Most people have heard of billionaire, Mark Cuban, a star investor on the Shark Tank TV show and owner of the Dallas Mavericks. There has been much in the news recently about companies that are moving their tax base out of the United States to other countries, in order to reduce taxes. Cuban has stated that if he owns the stock of such a company, he will sell it.
In a tweet on Twitter (TWTR) on July 25th, Cuban said "If I own stock in your company and you move offshore for tax reasons I'm selling your stock. There are enough investment choices here."
So there are a few issues here. First, what stocks does Cuban own? He is a major owner of Reading International (RDI), which is in the motion picture theater business and real estate business, and Immediatek (IMKI), which is in the online backup and file storage business. And I haven't seen anything in the news about those companies moving out of the US.
He bought one million share of J. C Penny (JCP) last year. He also owned the intellectual property company, often referred to a a patent troll firm, Vringo (VRNG) as of last year.
Unless he runs for office, or is a major shareholder (generally 10% or more), or discloses holdings in an interview, it is very difficult to find out all the stocks that he owns.
Now what do you think? Is it any big deal that some companies are moving to save on taxes? Is it a good thing or a bad thing? If so many companies are starting to do this, are corporate taxes to high? If we lower corporate taxes, will it encourage more companies to startup and/or move to the US?
Looking forward to your feedback.