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Taxes will go up if inversions rise: Mark Cuban

Billionaire investor Mark Cuban told CNBC on Friday that taxes will go up if too many companies leave the United States for greener overseas tax shores. That tax money will be have to be made up somewhere, he said.

"If this is part of a movement where in aggregate it really has a material impact on taxes paid, then again taxes are going to go up," he said on "Squawk Box" a day after President Barack Obama discussed corporate tax inversions in an interview with CNBC.

Read MoreObama, Dems holding tax reform hostage: Norquist

"The cost of doing business ... not the actual tax rate we pay ... particularly for companies, individuals, and entrepreneurs [is] easier to change and [would] have a far greater impact on our net worth than all the ramifications and ruminations that the government can try to do to fix the tax code," the Dallas Mavericks owner said.

In Thursday's CNBC interview, Obama said American companies performing tax inversions were gaming the system.

"You are an American company. You continue to benefit in all kinds of ways from being an American company," the president said. "It is true that there are a lot of things that may be legal that probably aren't the right thing to do by the country."

Read MoreObama:What's legal might not be right for US

Cuban said Friday that shareholders should vote with their feet and pullout of companies that are leaving the U.S. "Evaluate big picture. By not selling your stock, does that encourage other companies to do the same thing, which means even larger tax shortfalls, which it costs us even more over the long-term, which means your net-worth is going to go down?"

"If the economy suffers, fewer taxes, your net-worth is going down whether you like it or not," he added.

Cuban, co-host of "Shark Tank," also said if he had to choose between getting a 10 percent corporate tax cut or a reduction in all the administrative hassle it takes to run a business, he'd take the latter every time. He feels that with the extra time he can make more money than he would save from a tax rate cut.

—By CNBC's Matthew J. Belvedere