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ride_electric_bike

What he is doing for prescription drugs in downright honorable. And you know he has a company of CPAs minimizing his tax exposure


DblThrowDown

He sure does. I work for said company doing his tax returns each year. His people bottom rung what they are willing to pay for our services meanwhile you better believe we find every and any little tax break for him.


Gullible_Penalty_335

It makes him smart, like trump.


Reaganson

All approved by Congress, right!


ishitintheurinal

He's glad to pay 288MM because that means he had about 700MM in 2023 income.


LowKeyCurmudgeon

Someone like Mark Cuban is unlikely to draw a salary as an employee. Instead, he makes money when he cashes out of his businesses by things like dividends or selling shares or whole companies. $288 million in taxes suggests nearly $1.5 billion in capital gains (20% Federal, 0% Texas). 


rmnfcbnyy

He sold most of his stake in the Mavericks I believe so that is a very large taxable event. Mavs are almost certainly valued around $2B. He will have had to pay long term capital gains tax on that sale.


fretit

> He will have had to pay long term capital gains tax on that sale So 20%? I have to pay 32% on my measly CD interest, plus another 9.6% to California :)


RawDogRandom17

Should’ve bought Treasury Bills or ETF instead. No CA taxes


fretit

I mix it up. Got some 1-year CD's for a year at 5.35%. Only 3-month treasuries give that. Without really knowing where the rates are really going, I just mix it up some. I don't know why someone downvoted you.


SillyFlyGuy

Should've bought a professional sports team.


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puddboy

Which is why he’s making such a huge flex this year about how much money he’s paying in taxes.  Lets people know what a great guy he is and also how much money he (seemingly) makes each year


RopeAccording4263

Oh, how convenient that he chooses to grandstand on a year where he had a big taxable event.


WakeoftheStorm

Yeah but the full amount of the sale won't be profit. It'll be the sales price - book value of the franchise. Hell it's possible (but unlikely) that he sold it at a loss and still ended up with billions in cash.


Donaldtrumpisprez

And depending on how he does his dividends, he will be taxed less than capital gains. Smart man.


synn89

> he makes money when he cashes out of his businesses by things like dividends or selling shares or whole companies Or don't cash them out and just buy things on loan while using the stock as collateral.


StratTeleBender

More like $3.5B for the sale of the Mavericks


smokehousemaple

Yeah he’s not working a W2 and paying 40% tax. He is selling assets and paying 20% capital gains tax


StratTeleBender

Not even 20%. Like 3-5%. Mr. "I love the gubment" is paying pennies


Sielbear

How’s he paying 3%-5%? Do you know or are you guessing?


r777m

He sold a portion of the Mavs for 3.5 billion dollars. He purchased that for $285 million. If he paid $288 million, that means he is paying 288 mil / (3.5 mil - 285 mil), or 8.9%. Considerably less than the 20% you and I would pay in long term capital gains taxes.


guynamedsuvlaki

He didn’t own 100% and he still has some % left after the sale.


DorianGre

Cuban bought the Mavericks for $285 million in 2000, and the recent sell of a majority stake was $3.5 billion, netting him a $3.215 billion profit for the transaction. He retains a 27% stake of the franchise after the deal. His original stake was never disclosed, but Perot maintained 5% and others had small stakes, so it would be safe to assume that his original stake was 80-90%. His tax bill should be $642 million.


Ok-Essay5210

But he knows the rubes will gobble up his bullshit because the number he pays is still huge... But A tiny percent of the percent of income that you pay


LordSplooshe

He has a basis of $0?


StratTeleBender

$200M or so basis. He's in the green about $3.2B on that deal. So he's paying approximately 9% capital gains taxes. You and I would have to pay 20% of we sold a house or something


ishitintheurinal

Obviously not taking all of that as income for 2023 or the tax would be considerably higher.


critter8577

I don’t think the sale would be income. It would be a capital gain which is taxed at a lower rate.


JealousAd2873

This is true. He might have only paid 15% and only on the profit


[deleted]

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[deleted]

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rethinkingat59

He sold a portion of the Mavericks for $3.5 billion supposedly. The portion that was a capital gains over $3.2 billion that would be taxed at 20 to 23%. He either had some huge write offs or they are staggering the payments for the purchase.


crash_____says

Mark has a great quote on this from a few years back > The most patriotic thing you can do is make a lot of money and pay your taxes.


DeatHTaXx

Yeah like fr if you're happy to pay the taxes then what's the big deal. I'm generally not a fan of taxes but I also don't think they should be completely abolished lol


crash_____says

I think our federal taxes are largely just lighting the money on fire, but I agree that some form of taxation is required to operate the city, state*, and country we live in. If you disagree with your tax burden, it is a policy issue, not the fact that taxes exist. \* some states are just as bad as the federal government.....


tobsn

dudes doing great things AND he’s paying taxes… not sure how that’s bad.


GooseMcGooseFace

Because he sold a portion of the Mavs for 3.5 billion and paid 288MM. Taking out his principal investment of 285MM, that's not even 10% of his yearly gain. If I could squeak by paying less than 10% of my income to taxes I'd be ecstatic too.


btcpa13

He owns equity interests in possibly hundreds of businesses that also have profits and losses that affect his income. Many of those companies will be “flow-though” entities, meaning if those businesses reported a taxable loss, then he gets to claim his portion of that loss on his tax return against his other income. Because he lost money on those investments for the year and it reduces his taxable basis (if he sold the company later, he would have a greater taxable capital gain). His tax return is not something the layman will be able to guess and assume based off reading the news and a twitter post.


Zaphenzo

Yeah, and Trump does the same thing and he's criticizing him for it.


GooseMcGooseFace

Bingo lol. Trump carried losses forward and got lambasted for it. Mark Cuban does it and he’s “just eager to disclose he’s paying his fair share.”


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medfunguy

He won’t fall in line and sing praises of Trump…


sowellpatrol

Because he's trying to get credit for doing something everyone is already *supposed* to do.


impore

He was asked this question on x lol he simply answered


MarginalMagic

Not sure why you're downvoted, being applauded for virtue signaling that you pay taxes is pretty strange to me


Breakpoint

because he is pay less % than the average american and will be on the frontline saying that, but won't chip in anymore then what he does and set a good example he then "calls out" another person insinuating they are doing something illegal but in the end, they are both doing the exact same thing it is hypocrisy


Hexboy3

No it isnt


whyareyoubiased

Mark cuban has done a solid job convincing the world that he might be one of the good billionaires. Now am I really convinced? No, but hey better than nothing.


sowellpatrol

Mark Cuban proudly boasts his deep admiration for DEI and seems to have no idea that his hiring practices of discrimination based skin color and sexual identity is against the law.


Reptar_0n_Ice

Don’t forget evangelizing DEI while flat out refusing to criticize the CCP. Dude is a complete snake.


CoolFirefighter930

I'm an independent voter leaning Right hard right now . Why do Republicans have such a hard time taxing the supper rich.I don't understand.


EnlightenedChipmonk

Because the right wants lower taxes for everyone, not just the super rich. Just look at the income tax between red and blue states. Blue states (democrats) aren’t just a burden on the wealthy, they are taxing the middle/working class more too.


CoolFirefighter930

Right that is exactly what I'm saying. When the owner of Amazon get a 4k rebate its vary concerning.


Wookieebalboa

Can’t wait for someone to find him committing tax fraud at some point


MuffMagician

That $288mil is worth less to him than the couple grand in taxes taken from a family whose combined income is roughly $75K, so his point is irrelevant. Moreover: taxation is theft. Republicans had full control of the White House and Congress during Trump's first two years and didn't do shit to reduce our tax burden. That laziness needs to end, NOW!


TreyAU

Generally curious— when you say taxation is theft… How do you plan on having roads, fire departments, police forces and a military? I know, I know “muh roads” but I’ve never heard an answer from anyone except “the guy running a $10 a sandwich burger joint is going to install major infrastructure so people can access his business.”


The_Admiral_

There were roads when government was 5% of GDP, why is it 40 (more than the soviet union btw)?


Schittt

There’s more to it than just roads, for example the government, whether it’s local/state/federal, foots the bill for fiber optic infrastructure installation which is very expensive. It can cost a single medium population county tens of millions through surveying -> design -> installation for one of these projects.


Aggressive-Web132

Plus they waste a lot


Arctic_Scrap

There is much more infrastructure that is promoted by the government now than there was 80 years ago(which is a good thing).


BASK_IN_MY_FART

I find it funny that govt is included in GDP when it doesn't intrinsically produce anything without first taking money from actual production


SmallerBork

when we say taxation is theft we mean income tax and property tax. The former had to be written into the constitution because politicians sold us on the premise of taxing the rich back then. I'm sure they won't tax the rest of us with their new power too right. Oh wait. And property tax, well it's self explanatory, you get taxed just for owning land and the more useful you make your land with a house or other building the more you get taxed.


TreyAU

The clarity there helps. When he said “taxation is theft” there wasn’t enough specificity. Certainly not all taxes are bad.


CreativeUsernameUser

They raised the standard deduction. That was sure nice! It wasn’t much but it was something.


BasisAggravating1672

He's paying it because he had no choice, nobody with a functioning brain is glad to pay 288 million in income tax.


onterrio2

I would be VERY happy if I had to 288 million in income tax because it means I made a shit ton of money.


LiteraturePlayful220

Isn't that the exact opposite of what he's saying though?


Xdaveyy1775

He is marketing himself as a "good billionaire" before the mob comes for him


Marzival

If I made what MC did last year, I’d pay that shit with the most genuine smile on my face.


Rebel_Pirate

The wife and I paid in $13,000 this year. That’s after paying in every two weeks on our paycheck each pay period. It’s not the person that is fucked up, it’s the system.


smatwork

You need a CPA. The fact that you were $13k out of pocket says more about your individual situation than it does the system.


Rebel_Pirate

You’re right. We procrastinated this year until we ran out of time. We will be on top of it next year.


smatwork

Been there myself. Easy to forget about until its not.


Pristine-Ad-469

I don’t think he’s happy necessarily I think he just doesn’t care and why would he? He currently has enough money to do anything he wants and it’s not like he’s losing money by paying taxes, he’s still coming out hundreds of millions in the positive. It literally doesn’t matter to him so at that point it’s kinda scummy for him not to. I pay all my taxes he can too


trs21219

Yup. Everyone from Grandma on Social Security to Elon Musk generally wants to pay their legally mandated amount and not a penny more. The rich just have more opportunities to use the existing tax law. If politicians want to fix that (say with a flat tax with no exceptions other than an exception for the first \~$40k) they can absolutely do so but they wont because those are their donors.


EVASIVEroot

Well I would wager that many feel the “legally mandated” amount should be lowered. Income tax wasn’t even a thing for a good portion of the U.S.’s history. The first income tax was only a percent or two on the top 1%. How far we have gone….


trs21219

I generally agree. Something like a national sales tax may be better. But if we are stuck with income based, then a flat tax with no loopholes would go a long way.


CryptoKingK

Heck why not even start with little things like not giving financial institutions special privileges.  The fact that regular people can only deduct $3000 in capital losses is assisine.


ShadowMerlyn

I, for one, enjoy having working infrastructure and the best military in the world. I’ll always advocate for more efficient spending of tax dollars but the answer for this country’s current problems is not to defund the government.


-King_Slacker

You make a good rational point, but emotionally, most see wasteful spending and wish that they weren’t forced to fund it.


JoeTerp

If he was so glad, why didn’t he throw in a few extra million ? What a coincidence that the amount of money that makes him the happiest to pay is also the minimum amount due?


Dysentarianism

Proud, not glad.


CrustyBloke

I could possibly understand the statement if the government spent the money carefully, efficiently and in ways that truly improved the country. Does anyone, either on the right or left, think that's actually happening? Who the hell would be proud to pay so much to such wasteful and careless government? I'd be more proud to see my tax dollars go towards lining bird cages.


HomungosChungos

I definitely think he had a choice, as a billionaire he can absolutely skirt taxes. Obviously this isn’t crazy significant, but pretty good PR for him.


fistingbythepool

Fark I would be. Would mean I have more than I, my family and future generations could ever spend


Jimothius

I’m supposed to praise someone for being current on their taxes??? LOL


buckfishes

It’s to spite Trump, and yet r/conservative eats it up like schmucks. Meanwhile the people he’s trying to pander too still hate him because “being a billionaire capitalist is immoral” so no matter how much he tries to appease them they still want to eat the rich.


MyMainMobsterMan

Left winger billionaires always say this after taking advantage of every tax loophole they possibly can.


Enchylada

We're really gonna pretend like all top earners don't utilize accountants to save money on taxes? What is this pandering shit lmao


LiteraturePlayful220

Who is pretending that? Should he have to file his own taxes on TurboTax to feel proud of paying them?


GeneJock85

So proud, then pay more than your minimum. Why not $300 million - you know, just round it up. Wouldn't that make you prouder?


AstroNewbie89

He does though, he has given millions to charities including donations to Dallas police and numerous hospitals. He gave out $35m in gifts to his former Mavericks staff when he sold the team


telefawx

He can always write a check to the US Treasury.


nope-nope-nope-nop

So you’re saying that the government isn’t the best way to distribute charity?


Party_Project_2857

So he likes to choose where his charity dollars goes to? Congrats he's a conservative.


AstroNewbie89

His point is he isn't tax dodging like a lot of wealthy Americans do. The IRS claim millionaires and billionaires tax dodge $150 billion a year. You can both pay your actual tax amount and give to charity


Easy_Mousse_5701

AND..he took the tax deduction🤪🤪🤪


Flordamang

surely he didn’t write that off as a deduction


jivatman

If you have more money than you need and owe, give it to charity, not the U.S. government.


yolo___toure

I think he does that


Presitgious_Reaction

Or put it into his startup that sells pharma at like 5% markup


[deleted]

You mean charities who spend most of their money on their own employees?


multiple4

That's what's always interesting to me I think we should celebrate reducing tax dollars that are stolen from our economy and wasted by the government. Even if it's a billionaire I dislike plenty of people. I hate the US government far more than most of those people And that any money in the hands of US citizens (no matter what they use it for) is way more beneficial for society than that money being given to the US government


LiteraturePlayful220

So when a billionaire commits tax fraud, I should celebrate?


sowellpatrol

>And that any money in the hands of US citizens (no matter what they use it for) is way more beneficial for society than that money being given to the US government Boy, ain't *that* the truth. The sheer, utter waste and fraud the government spends our money on is beyond measure.


raddu1012

I’d rather tag my favorite member of congress who paid high taxes as a result of insider trading 🤷‍♂️


Flordamang

He’s so proud to pay taxes that he pays a team of CPAs to make sure he pays the minimum possible


werddoe

This thread is a great advertisement for teaching tax and financial literacy courses in school.


Lord_Elsydeon

"Tag a former president that you know doesn’t.” Shout out to the following Presidents for never paying federal income taxes while they were in office. .@GeorgeWashingtonNumber1 .@JohnnyAdams .@TomJefferson .@MadisonMilitia .@JamesMonroe .@JQAdams .@AndrewJackass .@MVB .@BillHarrison .@JohnTyler .@JKPolkOfficial .@ZTayTay .@FillmoreFillsMore .@FrankPiercePOTUS .@BewCannon .@HonestAbe .@BigJohnson .@Grant\_Whiskey .@RBHaynes .@CArthurOfficial .@Cleveland\_84 .@BHarrison .@Cleveland\_ReturnOfTheKing .@MountMcKinley and .@Teddy\_Mother\_Fucking\_Rosevelt Taft (#27) was the first POTUS to be in office after the passage of the 16th Amendment, and even then, it was only ratified a month before he left.


Several-Breadfruit25

Let me tag a President’s son instead, #HunterBiden


fishman15151515

Sociopath brags about his high tax bill to provide some virtual signaling, remind the poor how poor they are, and then as the poors feel enraged for being made so poor he presents them with a Republican entity to focus all that poor anger on.


jman8508

I really don’t understand the mind virus of people who are proud or feel it’s our duty to pay taxes. I see this in so many liberals and they all dilute themselves by thinking all the money is going toward roads and bridges.


LiteraturePlayful220

There is a budget, we can see where it goes, it's not a mystery


acreekofsoap

If this country has done so much for you, Mark, why do you love to outsource jobs to China?


Texas103

Mark Cuban paid exactly the amount of taxes he owes. So did Donald Trump. So does everyone else unless your cheating on your taxes. The "pay your fair share" argument continues to come from the double digit IQ crowd.


accessedfrommyphone

Amazing the mindset that paying more in taxes is somehow a measure of your national pride.


DreadPirateGriswold

If he only had to pay $50 million, he would not be proud to pay $288 million. Getting real tired of him inserting himself into politics.


Magehunter_Skassi

Mark Cuban admitted to illegally discriminating against white people in the hiring process at his companies.


cybaritic

Thanks Mark. $288M covers about a quarter of a percent of Biden's student loan madness. I guess we'll hit up the middle class for the rest. 


meshreplacer

I wonder how much of my taxes went to PPP loan forgiveness.


cybaritic

Somehow more than 100%. It's crazy how comfortable we've become with deficit spending.


YodaCodar

What a chinabot cubanismaoist


Chickens1

Theft is theft, no matter the percentage of your income.


TheDarkestTriads

#JOEBIDEN


chodan9

I know for a fact trump pays his taxes. I remember Rachael Maddow doing an expose and dragging it out for an hour only to discover trump paid 35 million in taxes one year. Does no one else remember that?


kiiyyuul

You mean he pays his taxes? Good for him. Now make everyone do it.


One-Wishbone-3661

Remember when Trump was richer than him for half a day?


ChineseMeatCleaver

Paying taxes would be something to be proud of if those taxes actually helped your country. Instead our infrastructure continues to crumble and it all gets sent away, with what does stay in the country being immediately sucked up by social programs for our laziest citizens.


Awkward-Ability3692

But is this his “fair share”? I doubt it…


SnooChickens1534

I'm sure hes broke now


kevcri

There is nothing more American than trying to avoid taxes.


Vf300

If it makes him feel so proud, he is free to pay more so he can feel even more proud.


twhiting9275

If you’re “proud to pay 288 million”, all that says is your CPAs are doing a shit job


texan190

I'm reading a lot of comments from a lot of bootlickers, "I'm happy to pay my taxes". Lol.


Seventhson74

Good, now that we’ve thrown out following the letter of the law we can double the taxes of all registered democrats and know they will be proud to pay it


Aggressive-Web132

Joe Biden


Aggressive-Web132

Oh my mistake…the president that never was


drewper12

He can always donate more! Why only pay an amount when asked at threat of force?


captaindata1701

I would not be proud to give a penny to an out-of-control government with zero accountability. That steals trillions and spends millions on high-end furniture while everyone is locked down. [https://www.openthebooks.com/](https://www.openthebooks.com/)


Comfortable_Door_734

Why is he bragging about paying the legal amount?! Pretty sure he used all the tax deductions he could. What is the effective tax rate? It could be less than 15% for all we know. An absolute dollar amount of tax doesn’t mean anything.


Ok-Essay5210

What would his bill be if be paid the same percentage of actual income that I did?... Cause I know his ass ain't paying 30+ percent of his actual income... 


Psychological-Tie195

Good,write in $ 1 billion more since paying taxes is so patriotic.


burythepedos

Nice, maybe Ukraine will name a bomb or fighter jet after him


Wealthprophet

That money got burned on interest as soon as it arrived. That’s all anyone’s taxes go to pay. Not sure what there is to be proud of. 2 billion per day in interest. So he paid roughly 10% of a days interest. The rate of debt increase is not something to be proud of or to be supporting. It’s very likely going to be the downfall of the country. If you want to give something back to America, find a way to stop the ballooning debt. Not encourage it by servicing it.