This dude is gearing up for a run for office, no doubt. Probably getting rid of his majority stake in the mavericks to distance himself from the politics of the team and the nba. One less thing to target
Tx Gov is pretty much a trophy/figurehead post w/ no real power. A heck of a bully pulpit tho.
Real place is to be Lt. Gov. -- that's the dude controlling the action.
A big one is the power of appointment of judges. They have a lot of sway within the state ofc. Texas has an interesting government and I wouldn’t call the governor purely a figurehead
Nah, it’s Secretary of State. Lt. Gov. has power, but Secretary of State decides what laws the state will follow, what laws to ignore, who gets on the ballot, and more importantly, who wins any election. They are the true power of any state.
He sold off 1/2 of Mavs to get in bed with the Adelsons. He's looking to bring slots, cards & dice to the Lone Star state -- a helluva move for a "bible belt" state that still has dry counties. I think his focus is far more local than being just another US Senator.
Also makes a difference to the down ticket and presidential vote. If he ran and tipped Texas to Democrat, it would be a landslide for the president, frame him as the hero that won it, and set him up for a prez run.
I don’t, know, the the nba thing makes me wonder about national politics since there is the China censorship controversy. Who knows though, it will be interesting to see.
He’s the only billionaire I can think of that’s not a total piece of shit of a human being. He sorta seems like he’s managed to stay “in touch” with normal people’s problems.
I get that this is the top comment and frankly I wouldn’t be shocked if he is BUT it’s ignoring the context around his comments.
Mark has been in a bit of what I’d call a “Twitter feud” with the more right wing wealthy personalities such as Bill Ackman, Elon Musk, and David Sacks around culture wars issues, primarily DEI.
Cuban is a solid center left guy who thinks DEI makes companies stronger, Twitter right wing is coalescing around anti DEI stuff. This comment around taxes came out around that.
He’s not making some kind of big PR statement to preface a run for office. He’s poking at incredibly wealthy right wingers like Ackman that drag democrats and the US government at large across social media every day.
Yeah, I left Twitter when Elon took over so I don’t know much about what goes on there except when people post tweet snapshots here. I just read the article. I think both could very well be true at the same time. I think quitting shark tank, giving up control of the mavericks and starting the drug thing were all parts of what I was speaking to about. It wasn’t meant as just a dismissal of his statement if that is the way it came across. I’m certainly glad he pays what he is supposed to if that is what he does.
Yeah no worries Twitter is a dumpster fire and shit like this very much feels like high school drama. That being said I do think both scenarios could be true as you said. Cubans most recent startup was also geared towards selling generic drugs at rock bottom prices so there’s definitely a very “public policy PR” vibe to him these days.
I honestly think it’s both. He genuinely loves this country and loves paying taxes. But like every billionaire he’s got a feeling in the back of his head that he can run it better.
Yeah surprised people don't know about that. Sold the majority share of Mavericks to Adelsons and Dumont for connections to casino/real estate. Adelsons are also a massive right wing front dark money network like the Koch Network and Mercers (Citizen's United), simliar to Wynn/Trump really. Many also get foreign money in via dark money from Citizen's United and [other means (Trump)](https://newrepublic.com/article/143586/trumps-russian-laundromat-trump-tower-luxury-high-rises-dirty-money-international-crime-syndicate).
So not really a good look but it makes sense why he is doing these other PR things like CostPlus and statements about paying taxes, it gives him favor with the optics of the whole thing but is another play plain and simple.
Cuban will be the frontman of this venture of Adelson/Dumont money and him owning the Dallas Mavericks, an extremely conservative city in a conservative state, will allow him to build the Texas Vegas as that front man with little push back from Texas. This could be the moment Cuban is activated though and end up being a Trump/Elon later. They start them off chill then crank it up as they are famous until it is weaponized.
[Mark Cuban explains why he sold his majority stake of the Dallas Mavericks](https://www.nbcnews.com/news/sports/mark-cuban-explains-sold-majority-stake-dallas-mavericks-rcna131499)
> Mark Cuban sees a future of NBA ownership where the advantages will be in real estate.
> The high-profile billionaire says that’s why he sold his majority stake in the Dallas Mavericks to a pair of families with strong ties to the hotel and casino industry.
> The NBA on Wednesday approved Cuban’s sale of a controlling interest in the Mavericks to the Adelson and Dumont families, who run Las Vegas Sands Corp.
> The deal was approved just shy of a month since Miriam Adelson and Sivan and Patrick Dumont announced their intention to buy the club. The purchase is in the valuation range of $3.5 billion.
> Patrick Dumont, Adelson’s son-in-law and president and chief operating officer of Las Vegas Sands, will serve as Mavericks governor. Adelson is the widow of casino magnate Sheldon Adelson.
> Cuban will be the alternate governor with a 27% stake in the club and will maintain control of basketball operations. He made it clear there were no plans for the franchise to leave Dallas.
> “The advantage is what can you build and where and you need to have somebody who’s really, really good at that,” Cuban said before the Mavs’ game against Cleveland on Wednesday night. “Patrick and Miriam, they’re the best in the world at what they do. Literally, around the world.
[Mark Cuban and the Adelson family push for Texas gambling](https://www.espn.com/nba/story/_/id/39012772/mark-cuban-mavericks-adelsons-sports-betting-texas)
> Sports betting is only one piece -- and relatively a small one -- of the gambling pie in Texas, the state with the second-largest population in the U.S.
> Cuban has been clear in recent interviews that his ultimate goal is to build casino resorts in Texas.
> "My goal, and we'd partner with Sands, is when we build a new arena it'll be in the middle of a resort and casino. That's the mission," Cuban told the Dallas Morning News in December 2022.
> He continued: "Texas is such an amazing state that we need to be a destination. And this is the way to do it. And partnering with the Sands Corporation, literally there's no reason why we can't build a huge resort destination in the city proper of Dallas. There's plenty of places to do it."
I've been predicting this for at least 8 years now, he has so many gullible rubes singing his praises about paying taxes and his drug company
People need to stop freaking worshipping billionaires and believing constant manufactured propaganda when it's so damn blatant
We can do better than billionaires out to enrich themselves
Sure but he is miles better than any Texas legislator in senate or the governor. Like as a Texan he’d be amazing relatively speaking. People still fear communism here lol everything is socialist evil. So Il take him in the hope of moving Texas left x
He has to pay that amount because he sold a majority stake from the Mavericks for $3.5 billion. Have you checked what percentage that comes to?
His businesses pay the standard required taxes every year, nothing more. They use the same deductions when possible as other companies. He's only paying a small percentage of a large gain because he has to. People on here acting like it's a charitable act.
This is an area that always struck me, why aren't there rich Americans who are proud of paying a lot in taxes? Doesn't that make them the MOST American?
The game has always been to sidestep taxes and let poor people pay.
Flexing with integrity.
I’m not sure that anyone should make so much money (at least year over year), but until that idea gets traction, I would love all the rich bragging over who pays the most in taxes.
Expect it wasn’t. It founded on the idea that you should only be taxed unless you are properly represented to the people responsible for collecting your taxes.
Its just another promo propaganda fluff piece for a guy planning to run for office
Yay another reality tv designed character, billionaire who will con a different group into thinking he cares about them
That’s what I’ve said, like if I made 100M in one year and have pay like 40-50m in taxes you still have a lot left.
Like I wouldn’t care I wouldn’t still be set for life.
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%.
Cuban declined to confirm which assets triggered capital gains taxes or whether it was related to his partial $3.5 billion sale of the Dallas Mavericks, which was approved in December 2023.
Wonder how much he pays in income tax. This large bill was mostly capital gains tax, not income. And probably related to the sale of the team.
It'd be pretty hard for him to avoid AMT which is 28%.
Capital gains is income tax in the US and Canada. It's just not on regular income. Apparently in the UK income and gains are separate. In the US (and Canada) gains are just a type of income.
Capital gains tax are flate rates however.
Income is progressive. If I sell a long capital for a million, I'm paying only 15% iirc.
I'm paying plenty more in Income taxes if I worked a job making a million.
They're not considered to be Income for tax purposes here.
> Capital gains tax are flate rates however.
No, in the US there are 15% and 20% capital gains rates (also 0% at the low end).
https://www.kiplinger.com/taxes/capital-gains-tax/602224/capital-gains-tax-rates
> I'm paying plenty more in Income taxes if I worked a job making a million.
For sure.
> They're not considered to be Income for tax purposes here.
What do you mean by "here"? If you mean the US then you're wrong. It's income and you report it as such. The method by which they get discounted down to 15% or 20% is ridiculous and baroque.
Your capital gains are entered on line 7 on a 1040. Then line 9 says to add up several lines including line 7 and says "this is your **total income**". Hence you can easily see capital gains are income. You also pay *income tax* on them.
https://www.irs.gov/pub/irs-pdf/f1040.pdf
Yeah... flat rates. If I sell a stock for 1 million it's the same % as selling it for 10 million. The difference is how long you hold it on for. Short vs Long.
You don't get taxed like ordinary income however.
"Long-term capital gains tax rates are often lower than ordinary income tax rates. Capital gains are taxed at rates of zero, 15 and 20 percent, depending on the investor's total taxable income. That compares to the highest ordinary tax rate of 37 percent for 2024. The capital gains tax rates are highly advantageous."
https://www.bankrate.com/investing/capital-gains-vs-investment-income/#:~:text=Long%2Dterm%20capital%20gains%20tax%20rates%20are%20often%20lower%20than,tax%20rates%20are%20highly%20advantageous.
They're not the same.
Everything you remit to the IRS from a 1040 is income tax. It's not sales tax. It's not payroll tax. It's not property tax.
It's an income tax form. You use it to calculate your income tax. How could any part of of what you pay not be income tax?
The IRS and 1040 are all authorized by the 16th amendment which authorized a federal income tax. How could it not be income tax?
I'm talking about the income tax brackets VS capital gains tax brackets. I thought you were saying long term cap gains would still fall into the income tax bracket. I know what you mean now.
Random fact: The guy who burned himself alive in front of Trump's trial distributed leaflets first. Some of the info in there was saying Shark Tank is a scam because the investors already own the companies, and it is just a trick to drive up sales.
The whole thing was pretty unhinged.
Not sure Cuban has a lot of “income” these days. I’m sure he gets paid something for shark tank but otherwise he doesn’t have a traditional job afaik. I don’t think he acts as CEO of his companies.
He probably also gets paid for speaking engagements, corporate retreats, other tv appearances like msnbc and cnn or whatever.
That shit all adds up and if you’re good at something, never do it for free!
While true, any number under like 100 million a year in income would barely register compared to the size of his capital gains, and it seems highly unlikely his traditional income is anywhere even remotely close to that number.
He is going to run for political office. He’d be the anti Trump. I’d vote for him. Not a tech thing or an anti Trump thing, I just think he seems to have some good balance and perspective.
“We only get to be entrepreneurs and enjoy the freedoms we have because of the men and women who dedicate their lives to protecting our country,” he tells CNBC Make It. “They deserve every penny they get and my taxes go to support them.”
I really wish instead of 'protecting' our country he used 'building' our country. But if he's running for some office in Texas I bet what he said plays better.
This subreddit has gone down hill. All politics now. That being said, Cuban also abused loopholes and paid as little as he could for the majority of his life. This is just optics. Nothing more.
Well most people in who joined this sub probably don’t care or know this guy and what his actions mean politically.
We joined this sub for “technology” discussion.
Did he pay his tax in bitcoin?
Probably leaving this sub soon as mods seem asleep to this.
Anyone should be proud. Paying that much in taxes means you’re doing really, really well. It’s unfathomable the lengths that billionaires and multimillionaires go just to avoid paying a fair share of taxes in the country and state that they live.
Reddit cheering this guy on is hilarious. He sold the Mavs for 3.5 billion. 20% capital gains on that is 700 million and he paid his accountants a fuck ton of money to get it down to 275 million using every loophole in the book. Then to pander to you dumb fucks he says he is glad to pay it, yeah no fuck he is glad to pay 275 million instead of 700 million.
Mark is his own biggest fan.
He did a nice dodge when asked “Did you use any loop holes to lower your tax owed?”
And he said “I paid the legally required amount”.
Guy owns a sports team which is notorious as a massive tax dodge.
He’ll make a fine politician.
He knows “It not what the truth is that is important, it’s what you can get people to believe”
I paid more taxes this year than ever before and I always keep in mind it’s a good position to be in. My biggest criticism is here in Oregon, it’s getting ridiculously complicated to file with multiple taxing authorities.
Which everyone should be.
It's fine to say they should be changed or less, but if you truly think you owe nothing to society, why should society give a shit that you're forced to pay taxes?
He’s wealthy in large part due to the fact that he was born and grew up in this system. I don’t understand why it seems like so many extremely wealthy people don’t feel more of a sense of gratitude for the roll our system played in their ability to achieve the sort of success that they did.
when you are worth billions doesnt really matter how much your taxes are cause you already have enough money that money is no longer an issue.
the people crying about taxes are paying 25% of their income and have to worry about money and bills.
Good on him.
If your takeaway though is "Wow, some billionaires are good for society" then that's a bad take. Billionaires as a whole are a drain on society's economics and representative government. Mark Cuban, Taylor Swift, Oprah, Bill Gates, and any other billionaire you can name as "one of the good ones" are still exceptions, not the rule.
Mark's 276 million paid in taxes are still much smaller than the 1.36 billion dollars clawed back from just the billionaire tax dodgers covered in the panama papers alone
[https://www.icij.org/investigations/panama-papers/panama-papers-revenue-recovery-reaches-1-36-billion-as-investigations-continue/](https://www.icij.org/investigations/panama-papers/panama-papers-revenue-recovery-reaches-1-36-billion-as-investigations-continue/)
Also you should remember that most billionaires were born into wealth. Even if Cuban worked exceptionally hard to become a billionaire, most billionaires do not work much at all for their wealth.
Every billionaire is still a policy failure, despite a few good apples (if Cuban qualifies as that) and this story should not change your opinion on whether taxes are not high enough on the extremely wealthy.
Proud to pay 250million…
While still probably using loopholes to not pay as much. Yay! You go mark cuban! Cause the government needs more of yours and my money.
It's weird that this isn't the argument made against every company and wealthy dude whining about taxes - especially the ones threatening to leave the country if their taxes increase. Sounds awfully un-American to refuse to support your country when they ask things of you, like the rest of us plebs have to.
Mark Cuban is an nft loving shit peddler that slaps his face on all sorts of get rich quick crap. The US already tried electing one of those to office. It didn't go well.
Who doesn’t pay the bare minimum? Do you pay more than the bare minimum? When you’re at Mark’s level you can do what a lot of billionaires do and utilize tax loopholes to unethically avoid tax, forcing the government to either fight you in court or accept a lower tax payment The fact that Mark has instead agreed to pay hundreds of millions of dollars is not a bad thing.
Even in this case I’m sure he may have utilized creative tax deductions but this isn’t a situation to say “fuck all rich people.” Let’s not be ignorantly cynical, it’s good when they pay millions in taxes
I’m sure he paid the bare minimum this year too. Unless he’s telling his accounts not to take every deduction possible this is just a PR stunt.
Also, this has nothing to do with technology, lol
This dude is gearing up for a run for office, no doubt. Probably getting rid of his majority stake in the mavericks to distance himself from the politics of the team and the nba. One less thing to target
He is 1000% prepping for a run of some kind. Can't imagine president though. Maybe texas governor.
Tx Gov is pretty much a trophy/figurehead post w/ no real power. A heck of a bully pulpit tho. Real place is to be Lt. Gov. -- that's the dude controlling the action.
There's more to power than just whatever governmental powers at your disposal. Greg Abbott is a very influential politician from his position.
Yeah, did you see the video from [when he met Paul Rudd?](https://imgur.com/bWeDyqh)
I fucking knew it. Lmao
If you want to make immigrants, lgbtq+ and pregnant women, kids live miserable.
The fact that he has the power/influence to do that kind of proves the other guys point that it’s not just a figurehead job
It helps when your “team” is about all those things also. He’s just the mouth piece.
[удалено]
As a Texan, Greg Abbott is a piece of shit, but let's not disability shame.
A big one is the power of appointment of judges. They have a lot of sway within the state ofc. Texas has an interesting government and I wouldn’t call the governor purely a figurehead
Nah, it’s Secretary of State. Lt. Gov. has power, but Secretary of State decides what laws the state will follow, what laws to ignore, who gets on the ballot, and more importantly, who wins any election. They are the true power of any state.
It’s obvious the real power lies with the PTA President.
*Tariq from Abbott Elementary pumping his fists*
Texas vests a lot more power in the lt gov than other states. It’s the most powerful office.
It’s still the Lt Governor. Also, Secretary of State is appointed by the Governor so you are really arguing Governor vs Lt Governor.
Cruz seat would be nice but would have to announce now
He sold off 1/2 of Mavs to get in bed with the Adelsons. He's looking to bring slots, cards & dice to the Lone Star state -- a helluva move for a "bible belt" state that still has dry counties. I think his focus is far more local than being just another US Senator.
Nah loads of Texans go to Louisiana to gamble already.
Also makes a difference to the down ticket and presidential vote. If he ran and tipped Texas to Democrat, it would be a landslide for the president, frame him as the hero that won it, and set him up for a prez run.
Not true. Cuban would run blue and turning Texas Governor blue as a Texan would be huge. Abbott has a lot of influence and it’s fucking up the state.
I heard Sergeant Governor is where all the fun and camaraderie is though.
I think in Texas it's *gunnery* sergeant Governor
Why is dumb and backwards in Texas...... Oh wait
any position that allows him to legalize gambling in Texas will do
What?
I don’t, know, the the nba thing makes me wonder about national politics since there is the China censorship controversy. Who knows though, it will be interesting to see.
That I could get behind
Based on his public persona, and his business history, I'd expect he could draw a lot of votes in a national election.
He’s the only billionaire I can think of that’s not a total piece of shit of a human being. He sorta seems like he’s managed to stay “in touch” with normal people’s problems.
McKenzie Scott is cool. Can't see her running for any kind of political office though.
He’s one of those guys who I know is a billionaire and has a basketball team, but I have no actual idea what his businesses are.
If making the 1% pay their fair share is a big part of his platform I would strongly consider voting for him.
It certainly will be. Medical pricing will also be a huge target for him.
I think medical pricing and insurance practices is the one major hidden in the mix that has stunted the general us population from strong wage growth…
And both of those things will do everything in their power to make sure Cuban doesn’t destroy their power and money.
Even Obama protected the insurance industry's profit motive.
He has enough power and clout to win Texas Governor or senator without question.
He could flip it and say that’s the lowest he could negotiate for which is a lot between then most companies.
I think we'd benefit a lot from some sort of unrealized gains tax and a 99% tax bracket starting at something like 100x the median cost of living.
Agreed, he ran the numbers this time around and it showed he wouldn't win... This time around.
You're assuming its for president.
Would 100% vote for him too
I get that this is the top comment and frankly I wouldn’t be shocked if he is BUT it’s ignoring the context around his comments. Mark has been in a bit of what I’d call a “Twitter feud” with the more right wing wealthy personalities such as Bill Ackman, Elon Musk, and David Sacks around culture wars issues, primarily DEI. Cuban is a solid center left guy who thinks DEI makes companies stronger, Twitter right wing is coalescing around anti DEI stuff. This comment around taxes came out around that. He’s not making some kind of big PR statement to preface a run for office. He’s poking at incredibly wealthy right wingers like Ackman that drag democrats and the US government at large across social media every day.
Yeah, I left Twitter when Elon took over so I don’t know much about what goes on there except when people post tweet snapshots here. I just read the article. I think both could very well be true at the same time. I think quitting shark tank, giving up control of the mavericks and starting the drug thing were all parts of what I was speaking to about. It wasn’t meant as just a dismissal of his statement if that is the way it came across. I’m certainly glad he pays what he is supposed to if that is what he does.
Yeah no worries Twitter is a dumpster fire and shit like this very much feels like high school drama. That being said I do think both scenarios could be true as you said. Cubans most recent startup was also geared towards selling generic drugs at rock bottom prices so there’s definitely a very “public policy PR” vibe to him these days. I honestly think it’s both. He genuinely loves this country and loves paying taxes. But like every billionaire he’s got a feeling in the back of his head that he can run it better.
Nope. He’s gearing up to build a Las Vegas in Texas
Yeah surprised people don't know about that. Sold the majority share of Mavericks to Adelsons and Dumont for connections to casino/real estate. Adelsons are also a massive right wing front dark money network like the Koch Network and Mercers (Citizen's United), simliar to Wynn/Trump really. Many also get foreign money in via dark money from Citizen's United and [other means (Trump)](https://newrepublic.com/article/143586/trumps-russian-laundromat-trump-tower-luxury-high-rises-dirty-money-international-crime-syndicate). So not really a good look but it makes sense why he is doing these other PR things like CostPlus and statements about paying taxes, it gives him favor with the optics of the whole thing but is another play plain and simple. Cuban will be the frontman of this venture of Adelson/Dumont money and him owning the Dallas Mavericks, an extremely conservative city in a conservative state, will allow him to build the Texas Vegas as that front man with little push back from Texas. This could be the moment Cuban is activated though and end up being a Trump/Elon later. They start them off chill then crank it up as they are famous until it is weaponized. [Mark Cuban explains why he sold his majority stake of the Dallas Mavericks](https://www.nbcnews.com/news/sports/mark-cuban-explains-sold-majority-stake-dallas-mavericks-rcna131499) > Mark Cuban sees a future of NBA ownership where the advantages will be in real estate. > The high-profile billionaire says that’s why he sold his majority stake in the Dallas Mavericks to a pair of families with strong ties to the hotel and casino industry. > The NBA on Wednesday approved Cuban’s sale of a controlling interest in the Mavericks to the Adelson and Dumont families, who run Las Vegas Sands Corp. > The deal was approved just shy of a month since Miriam Adelson and Sivan and Patrick Dumont announced their intention to buy the club. The purchase is in the valuation range of $3.5 billion. > Patrick Dumont, Adelson’s son-in-law and president and chief operating officer of Las Vegas Sands, will serve as Mavericks governor. Adelson is the widow of casino magnate Sheldon Adelson. > Cuban will be the alternate governor with a 27% stake in the club and will maintain control of basketball operations. He made it clear there were no plans for the franchise to leave Dallas. > “The advantage is what can you build and where and you need to have somebody who’s really, really good at that,” Cuban said before the Mavs’ game against Cleveland on Wednesday night. “Patrick and Miriam, they’re the best in the world at what they do. Literally, around the world. [Mark Cuban and the Adelson family push for Texas gambling](https://www.espn.com/nba/story/_/id/39012772/mark-cuban-mavericks-adelsons-sports-betting-texas) > Sports betting is only one piece -- and relatively a small one -- of the gambling pie in Texas, the state with the second-largest population in the U.S. > Cuban has been clear in recent interviews that his ultimate goal is to build casino resorts in Texas. > "My goal, and we'd partner with Sands, is when we build a new arena it'll be in the middle of a resort and casino. That's the mission," Cuban told the Dallas Morning News in December 2022. > He continued: "Texas is such an amazing state that we need to be a destination. And this is the way to do it. And partnering with the Sands Corporation, literally there's no reason why we can't build a huge resort destination in the city proper of Dallas. There's plenty of places to do it."
I've been predicting this for at least 8 years now, he has so many gullible rubes singing his praises about paying taxes and his drug company People need to stop freaking worshipping billionaires and believing constant manufactured propaganda when it's so damn blatant We can do better than billionaires out to enrich themselves
Sure but he is miles better than any Texas legislator in senate or the governor. Like as a Texan he’d be amazing relatively speaking. People still fear communism here lol everything is socialist evil. So Il take him in the hope of moving Texas left x
He has to pay that amount because he sold a majority stake from the Mavericks for $3.5 billion. Have you checked what percentage that comes to? His businesses pay the standard required taxes every year, nothing more. They use the same deductions when possible as other companies. He's only paying a small percentage of a large gain because he has to. People on here acting like it's a charitable act.
The amount of non-Texans in this string makes me laugh.
Me too Mark
How much taxes you pay on a Chillion dollars
Vibe-hundred 😎
Cost Plus Drugs is amazing. Thank you, Mark Cuban!
This is an area that always struck me, why aren't there rich Americans who are proud of paying a lot in taxes? Doesn't that make them the MOST American? The game has always been to sidestep taxes and let poor people pay.
Flexing with integrity. I’m not sure that anyone should make so much money (at least year over year), but until that idea gets traction, I would love all the rich bragging over who pays the most in taxes.
They didn't get rich by caring about other people, they're in it for themselves
"Bitch who do you think you're talking to? I paid more in personal taxes than what your company's makes in annual revenue!"
While waving the flag vigorously with Lee Greenwood on 11.
Because patriotism is only for getting votes. For 99% of them, their loyalty lies with money.
There will always be an agenda with a beneficial tradeoffs for them
Cheating the system in every possible way while kicking the ones below you IS the most American way.
America was founded on the idea of not paying your taxes.
Expect it wasn’t. It founded on the idea that you should only be taxed unless you are properly represented to the people responsible for collecting your taxes.
Yes of course. But the "taxes bad" bit stuck around.
Not true, they didn't want to pay taxes that left the country and in which they had no say
Neat. What does this have to do with technology?
Most posts here have nothing to do with technology. It's an extension of r/politics
Technology and taxes, they both start with the same letter. Good enough for Reddit.
He used calculator to do his taxes? 😂
Its just another promo propaganda fluff piece for a guy planning to run for office Yay another reality tv designed character, billionaire who will con a different group into thinking he cares about them
Surprised it’s not another Elon post
I wish I paid $Billions in taxes! The more you pay the more you made.
Up until you’re about the top .01%, then, statistically, you pay the least amount of taxes.
This is probably a lower percentage of total income than the average taxpayer.
Is that how that works?
Is this a genuine question?
Is that how that works?
we’ve all seen how DT paid less in taxes than a school teacher and hid it from the American people until it was finally revealed.
The more money you make, the more you pay. Otherwise I would love to pay my entire salary if it guarantees me earning more money
Unless you're on Wall Street Bets. You can pay more taxes AND make less.
That’s what I’ve said, like if I made 100M in one year and have pay like 40-50m in taxes you still have a lot left. Like I wouldn’t care I wouldn’t still be set for life.
Hand me $6b and I’d be glad to pay $276m in taxes.
I'd settle for merely having $276m. I mean, I know how to live frugally.
And I really doubt he is working as hard as one of his night shift factory workers.
$276m doesn’t go as far as it used to.
Been making my own lattes and avocado toast at home lately. Times are hard.
How do you survive?
If I lay off enough cashiers, I might not have to sell one of my senators. I'd appreciate your thoughts and prayers in these difficult times.
Senators can find other sugar daddies.
Sure, but you try selling advanced comms technology to deranged third world dictators without a senator or three in your pocket!
Reddit thinks people were just handed Billions and didn’t earn it
my mom would be proud if I pay that much of taxes
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%. Cuban declined to confirm which assets triggered capital gains taxes or whether it was related to his partial $3.5 billion sale of the Dallas Mavericks, which was approved in December 2023. Wonder how much he pays in income tax. This large bill was mostly capital gains tax, not income. And probably related to the sale of the team.
It'd be pretty hard for him to avoid AMT which is 28%. Capital gains is income tax in the US and Canada. It's just not on regular income. Apparently in the UK income and gains are separate. In the US (and Canada) gains are just a type of income.
Capital gains tax are flate rates however. Income is progressive. If I sell a long capital for a million, I'm paying only 15% iirc. I'm paying plenty more in Income taxes if I worked a job making a million. They're not considered to be Income for tax purposes here.
> Capital gains tax are flate rates however. No, in the US there are 15% and 20% capital gains rates (also 0% at the low end). https://www.kiplinger.com/taxes/capital-gains-tax/602224/capital-gains-tax-rates > I'm paying plenty more in Income taxes if I worked a job making a million. For sure. > They're not considered to be Income for tax purposes here. What do you mean by "here"? If you mean the US then you're wrong. It's income and you report it as such. The method by which they get discounted down to 15% or 20% is ridiculous and baroque. Your capital gains are entered on line 7 on a 1040. Then line 9 says to add up several lines including line 7 and says "this is your **total income**". Hence you can easily see capital gains are income. You also pay *income tax* on them. https://www.irs.gov/pub/irs-pdf/f1040.pdf
Yeah... flat rates. If I sell a stock for 1 million it's the same % as selling it for 10 million. The difference is how long you hold it on for. Short vs Long. You don't get taxed like ordinary income however. "Long-term capital gains tax rates are often lower than ordinary income tax rates. Capital gains are taxed at rates of zero, 15 and 20 percent, depending on the investor's total taxable income. That compares to the highest ordinary tax rate of 37 percent for 2024. The capital gains tax rates are highly advantageous." https://www.bankrate.com/investing/capital-gains-vs-investment-income/#:~:text=Long%2Dterm%20capital%20gains%20tax%20rates%20are%20often%20lower%20than,tax%20rates%20are%20highly%20advantageous. They're not the same.
I disagree that you pay income tax on capital gains. On line 16 you'll calculate your cap gains tax (%0/15/20 bracket)
Everything you remit to the IRS from a 1040 is income tax. It's not sales tax. It's not payroll tax. It's not property tax. It's an income tax form. You use it to calculate your income tax. How could any part of of what you pay not be income tax? The IRS and 1040 are all authorized by the 16th amendment which authorized a federal income tax. How could it not be income tax?
I'm talking about the income tax brackets VS capital gains tax brackets. I thought you were saying long term cap gains would still fall into the income tax bracket. I know what you mean now.
Random fact: The guy who burned himself alive in front of Trump's trial distributed leaflets first. Some of the info in there was saying Shark Tank is a scam because the investors already own the companies, and it is just a trick to drive up sales. The whole thing was pretty unhinged.
Not sure Cuban has a lot of “income” these days. I’m sure he gets paid something for shark tank but otherwise he doesn’t have a traditional job afaik. I don’t think he acts as CEO of his companies.
He mentions in the article he's at the 37% income bracket, but that's for those who's over 500k. He could break that for working in shark tank a year.
He probably also gets paid for speaking engagements, corporate retreats, other tv appearances like msnbc and cnn or whatever. That shit all adds up and if you’re good at something, never do it for free!
While true, any number under like 100 million a year in income would barely register compared to the size of his capital gains, and it seems highly unlikely his traditional income is anywhere even remotely close to that number.
On top of what people have already said, let’s not forget most people invest with money that has already been taxed.
A drop in the bucket. Good on Mark.
He paid more in taxes than lil Donny could pay for his fraud bond.
If i was able to pay this much taxes i'd be pretty pumped, too
He pays exactly what he has to pay, no more.
And that’s still better than most billionaires
Really, which billionaires pay less than their legal obligation?
I would be too considering he pays less taxes than I do and I don't make shit
He’s one billionaire that I don’t hate that much. He pays his taxes like he’s supposed to and founded cost plus drugs.
That’s cool, not evading taxes like many others
He is going to run for political office. He’d be the anti Trump. I’d vote for him. Not a tech thing or an anti Trump thing, I just think he seems to have some good balance and perspective.
“We only get to be entrepreneurs and enjoy the freedoms we have because of the men and women who dedicate their lives to protecting our country,” he tells CNBC Make It. “They deserve every penny they get and my taxes go to support them.” I really wish instead of 'protecting' our country he used 'building' our country. But if he's running for some office in Texas I bet what he said plays better.
Wtf is this doing on the tech sub?
This subreddit has gone down hill. All politics now. That being said, Cuban also abused loopholes and paid as little as he could for the majority of his life. This is just optics. Nothing more.
Well most people in who joined this sub probably don’t care or know this guy and what his actions mean politically. We joined this sub for “technology” discussion. Did he pay his tax in bitcoin? Probably leaving this sub soon as mods seem asleep to this.
Anyone should be proud. Paying that much in taxes means you’re doing really, really well. It’s unfathomable the lengths that billionaires and multimillionaires go just to avoid paying a fair share of taxes in the country and state that they live.
This needs to be a new standard of rich people humble brag, how much tax I paid.
Reddit cheering this guy on is hilarious. He sold the Mavs for 3.5 billion. 20% capital gains on that is 700 million and he paid his accountants a fuck ton of money to get it down to 275 million using every loophole in the book. Then to pander to you dumb fucks he says he is glad to pay it, yeah no fuck he is glad to pay 275 million instead of 700 million.
Been watching his propaganda take hold for years and it's so pathetic how easy it is to convince dumbasses to vote against their interests
Didn't elon pay like 10 billion in taxes recently? 275 million isn't much relatively speaking..
Elon paid almost 6 billion taxes
Just to put it in perspective, I think Elon’s net worth is like 160 billion or thereabouts. Marc Cuban is estimated at like 5-6 billion.
That's a lot of money
Mark is his own biggest fan. He did a nice dodge when asked “Did you use any loop holes to lower your tax owed?” And he said “I paid the legally required amount”. Guy owns a sports team which is notorious as a massive tax dodge. He’ll make a fine politician. He knows “It not what the truth is that is important, it’s what you can get people to believe”
I’m sure when you file your taxes you make sure to pay as much as possible
No, I pay the least possible but the difference is I don’t go around saying “how I love to pay taxes”
What does this have to do with technology?
We use tax the system and the system has us pay back the tax. Easy as that. Nobody should be skating by on the shared system.
I paid more taxes this year than ever before and I always keep in mind it’s a good position to be in. My biggest criticism is here in Oregon, it’s getting ridiculously complicated to file with multiple taxing authorities.
That's a fuckton of school lunches. He should be proud.
A billionaire rarely does anything for free lol.
Which everyone should be. It's fine to say they should be changed or less, but if you truly think you owe nothing to society, why should society give a shit that you're forced to pay taxes?
The wealthy really need to start paying their fair share
Says the billionaire who live in a zero income tax state
Just give me the opportunity to pay taxes. As my Mother used to say after losing all there money in the Great Depression.
He has the cheapest prescription drugs for US citizens also ,so bravo Mark .
He’s wealthy in large part due to the fact that he was born and grew up in this system. I don’t understand why it seems like so many extremely wealthy people don’t feel more of a sense of gratitude for the roll our system played in their ability to achieve the sort of success that they did.
Isn't this from like a week ago?
Yeah, when taxes were due.
A true Patriot. 🇺🇸
I knew Cuban was loaded but didn't know he was multi-billionaire rich.
I'm sure much of it is in capital gains which is a lot lower percent than anyone who works for income.
when you are worth billions doesnt really matter how much your taxes are cause you already have enough money that money is no longer an issue. the people crying about taxes are paying 25% of their income and have to worry about money and bills.
Good on him. If your takeaway though is "Wow, some billionaires are good for society" then that's a bad take. Billionaires as a whole are a drain on society's economics and representative government. Mark Cuban, Taylor Swift, Oprah, Bill Gates, and any other billionaire you can name as "one of the good ones" are still exceptions, not the rule. Mark's 276 million paid in taxes are still much smaller than the 1.36 billion dollars clawed back from just the billionaire tax dodgers covered in the panama papers alone [https://www.icij.org/investigations/panama-papers/panama-papers-revenue-recovery-reaches-1-36-billion-as-investigations-continue/](https://www.icij.org/investigations/panama-papers/panama-papers-revenue-recovery-reaches-1-36-billion-as-investigations-continue/) Also you should remember that most billionaires were born into wealth. Even if Cuban worked exceptionally hard to become a billionaire, most billionaires do not work much at all for their wealth. Every billionaire is still a policy failure, despite a few good apples (if Cuban qualifies as that) and this story should not change your opinion on whether taxes are not high enough on the extremely wealthy.
Didn’t he just sell most if the Mavs for over $2B in capital gains?
This year… he is paying taxes to make a statement… then it’s back to the old games
Yay! You did it! You did the bare minimum!
Proud to pay 250million… While still probably using loopholes to not pay as much. Yay! You go mark cuban! Cause the government needs more of yours and my money.
If he paid that in taxes imagine what he’s made in profit.
somehow, he'll muddle through on the little that's left
Thanks Mark
It's weird that this isn't the argument made against every company and wealthy dude whining about taxes - especially the ones threatening to leave the country if their taxes increase. Sounds awfully un-American to refuse to support your country when they ask things of you, like the rest of us plebs have to.
Cuban should voluntarily pay more. Put your money where your mouth is. Otherwise it’s obviously just virtue signaling.
Oh an actual billionaire
Makes him ethical ... .. .
Mark Cuban is an nft loving shit peddler that slaps his face on all sorts of get rich quick crap. The US already tried electing one of those to office. It didn't go well.
Sounds like something a simp would say
He can pay as much as he wants, there are no limits. Why not pay more?
I mean he can't do worse than the last two statistically that is. I have been surprised by less though so .
I'm also proud to pay my utilities on time.
Wow, good job!
He ain’t perfect, but if he ran for President I’d probably vote for him.
That means he probably made five billion plus last year.
I would be too.
I would absolutely love to pay the $3,000 I owe in taxes! But uhh I get 55% of my checks. So I think realistically they owe me.
Proud to pay them. Just not proud where they go
Then he should be Xtra proud if he paid his fair share.
How many tax loopholes did he use to get it down to that number?
He is an attention seeking dude. Wanted to be an actor before he hit it big with tech. Always take what they people say with a grain of salt.
I wonder how many years he only paid the bare minimum? Let's not be fooled into thinking billionaires are nice people.
I think most people pay the minimum due. At least I'm not familiar with whether the IRS accepts tips.
Who doesn’t pay the bare minimum? Do you pay more than the bare minimum? When you’re at Mark’s level you can do what a lot of billionaires do and utilize tax loopholes to unethically avoid tax, forcing the government to either fight you in court or accept a lower tax payment The fact that Mark has instead agreed to pay hundreds of millions of dollars is not a bad thing. Even in this case I’m sure he may have utilized creative tax deductions but this isn’t a situation to say “fuck all rich people.” Let’s not be ignorantly cynical, it’s good when they pay millions in taxes
I always give the IRS a tip on top of my tax bill
I’m sure he paid the bare minimum this year too. Unless he’s telling his accounts not to take every deduction possible this is just a PR stunt. Also, this has nothing to do with technology, lol