.

Why we love this deal

Having a lot of personal electronic devices can be convenient. Practically everyone has a smartphone these days to keep them connected; wireless earbuds let you listen to music, podcasts, and audiobooks on the go; and a smartwatch can help you track your health and act as a second smartphone. But with so many devices being used regularly, it can be quite chaotic when the time comes to charge them, especially when it happens to be at the same time. That’s when a charging station can come in handy.

The Visentor 7-in-1 Wireless Charging Station features multiple wireless chargers in one, and it’s on sale now for only $28 at Walmart. With a regular price of $72, it’s currently 61% off, which is an incredible deal when you factor in its multifunctional design that goes beyond just charging your electronics.

Visentor 7-in-1 Wireless Charging Station, $28 (was $72) at Walmart

Courtesy of Walmart

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Why do shoppers love it?

Charging a bunch of devices at once can be a headache. There are tons of wires, not enough charging blocks, and you’re often left with devices scattered across a table or desk, waiting for them to get back to 100%. A charging station like this Walmart find can manage all of those problems, and more.

This seven-in-one charging station acts as a charger for multiple devices, managing up to four devices at once. It can charge your smartphone, smartwatch, earbuds, and an additional item via the built-in USB port. While charging, it provides a neat place to house your electronics. And with a stand-up, wireless design, you don’t have to worry about a mess of cords and wires.

But it doesn’t stop at being a wireless charger. The station is also a digital clock with an alarm clock and a nightlight. With built-in smart sensors, it adjusts the brightness between daytime and sleep modes. It’s also compact, with the ability to fit on a nightstand without taking up too much room. It’s also foldable, making it a great travel accessory to pack on your next trip.

Related: Walmart has $180 Bluetooth earbuds with 88-hour playback time for only $21

Details to know

Dimensions: 2.24 inches long by 2.95 inches wide by 6.65 inches high.

Compatible with: Select Apple and Samsung smartphones and accessories.

Features: A phone charger, a smartwatch charger, a digital clock, an alarm clock, an earbuds charger, a nightlight, and a USB port.

Walmart shoppers say this multifunctional device is a “game changer” that can charge devices quickly. One reviewer said it’s great to use in the office, bedroom, or kitchen to charge your devices, and the alarm is quite loud.

Another shopper called it a “space-saver,” while another said ​​that it’s “so compact and convenient. Love this as it will charge all three of my items at once and not take up too much space.”

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Baokaler 3-in-1 Wireless Charger, $16 (was $30) at Walmart

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Acer 7-in-1 Wireless Charging Station, $46 (was $60) at Walmart

For only $28, the Visentor 7-in-1 Wireless Charging Station has a useful design that can charge your devices daily, whether you’re at home, at the office, or traveling.

The retailer has added more snacks and changed its presentation as it tries to become a destination for food purchases.

Unitree is first humanoid robot firm to list in mainland China

“The last adviser we worked with lost a significant portion of our portfolio.”

“There is a lot of legal and financial power in my hands.”

TheStreet aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission.

Why we love this deal

Very few watch brands have the status and reputation of famed Japanese watchmaker Citizen. The brand’s watches have been a staple of luxury watch collections for almost a century. Not only are Citizen timepieces highly accurate and built to last, but they’re some of the most beautiful watches you can buy. In fact, one of the company’s most impressive Eco-Drive models is at its lowest price at Amazon this year, and we can’t help but envy anyone who gets theirs before the inventory sells out.

The Citizen Eco-Drive Terra-Force Luxury Watch is currently just $267. That’s 32% lower than the watch’s highest price this year of $395. Even at the previous price point, this watch is an incredible deal. However, the current reduced price is the perfect excuse to snap it up right now while you still can. 

Citizen Eco-Drive Terra-Force Luxury Watch, $267 at Amazon

Courtesy of Amazon

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Why do shoppers love it?

This watch has old-school vibes with modern watchmaking chops. The case and bracelet are made from durable, rustproof 316L stainless steel. Both are also highly corrosion resistant, making this a great everyday piece for casual wear. The foldover clasp with push-button release is comfortable and stays in place, even during very active times. The matte black dial has applied luminous hour markers, a matching luminous handset, and a cyclops magnifier over the 3 o’clock date window.

As for its reputation as a great daily-wear watch, the Terra-Force has earned it. The watch has an impressive 100 meters of water resistance, making it a useful watch for wearing in the pool or the ocean. It has a traditional uni-directional dive bezel as well, which is convenient for timing your dives or just about anything else. While all of these external factors make the watch a wonderful buy, it’s the inner workings of the piece that really make it stand out from the competition. 

This watch is powered by the famed Citizen Eco-Drive movement. It’s a solar-powered movement that was designed and implemented by the brand in the 1990s, and it’s been a popular option for collectors ever since. Eco-Drive movements use small solar panels hidden underneath the dial to collect energy from the sun. That energy is then used to power the watch throughout the day and overnight thanks to storage in a rechargeable internal battery. The beauty of an Eco-Drive watch is that you will never have to change the rechargeable battery for the life of the piece. 

Related: Citizen’s $137 luxury watch has 100 meters of water resistance

New H2: Details to know

Material: 316L Stainless Steel.

Case diameter: 43 millimeters.

Movement: Japanese Citizen Eco-Drive.

Water resistance: 100 meters.

Amazon shoppers were thrilled with this watch. One claimed they “couldn’t be happier” with it, before adding, “Citizen has an excellent name in the industry and makes a quality product…for the money, the fit and finish is excellent.”

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Citizen Promaster Sea Eco-Drive Dive Watch, $290 (was $495) at Amazon

Citizen Eco-Drive Weekender Brycen Watch, $189 (was $450) at Amazon

Bulova Marine Star Series B Watch, $309 (was $525) at Amazon

The Citizen Eco-Drive Terra-Force Luxury Watch is an incredible buy at just $267. If you want to start, or add to, your luxury watch collection, there’s no better piece to take advantage of right now than this one.