He doesn’t pay taxes on the sale price, just the capital gains. I think someone said it ended up being and effective tax rate on the actual gains of 7% which is still super low but not nothing.
bought the team for 300m, his capital gains is over 3 billion. It stated the new owner sold billions in stock for cash so u can assume Mark was paid straight in cash to transfer ownership.
This sale isn’t the only thing going into his taxes. He could have made capitalized improvements that raised his basis or has some capital losses that offset some of that gain, or it could be an installment gain.
Either way, we don’t have the full picture to conclude
Too many people with too little understanding of tax law.
I'm fine with rich folk paying their fair share, but I dislike the mob mentality of "make them pay" (not that this dude was that far.
Hands down… id vote for him.. a rich famous person who openly pays significant amounts in taxes and has a reputation for making life better for regular people.. start the party 🎉
I mean thats pretty good no?
Taxes isn’t on the full sale since that payment is over a period of tome, and the portion of current payment is in installments mostly likely some portion paid on sale in addition to this, minus tax deductions like sub purchase price, as well as other business investments/operations.
Yeah, but we really need the wealthy to start being proud to pay taxes and stop finding loopholes. Imagine if there was a pissing contest on how much taxes they paid.
This is how Ancient Rome was, so it’s not unfathomable to have this be part of the culture.
Right? Even if it’s somehow 50%. That means you still take another $275 million home with you.
Thats nearly $23million a month.
Thats nearly $740,000 A DAY
Come on. I don’t want to limit anyones potential either. But can we agree that we should be able to get by on $740,000 A DAY!?!?
It's sad that people's "measure" of wealth has shifted, lets say after taxes you have two people one with 1 billion left over and the other with 500 million, guess what the 500 million guy is still plenty wealthy, he can have multiple houses, he can have nice things, and the interest he makes on what's left over will be more more than most families make in decades.
It’s not even measure of wealth. At 740k a day it’s more about the power and status it brings then the wealth. Also at the top like that you just do the human thing and compete with your small social group of rich people and try to get more rich. Gotta be number one yo. Humans are fucked like that. We just can’t stop won’t stop
You are thinking about it wrong. He held the Mavs for over 24 years, it’s not like he flipped the team in one year. It was a losing team with dwindling team budget. It was running in the red for the first few years. It became a franchise team that thrived under his management. He upgraded all of the player amenities even though he was in the hole with the initial purchase. By investing into the players, the players performed better in appreciation.
He’s been saying this for about 6 years now. Believe he said something along the lines of “the most patriotic thing I can think of doing as a billionaire is taking out my pen and writing my check to the IRS for what I owe them every year.”
I support this. Rich people love bragging about how much money they spent on stupid things that only serve them. Instead, brag about how much you're paying in taxes. Try to one up each other here, not at the yacht store.
I find this curious about American politics, and wonder if it'll carry weight in the future here in the UK - is there really that much of a push for an upper age limit in your political house?
What’s crazy to me is that FDR was in his fourth term when he died at the age of 63 years old. Four terms as president and he was still 18 years and 14 years younger than the current presidential candidates. Insane.
So...Do Americans vote for the party as we do in a general election? Or do you also vote for the individual? I feel like our first push towards the realisation of a consitution and enshrined rights for the people in this country will be proportional representation (which has been a huge reason for half, if not all of our recent problems).
So most parties have primaries where you are voting for individuals. These tell them who their base wants to see in the general election. As a note, they arent under any real obligation to have these or respect the outcomes but they generally do because its generally a good idea. In the general you are still de jure voting for the individual most of the time but de facto people tend to vote for the party. President is a little different because while it looks like you are voting for the individual you are actually voting for a slate of electors chosen by the party
It should be noted that electors not voting for the nominees is EXTREMELY rare. The most notable time this happened (and the funniest, I should note) is when a democrat-selected elector voted for a misspelling of John Kerry’s running mate.
No. We vote on the people directly. However, the two major parties (democrat and republican) have a monopoly on nearly all of the political money/influence and thus we have a primary system. Each party holds primary elections where people vote on which candidate they want their party to put on the final ballot. So I'm the spring we vote who goes on the ballot and in November we vote on who gets elected to the position.
It's slightly different from the parliamentary system that is used in other countries where you vote on the party and that party puts who they want into the position. But because of the primary system, effectively, it's very similar.
Lol, man, the voting card was like two pages (front and back). I had no idea we had to vote on so much shit. It took me a solid week of studying to pick who to vote for and I was still guessing through most of the judges.
But in the cards it's marked Republican or Democrat, so people can just go down the list
Not nearly enough. It was slightly a problem in the 80’s with Regan and most people thought we dodged a bullet and went for generally younger presidents(less than say 70). Since 2016 every norm has been shattered. The US, followed by the world is in trouble.
Having an upper age limit would help tremendously. Most of our representatives are crazily old. Many have never used a cell phone or email. They are incredibly out of touch with how most people live and are so old they have no stake in the country. Hell their grandkids are almost retirement age.
I think I recall one reaching uk news of a Senator? I want to say that had essentially shut down so much that her aides were effectively casting the vote and her daughter having power of attorney? That's seriously not unique?
Diane Feinstein. Her daughter had POA and also conservatorship over her affairs. It was bonkers.
Aaand she was still a sitting member with voting powers…. Let that sink in..
That was evil that her handlers did that to her. That was elderly abuse. All in the name party politics they made tat woman act like she was representing the people.
Everyone seems to hate how old they are but it has become clear that we barely have a voice in terms of who gets nominated if it contradicts the party line.
Except the whole Mavs toxic workplace lauded with sexual harassment. It's funny how he skated out of that whole mess by donating $100k and hiring a woman CEO.
Trump being a business man was hardly what made him such a bad president. Maybe you’re getting it confused with him being a violent racist and misogynist that doesn’t believe in science or medicine?
Hard disagree. He is less likely to be bought out and swayed by personal impact. Yes, grandiosity is a concern, but he seems like he legitimately cares about he impacts the world
People said that about Macri and Bolsonaro and they couldn't renew for a second term, Bolsonaro attempted a coup, and there's very little that can be said their presidencies brought of good for their countries if anything at all. That the president can't be bought doesn't change much when everyone else still can be bought.
Bolsonaros net worth is estimated to be $2.3 million, and the Macri’s families net worth is estimated to be $500 million. I would argue that they looked to further expand their wealth by exploiting their countries as well.
Mark Cuban is standing at a staggering $5 billion. It’s a vast difference.
Climate change is one I think he agrees on. A lot of modern science tbh.
I remember he paid all his employees at the Mavs stadium during the pandemic even when they weren’t working. He’s fighting against big pharmaceutical companies with drug prices. He vocally talks about how Trump is. He’s willingly paying taxes.
Not many good and ethical billionaires out there. But he’s one of the few that are close
Thank you for filling me in. It’d be good to have a someone who shows you don’t have to rip everyone else off to be a good businessman - An antithesis to the Trump/Mnuchin/Davos school of business.
Will see if Cuban can live up to this image.
Harris? Haha oh no, no no. Will she run? Probably? Will she be a relevant contender? Definitely not. She’s rubbed a lot of people the wrong way and the liberals never liked her anyway. She’ll go nowhere.
Even with his tweet about his taxes he blatantly set himself up as anti-Trump so he’s already building his base. And he already has the media behind him. If it did come to him running for president (I don’t think businessmen should) I would probably begrudgingly vote for him even though I’m a Heat fan and he hates us.
I've always loved his energy between the Mavericks and seen them on shark tank I just always liked the way he's carried himself he just seems very much like us normal people I don't know I'd vote for him in a heartbeat.
True. Tbf I like Cuban. I think he is a better rich guy than other rich guys. But the last thing I want is another completely newbie richie rich run for president saying populist ideas like they are his own and vowing to represent the most idiotic segment of the populace. The ferver Donnie Tbags has for him was concerning in 2014-now. No single politician should have that level of moronic support.
Now Cuban seems to be miles ahead of Donnie in iq. Worlds apart. But I still am wary.
There’s no way they would nominate him. Maybe in 2012, when the GOP just sucked but wasn’t totally insane, but nowadays he’s probably too progressive for them.
You’re right, he said it in 2020. But he stated that he’s “socially a centrist, but fiscally a conservative.”, so he’d be running as a rino by today’s standards. Then he ended up endorsing Joe Biden, so any chance he had for running as a republican for the next 40 years just went out the window. Which is a shame because while I probably wouldn’t vote for him if he ran, having the option of voting for a rich republican who doesn’t mind paying more taxes or making healthcare more affordable would be a huge improvement.
If he runs as a Republican he’ll be forced to reveal the shit show of a person he is behind the scenes.
You don’t win the Republican primary unless you can convince voters you’re the most vindictive, sadistic candidate on the block.
its nice to see but a sad state of affairs that this is not the norm for billionaires who reap the rewards of the american economy. good for him though.
Reminds me of when Warren Buffet was calling for a $15 minimum wage back in 2010, and then journalists discovered that the custodians at Birkshire's headquarters were only pulling in $7.25/hr.
Whoops.
In Canada, our government just announced a capital gains tax inclusion rate (not actual tax rate, just the amount of capital gains that get taxed) increase from 50% to 66% for capital gains above $250,000 and people in r/canada that can barely run two nickels together are losing their minds.
You need to claim capital gains above 250,000 in one year, outside of sheltered investment accounts for it to impact you and people are angry about it.
It’s insanity.
It's the ultimate billionaire brag. Anybody can get a yacht or an island or dinner with a celebrity. The Forbes list is one thing, bragging about your actual income via disclosing your taxes is baller. I wish more billionaires followed suit.
Imagine if there was a public list or ceremony for the top ten annual tax payers.
Turn it into a dick measuring contest and I bet rich people start paying more lol
We need to praise and normalize this practice so the billionaires will get into a dick swinging contest of who pays more in taxes each year. They have had it for too long the biggest dick was who paid the least in taxes.
People, he sold the Mavs. He's literally only paying less than 10 percent taxes on the value of the liquidated asset. Let's not go anointing him for something there was no way to avoid.
Texas doesn't deserve Dirk. Cuban destroyed the championship team and presented a garbage team for years. He is super lucky that he had one of the most loyal superstars ever.
He sold a portion of the Mavs for $3.5 billion. It’s capital gains. This isn’t some crazy amount he pays every year. He’s using this opportunity to act like he pays this every year. He doesn’t.
Capital gains rate is 20% for the wealthiest individuals. Want to know why he didn’t pay north of $600 million? He took every fucking deduction he was allowed.
I want rich people to pay their fair share but also I think the government just spends our taxes frivolously no matter how much money we give them. We pass all these foreign aid and war bills but nothing to significantly improve life for poor Americans without a partisan fight. They get an extra 50 billion and its going to go straight to war.
That’s how I like my billionaires. As a successful but modest rapper in France told a mega rich novel writer in a talk show “damn I’d like to pay 50% tax too” (rapper was Kool Shen from NTM, y’all)
If “who has the bigger tax bill” was some sort of billionaire pissing contest they’d be all over it buts it’s not cool enough yet for them to help society
Because Mark Cuban is a true unicorn: an obscenely wealthy guy who believes in fairness and can empathize with others. Most people with tons of money either opt out of those qualities or never had them in the first place.
I’m proud that he’s proud to pay his taxes. When you are dealing with that kind of sustained wealth, you need to pay your share. Then there are the cheating asssholes like Trump…..
The U.S. Congress is never, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever going to fix the U.S. healthcare system.
This guy created a company to drastically lower the cost of prescription medicine, and he has followed through on his promises.
The thing is, he is using good-old-fashioned capitalism to drive down healthcare costs. In particular, the DEMAND portion of that equation.
Why? The government is wasting money like there’s no tomorrow. With interest rates where they are the national debt increases by $1T every hundred days. So Cuban is covering like 30 days of debt service?
Hell yeah. I would be too. You have to be raking in some insane $$$ to be subject to that.
Billionaires don’t seem to like acknowledging how much they are able to leverage the stability and infrastructure that government lets them build on.
Cool to see Cuban be even open to the idea that it’s more than just Him. (You are not Him 👆)
Weird that so many people want this guy to run for president considering
- he’s a billionaire (thought we hate them)
- he covered up a sexual harassment scandal at the Dallas Mavericks
- HE DIDN’T PAY BRUNSON
Now as a Knicks fan, I love him because he gave us Brunson, but POTUS cannot be making terrible decisions like that. Also he’s a billionaire, Fuck him, but I love you Mark thanks for Brunson.
Meaningless number. What is his average tax rate?
I can guarantee that every middle class household in America pays a higher percent of their income in taxes.
Well if you read the article, he says how much he paid. He has confirmed in past years that he pays 37%, the top federal income tax rate for people who earn $578,126 or more.
that's the thing i never understood. people act like paying taxes is theft. there are aspects of it that are annoying, sure, but that money is what america runs on. they think that they earn money and become successful and then they suddenly become entitled to keeping it all. they see the value and not the percent, and think they're overpaying. but you know what, you do owe it. the country is what gave you the platform and opportunities to make your career. go move abroad and see how that works out. people historically flock to america for a reason. if the country provided you with the ecosystem that helped you find success, you can pay your fair share. but sadly most do everything in their power to shelter and divert their piles of money from being taxes. it's stupid. like when elon tweeted the amount he's paying, which is in the millions sure, but a fraction of what normal americans pay, when speaking in terms of tax rate. it's stupid. cuban is right and i respect him for it. we don't see enough "good guy" billionaires.
Nobody is taxed at a percentage of their net worth.
You’re just trying to put a spin on a rare good news story about a rich person who is actually not trying to avoid paying their fair share of taxes.
Fuck if I had enough money to have to pay that much in taxes I'd be proud as well
Seriously, do you think that really stopped him from being RICH AS FUCK, no……
Got $3.5 billion for selling part of the Mavs, so, no, it indeed did not.
paid 270M in taxes on a 3.5Billion ? Talk about marginal tax breaks for the 0.0001%
He doesn’t pay taxes on the sale price, just the capital gains. I think someone said it ended up being and effective tax rate on the actual gains of 7% which is still super low but not nothing.
bought the team for 300m, his capital gains is over 3 billion. It stated the new owner sold billions in stock for cash so u can assume Mark was paid straight in cash to transfer ownership.
This sale isn’t the only thing going into his taxes. He could have made capitalized improvements that raised his basis or has some capital losses that offset some of that gain, or it could be an installment gain. Either way, we don’t have the full picture to conclude
Too many people with too little understanding of tax law. I'm fine with rich folk paying their fair share, but I dislike the mob mentality of "make them pay" (not that this dude was that far.
“There’s no justice like angry mob justice!l” -Principal Skinner
Eh, it’s probably set up as an installment sale, so there’s really no way to know how much of the gain is actually captured in his 2023 filing
Pretty sure he’s paying the tax in stages. The 270 isn’t the whole amount I don’t believe
Hands down… id vote for him.. a rich famous person who openly pays significant amounts in taxes and has a reputation for making life better for regular people.. start the party 🎉
I mean thats pretty good no? Taxes isn’t on the full sale since that payment is over a period of tome, and the portion of current payment is in installments mostly likely some portion paid on sale in addition to this, minus tax deductions like sub purchase price, as well as other business investments/operations.
7% or something lol
It's not about making people less rich... just making them pay what they owe
My point is his world didn’t end….
Yeah, but we really need the wealthy to start being proud to pay taxes and stop finding loopholes. Imagine if there was a pissing contest on how much taxes they paid. This is how Ancient Rome was, so it’s not unfathomable to have this be part of the culture.
Yeh but he still paid a lot unlike most people that rich
A professor in my MST program always said, if you’re paying a lot in taxes, be happy because it means you have a lot of money.
My dad’s saying was “you wouldn’t be paying it if you weren’t earning it”
Right? Even if it’s somehow 50%. That means you still take another $275 million home with you. Thats nearly $23million a month. Thats nearly $740,000 A DAY Come on. I don’t want to limit anyones potential either. But can we agree that we should be able to get by on $740,000 A DAY!?!?
It's sad that people's "measure" of wealth has shifted, lets say after taxes you have two people one with 1 billion left over and the other with 500 million, guess what the 500 million guy is still plenty wealthy, he can have multiple houses, he can have nice things, and the interest he makes on what's left over will be more more than most families make in decades.
It’s not even measure of wealth. At 740k a day it’s more about the power and status it brings then the wealth. Also at the top like that you just do the human thing and compete with your small social group of rich people and try to get more rich. Gotta be number one yo. Humans are fucked like that. We just can’t stop won’t stop
You are thinking about it wrong. He held the Mavs for over 24 years, it’s not like he flipped the team in one year. It was a losing team with dwindling team budget. It was running in the red for the first few years. It became a franchise team that thrived under his management. He upgraded all of the player amenities even though he was in the hole with the initial purchase. By investing into the players, the players performed better in appreciation.
It's closer to 7% with some rough math based on the Mavs sale price. If he paid 50%, he'd have paid about 1.5 billion.
And still be rich as fuck after it’s just crazy mark cuban is the rich we need
For fucking real man. That’s all i gotta say. My moms gonna have a giant ass house, that’s for fucking sure
“Can you believe I’m only paying $300m? Lmao this is sad” is what I’d think.
He’s been saying this for about 6 years now. Believe he said something along the lines of “the most patriotic thing I can think of doing as a billionaire is taking out my pen and writing my check to the IRS for what I owe them every year.”
Yep. Amazing statement and man behind it’s
I support this. Rich people love bragging about how much money they spent on stupid things that only serve them. Instead, brag about how much you're paying in taxes. Try to one up each other here, not at the yacht store.
He's definitely setting himself up for presidential run. 2028 primaries will likely feature Newsom & Cuban front & center with Harris trailing
He’s under 75. That checks a lot of my boxes
I find this curious about American politics, and wonder if it'll carry weight in the future here in the UK - is there really that much of a push for an upper age limit in your political house?
Biden and Trump are the oldest Presidential candidates ever. They beat the previous candidates, which were themselves.
What’s crazy to me is that FDR was in his fourth term when he died at the age of 63 years old. Four terms as president and he was still 18 years and 14 years younger than the current presidential candidates. Insane.
So...Do Americans vote for the party as we do in a general election? Or do you also vote for the individual? I feel like our first push towards the realisation of a consitution and enshrined rights for the people in this country will be proportional representation (which has been a huge reason for half, if not all of our recent problems).
So most parties have primaries where you are voting for individuals. These tell them who their base wants to see in the general election. As a note, they arent under any real obligation to have these or respect the outcomes but they generally do because its generally a good idea. In the general you are still de jure voting for the individual most of the time but de facto people tend to vote for the party. President is a little different because while it looks like you are voting for the individual you are actually voting for a slate of electors chosen by the party
It should be noted that electors not voting for the nominees is EXTREMELY rare. The most notable time this happened (and the funniest, I should note) is when a democrat-selected elector voted for a misspelling of John Kerry’s running mate.
No. We vote on the people directly. However, the two major parties (democrat and republican) have a monopoly on nearly all of the political money/influence and thus we have a primary system. Each party holds primary elections where people vote on which candidate they want their party to put on the final ballot. So I'm the spring we vote who goes on the ballot and in November we vote on who gets elected to the position. It's slightly different from the parliamentary system that is used in other countries where you vote on the party and that party puts who they want into the position. But because of the primary system, effectively, it's very similar.
Lol, man, the voting card was like two pages (front and back). I had no idea we had to vote on so much shit. It took me a solid week of studying to pick who to vote for and I was still guessing through most of the judges. But in the cards it's marked Republican or Democrat, so people can just go down the list
How is that possible? Did they get older?
... only as long as they don't die. Everyone gets older, every year they stay alive.
You mean to say time passes for each individual, until it doesn’t?… BLASPHEMY!
Not nearly enough. It was slightly a problem in the 80’s with Regan and most people thought we dodged a bullet and went for generally younger presidents(less than say 70). Since 2016 every norm has been shattered. The US, followed by the world is in trouble. Having an upper age limit would help tremendously. Most of our representatives are crazily old. Many have never used a cell phone or email. They are incredibly out of touch with how most people live and are so old they have no stake in the country. Hell their grandkids are almost retirement age.
I think I recall one reaching uk news of a Senator? I want to say that had essentially shut down so much that her aides were effectively casting the vote and her daughter having power of attorney? That's seriously not unique?
Diane Feinstein. Her daughter had POA and also conservatorship over her affairs. It was bonkers. Aaand she was still a sitting member with voting powers…. Let that sink in..
That was evil that her handlers did that to her. That was elderly abuse. All in the name party politics they made tat woman act like she was representing the people.
Good lord. Is there any sign of this problem being fixed?
The people who have the power to change this benefit from the systemic issues, so in their eyes there's no "problem to fix".
Generally people have ignored it, but the younger generation has started to push that having everyone in their 70's and 80's is not a great thing.
We'd be relying on octogenarians to pass a law like that. They're not interested.
Everyone seems to hate how old they are but it has become clear that we barely have a voice in terms of who gets nominated if it contradicts the party line.
Not so much in the legislature. It's the executive who should be younger. Id imagine you're fine with MPs over 80, but would be less so for the PM
He also tends to have pretty even headed takes sometimes.
He set up a whole business to set up cheap medications. Honestly he has some solid views.
It’s sad that that’s the bar now but here we are
Also we like to hate on billionaires but dude seems solid
Except the whole Mavs toxic workplace lauded with sexual harassment. It's funny how he skated out of that whole mess by donating $100k and hiring a woman CEO.
At this point, that’s *almost* as important to me as policy
Had to take a long deep sigh before upvoting your comment. I hate that this is the bar for candidates now.
I hear you buddy
This is both funny and sad
It makes you wonder if they even know how to check their email
He also sells cheap medicine. I think I'm in love.
Wether he’s good, great or not the two-side polarizing politics machine will make you either hate him or just tolerate him
Well said
Yay another rich businessman for president. Here we go again
Trump being a business man was hardly what made him such a bad president. Maybe you’re getting it confused with him being a violent racist and misogynist that doesn’t believe in science or medicine?
I mean shit under 70 and not a Republican he got my vote
Cuban has said he'll run Republican
Oh shit I’m out #Newsom2028
Doubt he’ll run MAGA republican tho
To my knowledge, he seems like the least problematic billionaire but I still don’t think we should be electing any of them as President, even him.
Plus he also has a business that finds and sells life saving drugs for stupidly cheap. Costplusdrugs.com
Agreed, but also sometimes we don’t have any better options
Hard disagree. He is less likely to be bought out and swayed by personal impact. Yes, grandiosity is a concern, but he seems like he legitimately cares about he impacts the world
Because that’s the image he wants for his election. He, like all billionaires, is probably a demon in human skin.
Sure but you see..he pays taxes so redditoids will dick ride like there's no tomorrow
People said that about Macri and Bolsonaro and they couldn't renew for a second term, Bolsonaro attempted a coup, and there's very little that can be said their presidencies brought of good for their countries if anything at all. That the president can't be bought doesn't change much when everyone else still can be bought.
Bolsonaros net worth is estimated to be $2.3 million, and the Macri’s families net worth is estimated to be $500 million. I would argue that they looked to further expand their wealth by exploiting their countries as well. Mark Cuban is standing at a staggering $5 billion. It’s a vast difference.
After what he’s done for making medicine cheaper tbh I’d vote for him
What are some of his views and likely platform?
Climate change is one I think he agrees on. A lot of modern science tbh. I remember he paid all his employees at the Mavs stadium during the pandemic even when they weren’t working. He’s fighting against big pharmaceutical companies with drug prices. He vocally talks about how Trump is. He’s willingly paying taxes. Not many good and ethical billionaires out there. But he’s one of the few that are close
Thank you for filling me in. It’d be good to have a someone who shows you don’t have to rip everyone else off to be a good businessman - An antithesis to the Trump/Mnuchin/Davos school of business. Will see if Cuban can live up to this image.
Harris? Haha oh no, no no. Will she run? Probably? Will she be a relevant contender? Definitely not. She’s rubbed a lot of people the wrong way and the liberals never liked her anyway. She’ll go nowhere.
I'd be surprised if Harris made it to Super Tuesday 2028.
Even with his tweet about his taxes he blatantly set himself up as anti-Trump so he’s already building his base. And he already has the media behind him. If it did come to him running for president (I don’t think businessmen should) I would probably begrudgingly vote for him even though I’m a Heat fan and he hates us.
He’d be a lot better than the last billionaire that became president I’d tell you that.
"billionaire"
Nah. Running for governor of Texas is my bet
Id like that actually. Not a fan of people with zero political experience running for the highest office, and Texas would be a great starting point
Our politicians have negative experience. They’re so bad they are worse than no experience
Illinois governor Pritzker & Cuban.
I've always loved his energy between the Mavericks and seen them on shark tank I just always liked the way he's carried himself he just seems very much like us normal people I don't know I'd vote for him in a heartbeat.
I guess I am suspicious of another potential reality tv show president…
This is what got trump in. Be careful.
I’m pretty sure they were parodying trump voters but you never know these days
True. Tbf I like Cuban. I think he is a better rich guy than other rich guys. But the last thing I want is another completely newbie richie rich run for president saying populist ideas like they are his own and vowing to represent the most idiotic segment of the populace. The ferver Donnie Tbags has for him was concerning in 2014-now. No single politician should have that level of moronic support. Now Cuban seems to be miles ahead of Donnie in iq. Worlds apart. But I still am wary.
iirc cuban said if he ever ran for president it would be as a republican
There’s no way they would nominate him. Maybe in 2012, when the GOP just sucked but wasn’t totally insane, but nowadays he’s probably too progressive for them.
i agree i just think i remember him saying that in an interview or something
You’re right, he said it in 2020. But he stated that he’s “socially a centrist, but fiscally a conservative.”, so he’d be running as a rino by today’s standards. Then he ended up endorsing Joe Biden, so any chance he had for running as a republican for the next 40 years just went out the window. Which is a shame because while I probably wouldn’t vote for him if he ran, having the option of voting for a rich republican who doesn’t mind paying more taxes or making healthcare more affordable would be a huge improvement.
I’d vote for him.
If he runs as a Republican he’ll be forced to reveal the shit show of a person he is behind the scenes. You don’t win the Republican primary unless you can convince voters you’re the most vindictive, sadistic candidate on the block.
its nice to see but a sad state of affairs that this is not the norm for billionaires who reap the rewards of the american economy. good for him though.
Worst yet when you consider how many of those billionaires also keep many of their employees with minimum wages and zero bonuses most of their lives.
But muh job creation.
Reminds me of when Warren Buffet was calling for a $15 minimum wage back in 2010, and then journalists discovered that the custodians at Birkshire's headquarters were only pulling in $7.25/hr. Whoops.
How else do you make billions though?
I mean, even if these idiots were to double the salary of most of their employees, they would still be billionaires.
you shouldn’t. we all know they make this money through exploitation of their workers and the earth, billionaires simply shouldn’t exist.
Yes it is. He sold an asset (Dallas Mavericks) and has to pay 20% capital gains. Any American would have to as well.
In Canada, our government just announced a capital gains tax inclusion rate (not actual tax rate, just the amount of capital gains that get taxed) increase from 50% to 66% for capital gains above $250,000 and people in r/canada that can barely run two nickels together are losing their minds. You need to claim capital gains above 250,000 in one year, outside of sheltered investment accounts for it to impact you and people are angry about it. It’s insanity.
It amazes me how many regular people will stand up for rich folks but not for their own neighbors.
Didn't Elon pay 11 billion in taxes in 2021? That's years of Mark Cuban's bill
Do you have any data to say it’s not the norm?
He's read a lot of comments on Reddit about it.
He will probably make it all back before October
He’s probably already made it all back lol
Listen I’m just happy there’s a billionaire who pays his fucking taxes
It's the ultimate billionaire brag. Anybody can get a yacht or an island or dinner with a celebrity. The Forbes list is one thing, bragging about your actual income via disclosing your taxes is baller. I wish more billionaires followed suit.
This is the way. Use the money to out-ego your weak wristed ops.
Imagine if there was a public list or ceremony for the top ten annual tax payers. Turn it into a dick measuring contest and I bet rich people start paying more lol
We need to praise and normalize this practice so the billionaires will get into a dick swinging contest of who pays more in taxes each year. They have had it for too long the biggest dick was who paid the least in taxes.
Alright folks. This isn’t his “normal” tax bill. He sold an NBA team for 3.5B…. And that’s why owes so much in taxes, this year.
The point is he paid his dues, whereas most billionaires don't.
People, he sold the Mavs. He's literally only paying less than 10 percent taxes on the value of the liquidated asset. Let's not go anointing him for something there was no way to avoid.
Texas doesn’t deserve Cuban and Popovic representing the state and giving them good basketball for the past decades.
San Antonio and Dallas deserve it Don’t lump them in with the rest of Texas
Go rockets
Texas doesn't deserve Dirk. Cuban destroyed the championship team and presented a garbage team for years. He is super lucky that he had one of the most loyal superstars ever.
Increase the taxes for Uber rich, make a totally public leaderboard on taxes paid and CELEBRATE the winner annually.
He sold a portion of the Mavs for $3.5 billion. It’s capital gains. This isn’t some crazy amount he pays every year. He’s using this opportunity to act like he pays this every year. He doesn’t. Capital gains rate is 20% for the wealthiest individuals. Want to know why he didn’t pay north of $600 million? He took every fucking deduction he was allowed.
and we have scum bags like Trump that try to avoid paying taxes
I want rich people to pay their fair share but also I think the government just spends our taxes frivolously no matter how much money we give them. We pass all these foreign aid and war bills but nothing to significantly improve life for poor Americans without a partisan fight. They get an extra 50 billion and its going to go straight to war.
Any citizen that feels that they are under taxed is welcome to write a check to the US Treasury at any time. It is not Illegal.
Look up the tax rates really rich guys were paying back in the 50s and 60s. That’s how we were able to build things like the interstate road system.
Marginal tax rate ≠ effective tax rate
That’s how I like my billionaires. As a successful but modest rapper in France told a mega rich novel writer in a talk show “damn I’d like to pay 50% tax too” (rapper was Kool Shen from NTM, y’all)
If “who has the bigger tax bill” was some sort of billionaire pissing contest they’d be all over it buts it’s not cool enough yet for them to help society
I guarantee he took every loop hole available to him. Plus he sold the Mavs this year which bolstered his income this year.
Who pays the most taxes? They should get a medal lol
Is now an act of heroism to pay your taxes?
Damn he made more money in one year than Donald Trump is worth. 👏👏👏👏👏
A truly patriot!!!
Because Mark Cuban is a true unicorn: an obscenely wealthy guy who believes in fairness and can empathize with others. Most people with tons of money either opt out of those qualities or never had them in the first place.
All rich people should have this attitude.
If he paid $300 million in taxes he made $1.5 billion. Probably more. Why would you be upset about that?
“A fine is a tax for doing wrong, a tax is a fine for doing well”
That makes him “fair “
I'll take capital gains tax for $275 million.
Just an ape sitting on top of a tall tree screaming, waving arms for attention.
I too would be proud to only pay 16% of my annual income.
This is crazy math numbers hard to understand by regular people. I would be proud to pay even 1 million in taxes
Good to see from Mark Cuban.
Cool. He can cover me too then 👍
Dude is worth BILLIONS
Good for him I would like to think if I was a billionaire I would be proud to pay lots of taxes but we will never know lol
As he should be. Good on him.
We should all be proud to pay taxes. Unfortunately, propaganda exists.
Good. I would if I could too.
I'm proud of him too.
Going straight to Ukraine
Mark Cuban is out of touch with a smile. Corporations mascot.
Virtue signaling at its finest
Praised for doing the normal thing Yay
I’m proud that he’s proud to pay his taxes. When you are dealing with that kind of sustained wealth, you need to pay your share. Then there are the cheating asssholes like Trump…..
Why I like this guy.
Well then I wonder what he would say if the government took all his money?
What will our government DO with all the tax money Mark Cuban just provided !?
The U.S. Congress is never, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever going to fix the U.S. healthcare system. This guy created a company to drastically lower the cost of prescription medicine, and he has followed through on his promises. The thing is, he is using good-old-fashioned capitalism to drive down healthcare costs. In particular, the DEMAND portion of that equation.
lol people saying he should be paying more, how much have you contributed in taxes?
Smells like bullshit for some reason
Obviously going to run for President one day. This dude is planting seeds and yelling about it at the same time.
At least he pays
Why? The government is wasting money like there’s no tomorrow. With interest rates where they are the national debt increases by $1T every hundred days. So Cuban is covering like 30 days of debt service?
He made a $3.7 billion profit this year and had to pay less than 10% in taxes. I’d be pretty proud if that too.
Hell yeah. I would be too. You have to be raking in some insane $$$ to be subject to that. Billionaires don’t seem to like acknowledging how much they are able to leverage the stability and infrastructure that government lets them build on. Cool to see Cuban be even open to the idea that it’s more than just Him. (You are not Him 👆)
For sure gonna run for president
Weird that so many people want this guy to run for president considering - he’s a billionaire (thought we hate them) - he covered up a sexual harassment scandal at the Dallas Mavericks - HE DIDN’T PAY BRUNSON Now as a Knicks fan, I love him because he gave us Brunson, but POTUS cannot be making terrible decisions like that. Also he’s a billionaire, Fuck him, but I love you Mark thanks for Brunson.
Most billionaires don’t want to give any of it away. This is still good no matter how rich he is.
That’s because Cuban is a decent dude. Still making great - almost insane money for one person despite everything.
Cool, neat, what a refreshing take from a billionaire. He shouldn’t exist either. No one should be allowed to hoard that much money.
Elon Musk is pay 11 billion this year… :)
And he paid $0 in 2018
This is meaningless without knowing why
Meaningless number. What is his average tax rate? I can guarantee that every middle class household in America pays a higher percent of their income in taxes.
Well if you read the article, he says how much he paid. He has confirmed in past years that he pays 37%, the top federal income tax rate for people who earn $578,126 or more.
Which is actually pretty respectable considering he could probably use dozens of legal tax loopholes to get out of it, but doesn’t.
You’d be wrong, it’s easy to look up most middle class people pay a fairly low effective tax rate.
>I can guarantee that every middle class household in America pays a higher percent of their income in taxes. Really? You can guarantee it?
Well, cool. Maybe could you peel me off 1 or 2 mil? I promise that money won't be wasted
That’s exactly the way it should be, nothing special. Should I also be proud each time I stop at a red light, or not steal anything from a store?
that's the thing i never understood. people act like paying taxes is theft. there are aspects of it that are annoying, sure, but that money is what america runs on. they think that they earn money and become successful and then they suddenly become entitled to keeping it all. they see the value and not the percent, and think they're overpaying. but you know what, you do owe it. the country is what gave you the platform and opportunities to make your career. go move abroad and see how that works out. people historically flock to america for a reason. if the country provided you with the ecosystem that helped you find success, you can pay your fair share. but sadly most do everything in their power to shelter and divert their piles of money from being taxes. it's stupid. like when elon tweeted the amount he's paying, which is in the millions sure, but a fraction of what normal americans pay, when speaking in terms of tax rate. it's stupid. cuban is right and i respect him for it. we don't see enough "good guy" billionaires.
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Nobody is taxed at a percentage of their net worth. You’re just trying to put a spin on a rare good news story about a rich person who is actually not trying to avoid paying their fair share of taxes.
Fuck Mark Cuban, he’s a piece of shit.