Honestly, Mark Cuban seems like kind of a cool guy, for a billionaire. I’m sure he’s done nasty shit, it’s basically inevitable that even the most morally and ethically conscious person would have to do something bad in order to become a billionaire; however he doesn’t come off as being sociopathically greedy like Musk or Bezos.
Cuban made costplusdrugs.com 😃
sad as it is to say, he’s probably the most moral/ethical of the bunch atmOh yeah! I forgot about that. Definitely adds to the belief that he’s probably not a terrible guy irl.
https://www.espn.com/nba/story/_/id/33527472/ex-gm-donnie-nelson-sues-dallas-mavericks-says-was-fired-reporting-sexual-misconduct-team-denies-claim this would be the one knock against Mark Cuban, kind of soured me to him, but I think he tries to be a good guy.
Indeed.
And an often overlooked downside of all the tax loopholes is that asshole billionaires don’t pay tax, so they have a competitive advantage against someone like Mark Cuban.
Basically, with billionaires we are evolving them to become nastier with each generation.
I too, would be happy to have a $275 mil tax bill.
Is “billionaire” Trump going to brag about his large tax bill too? Oh, he’s not?
It’s all stock assets, so he IS a billionaire, he just cant access those billions unless he liquidates his stock assets.
Ask Elon.
But don’t bring up that Elon has the FCC on him for the billions of dollars he has gotten out of banks as loans on the collateral of his stock holdings, all the while everyone knowing that the second Elon starts selling his stock holdings, they plummet, and suddenly that collateral drops from billions of dollars to hundreds of thousands of dollars in value. Because that’s how stocks work. But the rich need to have a way to make their worthless existences spend poor people’s savings accounts.
It’s all stock assets, so he IS a billionaire, he just cant access those billions unless he liquidates his stock assets.
You didn’t read the article did you, but even without reading it you’d know he’d have to have a huge amount of income for the year (not just stock appreciation) to have a $275 million tax bill.
‘Cuban, who is also one of the stars on ABC’s “Shark Tank,” has an estimated net worth of $5.4 billion and says his tax bill is “almost all long term capital gains,” which almost certainly triggered a federal long-term capital gains tax of 20%.’
Lets assume generously that 100% if that is long term cap gains taxes (which you only get taxed on the sale of assets). In 2023 he would have had to have sold $1.375 billion in stock he’d held for more than one year.
Hey. You rite.
Mark Cuban is my current rich hero.
He is a douche in all of the correct ways.
I made a deeper dig at Trump and Musk who are flexing internet stock like there haven’t been 10 crashes to show us why Ian and Anthony aren’t running for billionaire office this second.
Not sure why you’re being downvoted. Rich people’s net worth is not how much cash they have in their bank account. When you have a lot of money there are countless ways to avoid being taxed on it. The reason is obvious: politicians are part of that rich class and they decide the rules.
Not being downvoted on my end, so alls good.
Lemmings lean towards knuckle dragging, or so my Federverse experience has suggested.
It’s all stock assets, so he IS a billionaire, he just cant access those billions unless he liquidates his stock assets.
Funny, I can’t access the number on my bank account either unless I liquidate that. Sometimes it’s soothing to know even billionaires don’t actually have a Scrooge McDuck style money bin with actual cash in it to swim around in.
Apparently his net worth is 5.4 billion, so this’d be something like 4% of what he’s worth?
I’d say it’s something at least, IIRC the current proposed wealth tax is 2%
Net worth taxes are stupid.
Just tax loans collateralized by stock as income, and give a deduction on the interest when they pay back the loan.
That’s currently the biggest loophole the wealthy use. They use their stock portfolios as collateral for loans, which are untaxed. Then as their portfolio grows they take out more loans to cover the old one and fund their lifestyle, or they liquidate some of their assets at the much lower capital gains tax to pay it back.
Just tax collateralized loans as realized gains and be done with it.
Why are net worth taxes stupid compared to taxing loans?
Without a wealth tax, he could quit today, stop all the loan nonsense and just put it in conservative index funds, and his blood line would be set for generations, even if they bred like rabbits and split it 500 different ways.
Just tax collateralized loans as realized gains and be done with it.
This means loan interest rates and fees will shoot up, which will hurt more than just the mega rich.
Maybe any loan secured with over $x in collateral triggers taxes? Or carve out mortgages and auto loans?
Apparently his net worth is 5.4 billion, so this’d be something like 4% of what he’s worth?
We’re talking income taxes here. You’re not taxed on net worth. Income taxes are what you brought in (in cash) for that year. Since he said in the article is nearly all long term cap gains taxes that means he sold stock or assets totaling about $1.375 billion in 2023. As in, with the sale of those assets thats how he had a taxable income large enough to generate that tax bill. Note: long term cap gains taxes are at a 20% rate.
He sold a majority stake in the Mavs. That’ll be where most of the tax bill comes from. Wants to use the money for something else. Still working with the team operationally.
according to forbes, his net worth is about 5.4 billion. 276 million is about 4% of his net worth paid in tax. I just checked what I payed in taxes vs my net worth. I paid about 11% of my net worth(not income) in taxes this last year. Damn that sucks looking at the numbers lol. At least he’s almost halfway towards getting there and happy to pay. I’m curious what it looks like for others. I’m in my 30s for reference in high cost of living location.
Wow, I paid 31%.
Pain.
That…shouldn’t be possible. You might have miscalculated
Could be if they don’t really have any net worth.
Yeah I’m hoping that person is young
But that would also mean they’re just starting their career and are making a lot of money if their tax rate is so high
Depends on what you include in the percentage. 31% is definitely possible if you’re looking at the full effective tax rate, including federal, state, city (if applicable), social security, Medicare, etc.
In California, which has high state income tax, you’ll reach 30% total effective tax rate around $115-120k/year if filing single.
Also, definitely less likely, but an income around $600k/year (if filing single) will also get you a ~30% effective federal tax rate.
(numbers are rough estimates but should be close-ish)
Also if the person is barely starting to work… which I hope is the case and not that this person doesn’t have a lot saved.
You almost certainly paid 31% of your income, not your net worth.
Net worth, in the general sense anyway, doesn’t get taxed. This is one of the ways billionaires can pay so little taxes. Outside of things like property tax, you don’t pay tax on something like a house.
If we are talking straight net worth and not income, then I paid ~10% in federal taxes last year. But again that’s not really a fair comparison as we aren’t taxed on net worth but income.
The tax system is fucked and needs a serious overhaul.
Sorry I was originally responding to another comment, but I figured I’d make mine a main comment to the post. The missing context to my post, that I just added, is “According to forbes, his net worth is about 5.4 billion. 276 million is about 4% of his net worth paid in tax.”
So adding to your point that the tax system is fucked, I’m paying a higher percentage of taxes than a billionaire, and I’m not even a millionaire.
“Obscenely rich proud for poor people to celebrate him for doing less than the bare minimum”
Other obscenely rich people doing less, doesn’t make this shit uplifting nor worth praise, it still is literally less than the bare minimum. Fuck this noise.
How is he doing “less than the bare minimum?”
Not OP, but I think he (along with other billionaire’s) got rich off of tax breaks and subsidies that were tax funded. No person can earn his kind of wealth on their own and without some sort of exploitation, usually of poor people. Paying ~4% is understandably less than bare minimum.
Hey, don’t let good be the enemy of better. A billionaire advertising taxes like a good thing is better than anything I’ve ever seen Elon musk do.
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I bet E*** loved that!
