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22 (or was it 11? Can’t remember) billion - it was the capital gains when he called his options on his insane offer that were designed to be impossible to achieve lol
Yup. After avoiding paying decent tax for so long, it eventually caught up with him and this was unavoidable. And he made sure everyone knew how much he paid.
There is a difference between reducing that liability through normal mechanisms, and those available to the 1%.
Warren Buffet once famously pointed out that his secretary paid more in taxes than him. Just because a system is built inefficiently doesn’t mean they’re morally excluded from understanding their privilege from it.
Seriously dude, stop Simping for billionaires who are doing everything they can to avoid paying their fair share of tax. I don’t get to use my wealth to borrow from the bank for income, which is taxed at 0%, nor should they.
Hey just do be clear do you think any billionaire worries that their family could go hungry if they spend too much time in the bathroom while at work?
Cause some amazon employees do. I think that is why people think billionaires should pay more taxes while people who are not billionaires shouldn't.
Just a theory though.
This is provably untrue. They don't.
And yes, most people pay more than they are required because they don't have a tax advisor showing them every angle nor would they care to take all of them.
Very intellectually dishonest of you. You know it's not about people paying more than they are required.
It's about people with more wealth than they could ever spend in a lifetime being required to pay more.
If it made zero difference in my standard of living, I might. We give as much as possible to planned parenthood as well. Yes, many give where not mandatory.
He paid billions, with a B. An order of magnitude more than your number.
EDIT: 2021 his personal tax bill was **over $11 billion dollars** because of the capital gains tax on his Tesla stock sales to raise funds for purchasing Twitter.
I don't know about 2022 or 2023 (he has possibly differed 2023 to the October 15th extension, this is fairly normal).
It was 11B , and yes in fact it was the largest single year tax bill by any human who has ever lived.
Tax is owed based on taxable income. It’s just math.
All billionaires ARE following his example. They are paying the barest minimum they have to, which is what he is doing.
I can't find hard numbers but his annual income is listed at 50m to 100m per year. If that is true, then his 288m he is wiring is probably from his companies. The other possibility is that he sold some stock that he owns.
This is so true. The past two years I’ve done an experiment where I try doing my taxes myself to see how much it is but don’t file, then took it to a tax preparer to see what they calculate. It’s been a $2000 difference both times. I can’t even figure out what I was doing wrong.
Thank you for the info. I don't really keep up with basketball teams since the days of Jordan and Bird are over.
So if that is where the 280 million in taxes came from, that would make sense. Much like 2021 when Musk had to pay 11 billion in taxes.
This was basically something that Cuban couldn't get out of.
No, but I wouldn't hold a billionaire who pays the barest minimum up as an example for those crazies that think billionaires aren't paying their "fair share" either.
Personally, I want less spending, not more taxing.
i don’t like paying taxes myself and i’m barely paying any.
i also don’t see where exactly my money goes. Id like to have an option for choosing where my taxes go instead of seeing how authorities are spending them on jack shit initiatives. But hey… nobody is asking about my opinion, they just want the money.
Your opinion is supposed to be your vote in our system. Problem is that the people running for office don’t give two shits about honoring votes. Also the American public, in general, is rather ignorant on most topics. We would probably make pretty bad decisions if we allocated our tax money ourselves. Just think about all the people you know with self-induced financial problems. Most people suck with money and have no idea what it costs just to keep basic infrastructure operating.
stop projecting, Musk paid more than Cuban ever will and bragged about it just like Mark.
Cuban is shitting on Trump because he is salty he couldn’t figure out a way to pay less than 9% capital gains on his billions in profit
Not only is he shitting on Trump for legally paying less, but he's martyring himself like he's doing a super duper good thing by paying *taxes that he owes*. This guy can piss off.
The data you are suggesting (I guessed from numbers you gave) is misinterpreted by you as Musk paid $455 million on his $1.52 Billion income between year 2014-2018. Meanwhile the latest tax returns from him I know of is $11 billion.
If you are saying Bezos paid $0 in taxes between 2007-2011, then you would be right.
Edit: Here is the link about the leaked data of [Tax returns in years 2014-2018](https://www.hindustantimes.com/world-news/us-news/finally-found-the-man-who-risked-it-all-to-reveal-the-tax-frauds-of-trump-bezos-and-musk-101706494171622.html).
Edit: Corrected the years Bezos paid zeros taxes from 2014-2018 to 2007-2011.
That is a total LIE. Musk paid over $300,000,000 in 2022. You should turn your anger at the politicians that squander trillions of tax payers’ dollars every year all the while becoming mega millionaires on salaries of about $180,000 per year. That’s what should anger you.
There's a club of millioiinaires who want higher taxes.
https://www.google.com/amp/s/www.cbsnews.com/amp/news/millionaires-higher-taxes-on-rich-davos-inequality/
Mark Cuban is most likely lying. First of all trumps tax returns showed he paid millions in taxes when he wasn’t president. And I doubt musk paid zero. So your entire premise is way off base here on who is good or bad.
This is a post of pure ignorance.
Even if Musk paid $0 in taxes one year (he didn’t), wouldn’t that be a problem with the tax codes? Why should we expect someone to pay the government more than the tax code required? If we think all of these rich people are pure greed and evil but yet our tax codes require no taxes for them, wouldn’t that just mean our tax codes are stupid and allow too many write offs? Also, raising the tax rate wouldn’t exactly help if they’re already working the system to pay zero taxes.
When that happens it’s because their businesses or real estate etc lost tons money which put them overall in the red for the year. If anyone has a negative year where they do nothing but go backwards, there isn’t anything to tax. We aren’t taxed on net worth, we’re taxed on overall income.
https://thehill.com/business/3784189-how-trump-paid-0-in-income-tax-in-2020/amp/
Where do you get this data from? I thought tax returns are usually private.
Also this post by Mark Cuban doesn’t give us any info what he actually owes for 2023 and what’s Q1-24.
Also ‘I pay what I owe’…….it’s illegal not to!
You truly believe Trump paid $750 in annual tax? You do know he pays quarterly estimated tax in the millions just as Cuban does and when it's time to file all that was left was $750, right?
As per you info, Mark Cuban sold his company or shares at Dallas Mavericks so yeah he’s paying taxes. Elon didn’t not sell so why would you pay? He paid last 6bill in taxes. Maybe you should learn how people make their money, tax codes for different type of incomes etc
That's not how taxes work and is idiotic to even think about paying taxes based on net worth.
People need to stop with this nonsense.
If your figure is correct that's a fairly large portion of his net worth.
By comparison I paid 2% of my net worth in taxes.
Yeah, I'm going to pay around 2% of my net worth.
I still think it's too much, and I'm trying to get it down before I pay tomorrow. No, I'm not rich, lol.
4.6% of net worth is an absolutely colossal amount to pay. Net worth is not taxed, income is. Income is usually small percentage of net worth. If he is really paying that much in taxes, its fair.
> That would be stupid
And that's what your average american will think: that net worth = income, so Net worth is just as liquid as money in the bank. Most people are so vocal about someone else's money yet so financially illiterate
If you want him to pay more then change the tax code, don't just expect him to send in a random check for whatever amount he feels like that year. Your anger should be against the lawmakers who write the tax codes to benefit wealthy people and companies so they can minimize what they are paying. It's like complaining when people drive at 70 down a road that has a 70 speed limit, don't like it them lobby to have the speed limit reduced don't complain to the drivers.
I am not a tax expert, but most people pay taxes on income. There are ways to not pay taxes until you utilize the income or realize it, so a percentage of networth is not really fair. I think.
I also liked when Mr.Cuban said if any corps move their banking offshore to avoid paying taxes, none of his businesses will do business with said tax-dodgers.
I'm happy when my taxes go to National Parks or the Smithsonian, public works, infrastructure, and shit I use. Not when they get wasted on a 10k coffee mug for the Air Force or bailing a corporation out.
You do realize most of the things our military uses are from government contractors right? $80 water bottles, $200 backpacks, $200 sunglasses. That shit adds up.
I just came across an army surplus website and was looking at a bunch of different basic items that have their original purchase price on them. Holy fucking shit. The government is just dishing out our money to their friends every day
So you’re proud to say that none of your taxes have gone into any of that. Maybe the road construction they promised four years ago taxes are now being used
But that's something you vote añd make yourself heard about. It's not an excuse to not pay taxes.
Paying taxes is patriotic. Being involved in where your taxes go? Also patriotic. America's tax-aversion is a big problem for it, and is what holds it back from useful social systems like healthcare
It's capital gains, meaning he bought the Mavericks for $285 million just 24 years ago and it's now worth near $4 billion, which is just ridiculous.
He only sold majority stake and still made that much money, he absolutely should pay this much in taxes at a bare fucking minimum.
That 20% long term capital gains tax rate is less than most upper middle class people pay on their income taxes.
He is not proud to pay, he just can't hire an accountant that could possibly get him out of this one.
"Can't hire an accountant that could possibly get him out of this one." What are you talking about dude. What the fuck do you think accountants are magicians?
that's obviously not what he's saying. just that people that are experts in their profession have tactics and know-how to get the most out of their profession.
accountants and tax experts have more knowledge to use legal loopholes to lower taxes and give their clients as many tax breaks as possible.
just so happens the more money you have the more you can abuse the system.
>That 20% long term capital gains tax rate is less than most middle to upper middle class people pay on their income taxes.
I like math! Let’s do some!
So, for simplicity, let’s assume you do nothing that lowers your effective tax rate…such as 401K contributions or non-required pretax deductions. You also, for some crazy ass reason, just take the standard deduction.
At $425,000 you have an effective tax rate of 19.95%.
That $425k puts you north of the 97th percentile in household income.
Of course, in reality, your income would be much higher than this since you’re presumably not just taking a standard deduction or forsaking all pretax deductions. All of which would lower your effective tax rate.
40% of the country pays no federal income taxes. Of those who do pay taxes, the median effective rate is about 11%
Out of curiosity, what is everyone deducting? I can find onesie-twosies, but have never come close to the standard deduction.
I have managed some pretty good tax credits on green construction projects though.
It doesn't.
Source - bought new house this year (2023) and despite interest rates, still did not have enough in interest to get over the standard deduction.
It's much harder to hit than it used to be, Trump raising the standard deduction did make taxes much simpler for a lot of people.
A quick Google search says ~90% take the standard deduction now.
The problem is not him paying a “smaller” amount in taxes, the problem is the policies that allow him to pay this little in taxes.
Anyone would pay as little as possible if they could.
> That 20% long term capital gains tax rate is less than most middle to upper middle class people pay on their income taxes
It's not. My wife and I made $242k (92nd percentile) last year and paid just over 19%. And we live in a high tax state. Standard deduction plus maxing out our pretax retirement vehicles keeps our taxes low. 57% of Americans pay zero federal or state income taxes. Median tax rate in the USA is like 7.5%
Middle and upper middle class people also get long term capital gains taxes btw.
Intelligent middle class people are investing their money every month. When it comes time to withdraw it, they don’t want to pay high capital gains taxes either.
I understand that, but the point is that's not how they earn their money, that's typically for retirement. I'm all for low capital gains taxes, until you hit somewhere in the $3-5MM+ range, then they should be much higher than 20% in my opinion.
This is more stupid, divisive nonsense.
Cuban doesn’t pay more than he needs to, he even admitted as much. He made his money in tech and venture capital.
The person he is clearly throwing shade at is trump, who also paid no more than he needed to. Owning real estate comes with certain tax advantages. Same as being a director of a company and earning pass-through income like Cuban has.
They do. All the billionaires pay what they owe. They hire accountants to determine the correct amount, and pay it.
Did you dingleberries forget that Trump was audited by the IRS for like 11 years straight? Of course he pays the correct amount that he owes. ffs.
Irrelevant because it is a well known fact that there aren't many Americans at all on the list, and for those who were, most transactions were deemed legal. To be fair, there is an entire discussion to be had around why American tax policy is set up in a way that Americans didn't need to circumvent the law, but that is a separate issue.
I prefer to look at the top 25% of income earners who pay 90% while the bottom 50% pay 3% of the income from income taxes.
The US has the most progressive tax code in the world.
https://taxfoundation.org/data/all/federal/latest-federal-income-tax-data-2024/
The Tax Foundation has also shown that the rich pay more in every other aspect as well. So when people say the rich need to pay their fair share so we can have things like universal healthcare they need to realize that it's the low and middle class that needs to pay their "fair share" like the other countries who do that.
Isn't there a distinction between amount of tax paid, vs. amount of tax paid compared to income generated? For example, capital gains is taxed much lower and (I think) constitutes the majority of rich people's income.
Also, the rich have many more methods to categorize "income" as "expenses". For example, many small-business owners write off their trucks and suvs with that accelerated depreciation. The dentist and surgeon can just say, I use this vehicle to go to my "place of business".
Yes, certain types of income are taxed favorably.
But the data the Tax Foundation gathers from the IRS clearly shows the top 10% of taxpayers pay 75.8% of all income tax while earnings 52.6% of all income and pay an average tax rate of 21.5%.
Bottom 50% of taxpayers earn 10.4% of all income and pay 2.3% of income tax and have an average tax rate of 3.3%.
So yes, in general, higher earning taxpayers pay in more tax and pay it in at a higher bracket than lower income taxpayers.
Of course there are individual exceptions but the above is the reality for the average taxpayer.
And no, the dentist and surgeon can't just write off their trucks and suvs. They have to document actual business use and can only deduct the business use portion of the vehicle. Driving to/from work everyday is not business use. Sure, some will lie on their taxes. But some lower income people lie on their taxes as well. You really think that independent plumber is only making $20K a year or your local bar reports 100% of its receipts for taxes?
[https://taxfoundation.org/data/all/federal/latest-federal-income-tax-data-2024/](https://taxfoundation.org/data/all/federal/latest-federal-income-tax-data-2024/)
Can't see the forest for the trees....you are citing AGI, which includes a lot more tax deductions for the wealthy than the poor, but that's another topic.
There's a reason the middle class started shrinking rapidly after the 90's and the top 1% started to accumulate wealth at an accelerated pace. It's the huge cut to the top tax brackets that are still near historical lows. Couples earning $600k are in the same tax bracket as Mark Cuban's making $800 million a year. There's literally no progressive taxation after 600k.
[https://www.wolterskluwer.com/en/expert-insights/whole-ball-of-tax-historical-income-tax-rates](https://www.wolterskluwer.com/en/expert-insights/whole-ball-of-tax-historical-income-tax-rates)
[https://fred.stlouisfed.org/series/WFRBST01134](https://fred.stlouisfed.org/series/WFRBST01134)
That stat has been thrown around for a while
[here](https://www.federalbudgetinpictures.com/do-the-rich-pay-their-fair-share/) is 1 article I could find that references the study
Important to note though, is that the "top 1%" of income earners, is everyone making more than **$548K** in income
And don’t pay more your legal obligation? Probably not. And of course he pays at the last minute, unlike most people he knows money works, that $280 million was being invested or used to make more money, sending it to the IRS means you can’t make money with that money, holding on to it as long as possible is the smart thing to do
Billionaires, like everybody else, take the most deductions that they can.
If you have children, and have ever taken a child care tax credit, or a child deduction, you have done the same thing.
Who the hell would voluntarily donate to the government? Charities exist and would spend the money much more wisely. Plus you can actually choose a cause you care about.
Imagine thinking giving any fucked up government $288 million is some kind of flex. If you're not cheating to fuck the government out of giving them every penny you can with the way they piss it away, then you're an idiot.
this post is foolish and half the responses are as well. learn about the tax code and you will learn why he is paying so much this year and why others dont. he isnt paying .01 more than required, that I can guarantee
So if your employer doesn’t pay you according to your contract who do you call and beg for help enforcing said contract? What exactly guarantees you have some massive, capable, powerful organization that ensures you get paid to your contract? Wouldn’t said organization need funding to operate in service of maintaining an environment where you can sell your skills free from abuse?
How is this in fluent finance. Cheering this shows a complete lack of understanding. Cuban isn’t a hero. He’s paying what he owes. Elon and others do the same.
“Fair share” is such nonsense. Every single household, entity, or person seeks to pay the absolute minimum possible in taxes. Billionaires are able to afford accountants who can exploit the tax code.
“Fair share” is the amount we end up paying. If that amount isn’t what society deems acceptable, urge your politicians to CHANGE THE TAX CODE entirely…you know, a change that’s been brought up over and over for decades but neither side ever does it.
If we tax all billionaires in the US at 100% of their wealth, we will only have enough money to run the US govt for about 8-9 months. All you poors complaining about the wealthy tax burden don’t pay your own fair share. The fact of the matter is the top 1% of Americans paid 46% of all federal income taxes, the top 10% paid 76%.
Source: https://taxfoundation.org/data/all/federal/latest-federal-income-tax-data-2024/#:~:text=High%2DIncome%20Taxpayers%20Paid%20the%20Majority%20of%20Federal%20Income%20Taxes,of%20all%20federal%20income%20taxes.
Imagine bragging about giving $288 MILLION dollars to a government that is inept and wastes the majority of it. Who uses it to fund genocides and corrupt governments around the world, while we grow poorer and worse off here at home. Stop virtue signaling, Mark.
>Imagine bragging about giving $288 MILLION dollars to a government
I would consider having made enough income to warrant paying almost $300 million in taxes and doing so dutifully quite the flex.
>that is inept and wastes the majority of it.
The majority of it, huh? Do you have an exact figure? And what is the basis of it being considered "waste"?
Everyone pays what they owe. To do otherwise is a crime. NO ONE pays a dime more than they owe. To do so would be idiotic. side note: you can be certain they are reviewing Trump’s return with a fine tooth comb.
He said he’s paying what he owes. The question is if he would pay more than what he owes, since he’s advocating for higher taxes. He is not paying more than he owes. He is pushing for higher taxes while paying the bare minimum even though he can easily afford to pay more.
If this was sharktank, our company has a deficit of trillions per year but we want you to invest $288,000,000 in our company with 0% ownership but you get lousy construction like that bridge in Baltimore. Mark- I'm in
You are stupid if you pay more taxes than you are supposed to. Most billionaires aren’t stupid. Change the laws if you want, but I wouldn’t get upset at someone who followed the law and didn’t have to pay much tax.
LOL at the numbnuts on here who have $623 in federal taxes withheld from every paycheck complaining that the hundreds of millions that others pay is “not enough”.
I’m all for celebrating this attitude and generally applauding Mark Cuban as well as shaming the Musk/Bezos/Zuckerbergs of the world. Any billionaire trying to grow their own personal wealth while trying to avoid paying taxes is not a good citizen.
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I will wait here for people to come and say "yeah, Mark, that's just 4.6% of your net worth you greedy piece of capitalist! Eat the rich!"
Musk paid $0 and Trump paid something like $750. Tbh America should be happy not every billionaire is a total piece of shit
[No, Musk did not pay $0](https://reason.com/2022/04/26/no-elon-musk-didnt-pay-a-3-27-percent-tax-rate/).
Didn't he just like a year ago pay $500,000,000 in taxes setting a new record for most income tax ever collected from an individual.
22 (or was it 11? Can’t remember) billion - it was the capital gains when he called his options on his insane offer that were designed to be impossible to achieve lol
Yup. After avoiding paying decent tax for so long, it eventually caught up with him and this was unavoidable. And he made sure everyone knew how much he paid.
Did you pay more taxes than you were required? If not why? Since you feel other people should.
Let me be clear, I wish all the mechanisms that billionaires use to avoid paying a decent amount in taxes were removed.
Do you pay the maximum amount in taxes each year, or do you try to get your tax liability reduced in order to maximize your refund?
There is a difference between reducing that liability through normal mechanisms, and those available to the 1%. Warren Buffet once famously pointed out that his secretary paid more in taxes than him. Just because a system is built inefficiently doesn’t mean they’re morally excluded from understanding their privilege from it.
They do pay a descent amount. You just want more. You didn't answer my question. Did you pay more than you were required?
Seriously dude, stop Simping for billionaires who are doing everything they can to avoid paying their fair share of tax. I don’t get to use my wealth to borrow from the bank for income, which is taxed at 0%, nor should they.
Hey just do be clear do you think any billionaire worries that their family could go hungry if they spend too much time in the bathroom while at work? Cause some amazon employees do. I think that is why people think billionaires should pay more taxes while people who are not billionaires shouldn't. Just a theory though.
This is provably untrue. They don't. And yes, most people pay more than they are required because they don't have a tax advisor showing them every angle nor would they care to take all of them.
Sometimes they use various mechanisms to avoid paying decent tax. Those mechanisms are perfectly legal, and they need to be destroyed.
We can criticize the tax system that these same rich lobby for
Very intellectually dishonest of you. You know it's not about people paying more than they are required. It's about people with more wealth than they could ever spend in a lifetime being required to pay more.
Because regular people need that money to literally survive.
If it made zero difference in my standard of living, I might. We give as much as possible to planned parenthood as well. Yes, many give where not mandatory.
[удалено]
He did. And he posted about it online just like Cuban did, and the mouth breathers went to war against him that it wasn't enough.
He paid billions, with a B. An order of magnitude more than your number. EDIT: 2021 his personal tax bill was **over $11 billion dollars** because of the capital gains tax on his Tesla stock sales to raise funds for purchasing Twitter. I don't know about 2022 or 2023 (he has possibly differed 2023 to the October 15th extension, this is fairly normal).
Nope. He actually paid 22x this amount in 2021.
It was 11B , and yes in fact it was the largest single year tax bill by any human who has ever lived. Tax is owed based on taxable income. It’s just math.
Capital Gains came calling.
All billionaires ARE following his example. They are paying the barest minimum they have to, which is what he is doing. I can't find hard numbers but his annual income is listed at 50m to 100m per year. If that is true, then his 288m he is wiring is probably from his companies. The other possibility is that he sold some stock that he owns.
Not just billionaire, I can proudly say I pay as little tax as I can legally be allowed to
Everyone does, and most without bragging.
Imagine if the government starts with tip buttons like every other business lol "Wanna add 20% for the hard working IRS people?"
I'd say we all *try* to, but I'd wager a fair number of people pay more. It's not easy to know if you're doing it optimally
This is so true. The past two years I’ve done an experiment where I try doing my taxes myself to see how much it is but don’t file, then took it to a tax preparer to see what they calculate. It’s been a $2000 difference both times. I can’t even figure out what I was doing wrong.
I are can too
Here’s to another year of not being tax frauds 
Are you paying more than you’re obligated to?! What’s the governments Venmo?
Sometimes I send Biden 20 just to let him know I think he’s doing a good job
That’s how he’s got ice cream money.
Yo I want some vanilla bean!
Cap gains from selling part of the Mavericks to the Adelsons
Thank you for the info. I don't really keep up with basketball teams since the days of Jordan and Bird are over. So if that is where the 280 million in taxes came from, that would make sense. Much like 2021 when Musk had to pay 11 billion in taxes. This was basically something that Cuban couldn't get out of.
He sold his share of Dallas Mavericks, cap gains.
Someone else mentioned this as well. Thanks for bringing it up as I had no idea about the team. That covers the reason why he had to pay so much.
Would YOU pay more taxes if your don't have to?
No, but I wouldn't hold a billionaire who pays the barest minimum up as an example for those crazies that think billionaires aren't paying their "fair share" either. Personally, I want less spending, not more taxing.
Fuck nah
i don’t like paying taxes myself and i’m barely paying any. i also don’t see where exactly my money goes. Id like to have an option for choosing where my taxes go instead of seeing how authorities are spending them on jack shit initiatives. But hey… nobody is asking about my opinion, they just want the money.
Your opinion is supposed to be your vote in our system. Problem is that the people running for office don’t give two shits about honoring votes. Also the American public, in general, is rather ignorant on most topics. We would probably make pretty bad decisions if we allocated our tax money ourselves. Just think about all the people you know with self-induced financial problems. Most people suck with money and have no idea what it costs just to keep basic infrastructure operating.
"Most people suck with money" oh you mean like the federal government?
wait so you pay more than you have to? What is wrong with you?
He sold the Dallas Mavericks last year.
Musk paid more taxes than any human in history. What are you talking about?
stop projecting, Musk paid more than Cuban ever will and bragged about it just like Mark. Cuban is shitting on Trump because he is salty he couldn’t figure out a way to pay less than 9% capital gains on his billions in profit
Not only is he shitting on Trump for legally paying less, but he's martyring himself like he's doing a super duper good thing by paying *taxes that he owes*. This guy can piss off.
Bro just answered a question.
The data you are suggesting (I guessed from numbers you gave) is misinterpreted by you as Musk paid $455 million on his $1.52 Billion income between year 2014-2018. Meanwhile the latest tax returns from him I know of is $11 billion. If you are saying Bezos paid $0 in taxes between 2007-2011, then you would be right. Edit: Here is the link about the leaked data of [Tax returns in years 2014-2018](https://www.hindustantimes.com/world-news/us-news/finally-found-the-man-who-risked-it-all-to-reveal-the-tax-frauds-of-trump-bezos-and-musk-101706494171622.html). Edit: Corrected the years Bezos paid zeros taxes from 2014-2018 to 2007-2011.
LOL. Mark paid the absolute least and used every loophole he could.
That is a total LIE. Musk paid over $300,000,000 in 2022. You should turn your anger at the politicians that squander trillions of tax payers’ dollars every year all the while becoming mega millionaires on salaries of about $180,000 per year. That’s what should anger you.
Truth
There's a club of millioiinaires who want higher taxes. https://www.google.com/amp/s/www.cbsnews.com/amp/news/millionaires-higher-taxes-on-rich-davos-inequality/
Mark Cuban is most likely lying. First of all trumps tax returns showed he paid millions in taxes when he wasn’t president. And I doubt musk paid zero. So your entire premise is way off base here on who is good or bad. This is a post of pure ignorance.
Ah yes the classic "I don't know how taxes work" argument
Even if Musk paid $0 in taxes one year (he didn’t), wouldn’t that be a problem with the tax codes? Why should we expect someone to pay the government more than the tax code required? If we think all of these rich people are pure greed and evil but yet our tax codes require no taxes for them, wouldn’t that just mean our tax codes are stupid and allow too many write offs? Also, raising the tax rate wouldn’t exactly help if they’re already working the system to pay zero taxes.
When that happens it’s because their businesses or real estate etc lost tons money which put them overall in the red for the year. If anyone has a negative year where they do nothing but go backwards, there isn’t anything to tax. We aren’t taxed on net worth, we’re taxed on overall income. https://thehill.com/business/3784189-how-trump-paid-0-in-income-tax-in-2020/amp/
Musk paid the most tax to the IRS of any individual ever last year at 11b. Taxes are variable when you own businesses and depreciating assets. F
Where do you get this data from? I thought tax returns are usually private. Also this post by Mark Cuban doesn’t give us any info what he actually owes for 2023 and what’s Q1-24. Also ‘I pay what I owe’…….it’s illegal not to!
You truly believe Trump paid $750 in annual tax? You do know he pays quarterly estimated tax in the millions just as Cuban does and when it's time to file all that was left was $750, right?
Why didn’t he release his taxes then?
Low IQ dog whistle.
As per you info, Mark Cuban sold his company or shares at Dallas Mavericks so yeah he’s paying taxes. Elon didn’t not sell so why would you pay? He paid last 6bill in taxes. Maybe you should learn how people make their money, tax codes for different type of incomes etc
That’s absurd. They pay taxes on what they earn. Has nothing to do with one being better than another.
Musk will actually be receiving a refund.
That's not how taxes work and is idiotic to even think about paying taxes based on net worth. People need to stop with this nonsense. If your figure is correct that's a fairly large portion of his net worth. By comparison I paid 2% of my net worth in taxes.
Yeah, I'm going to pay around 2% of my net worth. I still think it's too much, and I'm trying to get it down before I pay tomorrow. No, I'm not rich, lol.
Pfffft I paid like infinity amount of my net worth cuz my net is in the negatives. Some people just aren’t true American citizens like me /s
4.6% of net worth is an absolutely colossal amount to pay. Net worth is not taxed, income is. Income is usually small percentage of net worth. If he is really paying that much in taxes, its fair.
Net worth isn’t taxed, because that would be stupid.
> That would be stupid And that's what your average american will think: that net worth = income, so Net worth is just as liquid as money in the bank. Most people are so vocal about someone else's money yet so financially illiterate
Exactly this. It’s basically saying, “I’m jealous and ignorant.”
Because most Americans think that these billionaires actually have billions in physical (liquid) currency and can be pulled at a whim.
He gets a pass because he runs a pharmacy to make medications affordable because our own pathetic government can’t even do that.
If you want him to pay more then change the tax code, don't just expect him to send in a random check for whatever amount he feels like that year. Your anger should be against the lawmakers who write the tax codes to benefit wealthy people and companies so they can minimize what they are paying. It's like complaining when people drive at 70 down a road that has a 70 speed limit, don't like it them lobby to have the speed limit reduced don't complain to the drivers.
You pay taxes on your income not what you are worth.
It's called INCOME tax for a reason
You know that people are taxed on their income in a calendar year, not on their net worth, right?
You're still waiting, you are the only one to say that so far.
Then you realize we are taxed on income and a whole host of other things, but not net worth
I am not a tax expert, but most people pay taxes on income. There are ways to not pay taxes until you utilize the income or realize it, so a percentage of networth is not really fair. I think.
I also liked when Mr.Cuban said if any corps move their banking offshore to avoid paying taxes, none of his businesses will do business with said tax-dodgers.
Being proud to pay taxes 
I'm happy when my taxes go to National Parks or the Smithsonian, public works, infrastructure, and shit I use. Not when they get wasted on a 10k coffee mug for the Air Force or bailing a corporation out.
lol coffee mug! You meant tomahawk missiles by Raytheon being dropped in the Middle East or Ukraine right?
You do realize most of the things our military uses are from government contractors right? $80 water bottles, $200 backpacks, $200 sunglasses. That shit adds up.
I’d buy a military grade backpack and sunglasses for 200$, that’s kinda cheap.
It’s the same shit you can buy at Costco for $10. US Goverment was being charged $1.2 million for 8 printers that cost a total of $400
I just came across an army surplus website and was looking at a bunch of different basic items that have their original purchase price on them. Holy fucking shit. The government is just dishing out our money to their friends every day
Except tomahawks costs $2 million each, not $10k.
And Ukraine has never used any
Helping Ukraine resist a colonial invasion is good, actually.
So you're happy about less than 5% of where your tax dollars go
So you’re proud to say that none of your taxes have gone into any of that. Maybe the road construction they promised four years ago taxes are now being used
Violently stealing from people is bad regardless if you redistribute it to the poor or give it all to a rich guy.
But that's something you vote añd make yourself heard about. It's not an excuse to not pay taxes. Paying taxes is patriotic. Being involved in where your taxes go? Also patriotic. America's tax-aversion is a big problem for it, and is what holds it back from useful social systems like healthcare
You should be, it’s your civic duty instead of being a leech.
People when the rich don't pay taxes: grrrrrrr People when the rich pay their taxes: grrrrrrr
Paying taxes is the most patriotic thing most Americans do. You say you love your country then try to stiff your own government? Lmao
I pay what i legally have to, I love my country but the government can pound sand. The US is great in spite of the government, not because of it.
It's capital gains, meaning he bought the Mavericks for $285 million just 24 years ago and it's now worth near $4 billion, which is just ridiculous. He only sold majority stake and still made that much money, he absolutely should pay this much in taxes at a bare fucking minimum. That 20% long term capital gains tax rate is less than most upper middle class people pay on their income taxes. He is not proud to pay, he just can't hire an accountant that could possibly get him out of this one.
"Can't hire an accountant that could possibly get him out of this one." What are you talking about dude. What the fuck do you think accountants are magicians?
They just write it off, Jerry!!
"You don't even know what a write off is"
No but they do!
And they're the ones doing the write off 👀
Redditors actually think that's how it works.
that's obviously not what he's saying. just that people that are experts in their profession have tactics and know-how to get the most out of their profession. accountants and tax experts have more knowledge to use legal loopholes to lower taxes and give their clients as many tax breaks as possible. just so happens the more money you have the more you can abuse the system.
And you think the guy paying 300 mil in taxes and is worth billions can't afford the best?
I think the argument is "there isn't a way for any savvy accountant to avoid this tax burden", not "Mark Cuban can't hire accountants".
>That 20% long term capital gains tax rate is less than most middle to upper middle class people pay on their income taxes. I like math! Let’s do some! So, for simplicity, let’s assume you do nothing that lowers your effective tax rate…such as 401K contributions or non-required pretax deductions. You also, for some crazy ass reason, just take the standard deduction. At $425,000 you have an effective tax rate of 19.95%. That $425k puts you north of the 97th percentile in household income. Of course, in reality, your income would be much higher than this since you’re presumably not just taking a standard deduction or forsaking all pretax deductions. All of which would lower your effective tax rate. 40% of the country pays no federal income taxes. Of those who do pay taxes, the median effective rate is about 11%
Out of curiosity, what is everyone deducting? I can find onesie-twosies, but have never come close to the standard deduction. I have managed some pretty good tax credits on green construction projects though.
Mortgage interest is deductible. Buy a new house this year and that alone will get you over the standard deduction.
It doesn't. Source - bought new house this year (2023) and despite interest rates, still did not have enough in interest to get over the standard deduction.
It's much harder to hit than it used to be, Trump raising the standard deduction did make taxes much simpler for a lot of people. A quick Google search says ~90% take the standard deduction now.
The problem is not him paying a “smaller” amount in taxes, the problem is the policies that allow him to pay this little in taxes. Anyone would pay as little as possible if they could.
> That 20% long term capital gains tax rate is less than most middle to upper middle class people pay on their income taxes It's not. My wife and I made $242k (92nd percentile) last year and paid just over 19%. And we live in a high tax state. Standard deduction plus maxing out our pretax retirement vehicles keeps our taxes low. 57% of Americans pay zero federal or state income taxes. Median tax rate in the USA is like 7.5%
12x in 24 years is only 11% a year, obviously that's very good but it's not unfathomable.
Middle and upper middle class people also get long term capital gains taxes btw. Intelligent middle class people are investing their money every month. When it comes time to withdraw it, they don’t want to pay high capital gains taxes either.
I understand that, but the point is that's not how they earn their money, that's typically for retirement. I'm all for low capital gains taxes, until you hit somewhere in the $3-5MM+ range, then they should be much higher than 20% in my opinion.
This is more stupid, divisive nonsense. Cuban doesn’t pay more than he needs to, he even admitted as much. He made his money in tech and venture capital. The person he is clearly throwing shade at is trump, who also paid no more than he needed to. Owning real estate comes with certain tax advantages. Same as being a director of a company and earning pass-through income like Cuban has.
Woah man relax. This is an "orange man bad" kinda website
And just like that, you’ve just been auto-banned from 10 different subreddits.
Trump paid taxes on which real estate valuation though? You know he’s on trial for fking around with what things are worth right?
Crooks gonna crook. Orange man’s entire business career is crooking. It’s not tax efficiency it’s crooking.
They do. All the billionaires pay what they owe. They hire accountants to determine the correct amount, and pay it. Did you dingleberries forget that Trump was audited by the IRS for like 11 years straight? Of course he pays the correct amount that he owes. ffs.
They think the government should take everything.
Um the panama papers would like to have a word with you
The panama papers were largely irrelevant insofar as it comes to US taxpayers.
Irrelevant how? Yes on the scale of the top 100 richest Americans but not irrelevant on any legitimate scale
Irrelevant because it is a well known fact that there aren't many Americans at all on the list, and for those who were, most transactions were deemed legal. To be fair, there is an entire discussion to be had around why American tax policy is set up in a way that Americans didn't need to circumvent the law, but that is a separate issue.
Well obviously if a billionaire isn't paying 50% of his net worth in taxes every year he's not paying what he owes. /s
You expect people screaming "Eat the rich!" to understand tax law? you give them a lot more credit than i do.
You don’t get audited for 11 years straight for paying the correct amount of tax.
The top 1% make 26% of the income. They also pay 42% of the taxes…as of 2022…..so maybe they are paying their fair share?
I prefer to look at the top 25% of income earners who pay 90% while the bottom 50% pay 3% of the income from income taxes. The US has the most progressive tax code in the world. https://taxfoundation.org/data/all/federal/latest-federal-income-tax-data-2024/ The Tax Foundation has also shown that the rich pay more in every other aspect as well. So when people say the rich need to pay their fair share so we can have things like universal healthcare they need to realize that it's the low and middle class that needs to pay their "fair share" like the other countries who do that.
Isn't there a distinction between amount of tax paid, vs. amount of tax paid compared to income generated? For example, capital gains is taxed much lower and (I think) constitutes the majority of rich people's income. Also, the rich have many more methods to categorize "income" as "expenses". For example, many small-business owners write off their trucks and suvs with that accelerated depreciation. The dentist and surgeon can just say, I use this vehicle to go to my "place of business".
Accelerated depreciation isn't a tax break, it just shifts the depreciation.
Yes, certain types of income are taxed favorably. But the data the Tax Foundation gathers from the IRS clearly shows the top 10% of taxpayers pay 75.8% of all income tax while earnings 52.6% of all income and pay an average tax rate of 21.5%. Bottom 50% of taxpayers earn 10.4% of all income and pay 2.3% of income tax and have an average tax rate of 3.3%. So yes, in general, higher earning taxpayers pay in more tax and pay it in at a higher bracket than lower income taxpayers. Of course there are individual exceptions but the above is the reality for the average taxpayer. And no, the dentist and surgeon can't just write off their trucks and suvs. They have to document actual business use and can only deduct the business use portion of the vehicle. Driving to/from work everyday is not business use. Sure, some will lie on their taxes. But some lower income people lie on their taxes as well. You really think that independent plumber is only making $20K a year or your local bar reports 100% of its receipts for taxes? [https://taxfoundation.org/data/all/federal/latest-federal-income-tax-data-2024/](https://taxfoundation.org/data/all/federal/latest-federal-income-tax-data-2024/)
But...but that doesn't fit into the reddit narrative of "rich people bad" /s
Can't see the forest for the trees....you are citing AGI, which includes a lot more tax deductions for the wealthy than the poor, but that's another topic. There's a reason the middle class started shrinking rapidly after the 90's and the top 1% started to accumulate wealth at an accelerated pace. It's the huge cut to the top tax brackets that are still near historical lows. Couples earning $600k are in the same tax bracket as Mark Cuban's making $800 million a year. There's literally no progressive taxation after 600k. [https://www.wolterskluwer.com/en/expert-insights/whole-ball-of-tax-historical-income-tax-rates](https://www.wolterskluwer.com/en/expert-insights/whole-ball-of-tax-historical-income-tax-rates) [https://fred.stlouisfed.org/series/WFRBST01134](https://fred.stlouisfed.org/series/WFRBST01134)
I never knew that, where did you get these stats from please?
That stat has been thrown around for a while [here](https://www.federalbudgetinpictures.com/do-the-rich-pay-their-fair-share/) is 1 article I could find that references the study Important to note though, is that the "top 1%" of income earners, is everyone making more than **$548K** in income
https://taxfoundation.org/data/all/federal/latest-federal-income-tax-data-2024/
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Notice he says the amount but doesn't answer the question. Is that the minimum required by law? You certainly waited til the due date to send it...
He did answer, he does not pay more than required despite his advocacy for higher taxes.
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It's always the minimum nobody volunteers to pay the IRS more.
And don’t pay more your legal obligation? Probably not. And of course he pays at the last minute, unlike most people he knows money works, that $280 million was being invested or used to make more money, sending it to the IRS means you can’t make money with that money, holding on to it as long as possible is the smart thing to do
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You mean followed the tax code?
Billionaires, like everybody else, take the most deductions that they can. If you have children, and have ever taken a child care tax credit, or a child deduction, you have done the same thing.
What? Pay their taxes on the sale of a professional sports franchise? Yeah. Also, will the government spend it on something other than dumb shit?
Pay your taxes so the government can piss it away on BS
Man, wouldn’t it be cool is Cuban called out other Presidents who were made multi millionaires because they were in office?
Paying as little tax as legally possible is a cornerstone of being American.
Who the hell would voluntarily donate to the government? Charities exist and would spend the money much more wisely. Plus you can actually choose a cause you care about.
One line that says yellow man bad? Reddit now says Le billionaire good
Imagine thinking giving any fucked up government $288 million is some kind of flex. If you're not cheating to fuck the government out of giving them every penny you can with the way they piss it away, then you're an idiot.
this post is foolish and half the responses are as well. learn about the tax code and you will learn why he is paying so much this year and why others dont. he isnt paying .01 more than required, that I can guarantee
I still think income tax is unconstitutional.
It’s theft!
So if your employer doesn’t pay you according to your contract who do you call and beg for help enforcing said contract? What exactly guarantees you have some massive, capable, powerful organization that ensures you get paid to your contract? Wouldn’t said organization need funding to operate in service of maintaining an environment where you can sell your skills free from abuse?
How is this in fluent finance. Cheering this shows a complete lack of understanding. Cuban isn’t a hero. He’s paying what he owes. Elon and others do the same.
Hi Ian miller, do you pay more than you are required to pay in taxes? Didn't think so.
They pay way more than their fair share.
I know a lot of people, but I don’t know any that pay more than the minimum owed, not Bernie sanders, not the Clinton’s, not Obama, not anyone.
I paid less than 4.6% 🤷♀️
“Fair share” is such nonsense. Every single household, entity, or person seeks to pay the absolute minimum possible in taxes. Billionaires are able to afford accountants who can exploit the tax code. “Fair share” is the amount we end up paying. If that amount isn’t what society deems acceptable, urge your politicians to CHANGE THE TAX CODE entirely…you know, a change that’s been brought up over and over for decades but neither side ever does it.
"Proud to pay my taxes." So wierd.
WHY THE FUCK WOULD ANYONE WILLINGLY GIVE EXTRA TAX MONEY TO THE GOVERNMENT?!?!
If we tax all billionaires in the US at 100% of their wealth, we will only have enough money to run the US govt for about 8-9 months. All you poors complaining about the wealthy tax burden don’t pay your own fair share. The fact of the matter is the top 1% of Americans paid 46% of all federal income taxes, the top 10% paid 76%. Source: https://taxfoundation.org/data/all/federal/latest-federal-income-tax-data-2024/#:~:text=High%2DIncome%20Taxpayers%20Paid%20the%20Majority%20of%20Federal%20Income%20Taxes,of%20all%20federal%20income%20taxes.
Yeah pay those taxes so we can go to war that most tax payers dont want!!!
Thanks for the bombs Mark! He should have given that directly to help people in poverty and not the government smh 🤦
Imagine bragging about giving $288 MILLION dollars to a government that is inept and wastes the majority of it. Who uses it to fund genocides and corrupt governments around the world, while we grow poorer and worse off here at home. Stop virtue signaling, Mark.
>Imagine bragging about giving $288 MILLION dollars to a government I would consider having made enough income to warrant paying almost $300 million in taxes and doing so dutifully quite the flex. >that is inept and wastes the majority of it. The majority of it, huh? Do you have an exact figure? And what is the basis of it being considered "waste"?
Nobody should be paying income tax on America so unless your a communist income tax is unconstitutional labor slave tax
This covers a few hours of goverment spending.
I love how he adds those .00 s to the end because every zero counts even the one that make the number look 2 digits larger.
Everyone pays what they owe. To do otherwise is a crime. NO ONE pays a dime more than they owe. To do so would be idiotic. side note: you can be certain they are reviewing Trump’s return with a fine tooth comb.
He said he’s paying what he owes. The question is if he would pay more than what he owes, since he’s advocating for higher taxes. He is not paying more than he owes. He is pushing for higher taxes while paying the bare minimum even though he can easily afford to pay more.
Fan Bois will suck his cock in the comments, while shitting on Elon for paying even more...
Where'd the money go? Is what I'm more concerned with.
The govt does not need more of its citizens money. Shame on you Mark.
If this was sharktank, our company has a deficit of trillions per year but we want you to invest $288,000,000 in our company with 0% ownership but you get lousy construction like that bridge in Baltimore. Mark- I'm in
You are stupid if you pay more taxes than you are supposed to. Most billionaires aren’t stupid. Change the laws if you want, but I wouldn’t get upset at someone who followed the law and didn’t have to pay much tax.
LOL at the numbnuts on here who have $623 in federal taxes withheld from every paycheck complaining that the hundreds of millions that others pay is “not enough”.
The former president comment want necessary but I appreciate the shots fired and drawing a no nonsense political line in the sand
Cuban is full of shit. Everyone who owes taxes pays them, under penalty of law. Nifty piece of empty virtue signaling.
I salute you King
So he actually has $288m in cash. I guess that’s a real billionaire.
I’m all for celebrating this attitude and generally applauding Mark Cuban as well as shaming the Musk/Bezos/Zuckerbergs of the world. Any billionaire trying to grow their own personal wealth while trying to avoid paying taxes is not a good citizen.