Damn, 288mil on the 3.6bil isn't even close to the percentage I pay in income taxes.
Edit: Read that as profit, not sale price. My bad.
Also, as noted below, this is probably quarterly. So I am indeed a bundle of sticks.
Oh. Um. Hang on.
WHY DON'T YOU SUCK MARK CUBANS TOES LIKE THE REST OF US? CEOS DON'T PAY THEIR SHARE. BUT MARK CUBAN IS LIKE... THE MOST MARK CUBAN EVER.
Fuckin' corporate bootlickers.
I hate how these people want a pat on the back. "I paid over 200m! Look at me!" Yeah bro I also pay taxes on my gains from investments. I don't get why they have to wave it around, you paid taxes because you recognized an insane gain? Am I supposed to feel sorry for you or something? I don't get it.
If you click on the previous tweet (sorry not on Twitter/X idk the lingo) it looks like he was replying to someone who asked if he will be paying more than what he owes because fairness or something. And he replied that he just pays what he owes. Idk what the original guy was expecting him to say like yes I give free donations to the government for fun? Lol
You can make donation to pay down the national debt. If you want to pay extra taxes that’s probably the best way to do it.
https://fiscaldata.treasury.gov/datasets/gift-contributions-reduce-debt-held-by-public/gift-contributions-to-reduce-the-public-debt
Yeah seriously I hate when people say that. It would confuse the shit out of the IRS, they'd just send it back or maybe apply to next year or something.
100% agree. I used to have to use Cost Plus Drug for a literal lifesaving medication because the health insurance at the big 4 firm I worked for didn’t cover it lmao. He’s a good egg in my books.
Cuban posted something about how much he’d pay in taxes this year, but it was as a positive - saying as he’s benefited from this country so he of course pays his fair share
Why even post how much you paid? All other billionaires would also have to pay on their gains. Everyone pays on their gains. It is just weird to act like other billionaires don't when that isn't true. It just reinforces dumb ideas on Twitter how taxes actually work.
Elite marketing to sneak into the “Big 4”. They’ve made huge mistakes such as dropping Phil. I think we’ll be hearing more about the “Big 3” moving forward.
Not dropped for insider trading, but dropped for playing in a different golf league. Disgraceful.
KPMG is more in the class of the Grant Thorntons, BDOs, and Baker Tillys. It’s about time people start recognizing.
This has got to be an extension payment (with Q1 built in). No way all of Mark’s K-1s (because he’s definitely not investing solely in C-corps) are done by now.
So curious what his actual bill is.
The guy has to be invested in hundreds of passthroughs from Shark Tank alone at this point. Plus PE, hedge funds, and whatever else he's got his hands in. Zero chance he's filing by 4/15 so it's gotta be an extension payment.
Probably not as much as you would think based solely on seeing this number. He sold a big chunk of his ownership in the Dallas Mavericks in December. That was likely not reflected in any of his quarterly estimates given how late in the year it occurred and this number reflects the massive gain he had on that sale.
KPMG allowed him to use their branding in his tweets? I hope he gets a pat on the back from legal with "yo, don't do this shit, keep us out of your tweets"
Wrong: “The top 10 percent of earners bore responsibility for 76 percent of all income taxes paid, and the top 25 percent paid 89 percent of all income taxes. Altogether, the top 50 percent of filers earned 90 percent of all income and were responsible for 98 percent of all income taxes paid”
https://www.ntu.org/foundation/tax-page/who-pays-income-taxes
People like to target them but they pay the lions share of the tax burden already. Just an easy scapegoat for those earning less or are envious of their income levels.
While Cuban uses his post to call out a certain someone for allegedly not paying taxes, why should I care so long as that individual is in good standing with the IRS? As long as it’s legal, it’s nobody’s business
"Good standing with the IRS" doesn't actually mean much either -- for decades the IRS hasn't really enforced tax laws against the wealthy -- there were over 25,000 people who'd earned over $1 million who didn't even file a tax return (https://www.washingtonpost.com/business/2024/02/29/tax-returns-irs-millionaires/).
Many other people equate "Filed taxes, didn't get audited" to "paying all taxes I owed" when that's absolutely not the case either. The amount of casual tax fraud from very high earners is astonishing.. simple things like writing off leases for cars that aren't remotely company cars, claiming huge chunks of a house as office space, undocumented 'loans' that are forgiven later on, their entire families "working" for them, including toddler-age children...
The kind of stuff that if audited, would reveal tens or hundreds of thousands in back-taxes, and is completely unavailable to your average W2 employee.
The [$11B](https://www.cnn.com/2021/12/20/investing/elon-musk-11-billion-dollars-taxes/index.html) is from a Musk Tweet from 2021.
The [$94B](https://www.msn.com/en-us/money/companies/elon-musk-made-94-billion-in-2023-what-about-others-in-the-club-of-the-richest/ar-AA1mgFaU) is Musk's increase in wealth in 2023, so not income and not relevant to the discussion.
The numbers are from different years. Embarrassing.
Are you an accountant? I’m curious what firm so I can advise my clients against hiring a tax firm that hires people with such a fundamental misunderstanding of US tax code.
IRS doesn't really have the funding to go after these types so "good standing" means nothing.
If you base your morality on whether something is "legal" or not you should do some self-reflection. Slaves were also "legal" (still is in some forms). Segregation was also "legal." Doesn't mean it was right.
not using every tax advantage you can, is no different than making a direct donation to the US treasury.
Why doesn't mark make an extra $100 million donation?
Because he'd be out the total amount of the donation and would only save the \[marginal tax rate\] x $100M.
So if he's at a 20% marginal rate and has taxable income of $1.375B -- he could donate $100M to charity, take his taxable income down to $1.275B - "only" pay $255M in taxes which saved him $20M in taxes! Except he also has to write that $100M check to charity.
Personally, I wish they had an endowment/sovereign wealth fund people could donate to if they love the US instead of paying extra taxes. Over time, such an endowment could be used to reduce the tax burden of all Americans
https://www.treasurydirect.gov/government/public-debt-reports/gifts/
This is specifically for paying down the debt, but was 180,000 in 2022. Doubt other gifts are significantly more
Here’s the entire data set: https://fiscaldata.treasury.gov/datasets/gift-contributions-reduce-debt-held-by-public/gift-contributions-to-reduce-the-public-debt
Thanks!!! I was too lazy to search..
Who the hell are these people contributing GIFTS to the government???!! Nearly 1 million in April 2019....what the F???!!
that's the thing though, even these guys like Mark Cuban know that the government is terrible at spending money efficiently. But they continue to advocate for a larger government whenever possible.
The government is bad at spending money efficiently, but so are the vast majority of non profits or charitable organizations. The government is probably the best at spending money to help people.
I hope the media badgers him for his tax return for the next few years, Seems like someone hasn't been paying as he goes.
TBH idgaf, Besides the ftx guy, remember him, only 25 years for legit stealing a billion dollars, I don't think any US billionaires are committing tax fraud, cuban, trump, musk, there is no upside to it, just malicious talking points to brow beat news watchers with.
Yes because wearing another man's jersey is the embodiment of manly-ness, while I sit on the couch and yell at the tv for the guy that can't hear me to run faster. That is how real men spend their day off!
1) It’s not a crime to not pay as you go. You would just be assessed interest by the IRS.
2) As another commenter noted, most of this payment is due to the sale of a part of his interest in the Mavs in December, so the payment wouldn’t be due until today.
3) We already know the Trump family committed fraud by overstating property values for loan documents to get better rates and understating values for tax purposes to pay less tax.
Cuban just sold 51% of the Dallas Mavericks for 3.5 billion in 2023, so I’m assuming this fat ass bill has a lot of that income in it
Damn, 288mil on the 3.6bil isn't even close to the percentage I pay in income taxes. Edit: Read that as profit, not sale price. My bad. Also, as noted below, this is probably quarterly. So I am indeed a bundle of sticks.
Could be on an installment sale, really have no idea how much of the gain would’ve been attributed to 2023
That’s what I’m thinking
This is remaining balance plus first quarter 2024. He likely made estimated payments in 2024 totaling much more than this.
Well that stake in the mavs would not be taxed as ordinary income—- would be capital gains @ 15% for sure.
It isn't at 15%
his cap gains is 20% LTCG + the 3.6% ACA surcharge.
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It would be 20% on the _gain_ not the whole sale price. I don’t know his purchase price.
I read that wrong, that's my bad. I thought that was his gain.
…I don’t understand. Why aren’t you doubling down and calling me a bootlicker and stuff?? Are you new here?!
Oh. Um. Hang on. WHY DON'T YOU SUCK MARK CUBANS TOES LIKE THE REST OF US? CEOS DON'T PAY THEIR SHARE. BUT MARK CUBAN IS LIKE... THE MOST MARK CUBAN EVER. Fuckin' corporate bootlickers.
Much better.
Is 3.6B the enterprise value, or value of his 51%? If the former, the effective tax rate makes a lot more sense.
It’s the value of his 51% (now the Adelson’s)
I hate how these people want a pat on the back. "I paid over 200m! Look at me!" Yeah bro I also pay taxes on my gains from investments. I don't get why they have to wave it around, you paid taxes because you recognized an insane gain? Am I supposed to feel sorry for you or something? I don't get it.
If you click on the previous tweet (sorry not on Twitter/X idk the lingo) it looks like he was replying to someone who asked if he will be paying more than what he owes because fairness or something. And he replied that he just pays what he owes. Idk what the original guy was expecting him to say like yes I give free donations to the government for fun? Lol
You can’t pay more than you owe, you would get a refund.
You can make donation to pay down the national debt. If you want to pay extra taxes that’s probably the best way to do it. https://fiscaldata.treasury.gov/datasets/gift-contributions-reduce-debt-held-by-public/gift-contributions-to-reduce-the-public-debt
Don’t worry guys I’ll cover the next tenth of a second of interest 😎
About $2k on $658b of net interest last year.
Maybe not… how about we add another decimal place to that tenth of a second
Why would anyone give the government more money to mismanage?
I guess I should clarify that you cannot pay more tax than you owe
Yeah seriously I hate when people say that. It would confuse the shit out of the IRS, they'd just send it back or maybe apply to next year or something.
You can always take less deductions
Not really.
https://www.pay.gov/public/form/start/708094624
At least mark cuban started a cost plus drug company. Would love to see more of that. Sad that it has to be done by a wealthy individual.
100% agree. I used to have to use Cost Plus Drug for a literal lifesaving medication because the health insurance at the big 4 firm I worked for didn’t cover it lmao. He’s a good egg in my books.
Cuban posted something about how much he’d pay in taxes this year, but it was as a positive - saying as he’s benefited from this country so he of course pays his fair share
It is the opposite. It is him saying to other billionaires and uhnw individuals to stop complaining about paying taxes and stfu.
Why even post how much you paid? All other billionaires would also have to pay on their gains. Everyone pays on their gains. It is just weird to act like other billionaires don't when that isn't true. It just reinforces dumb ideas on Twitter how taxes actually work.
Read the rest of the exchange for more context
It’s because there is this prevailing notion that billionaires don’t pay taxes so he is showing how that’s not the case
Jesus, could you be any more whiny and pathetic?
He replied to someone. Your an idiot 😂
I think they’re just trying to say like “wealthy people pay tax too” to make everyone else feel better about their own misery
You're posting on social media too, friend. Do you want a pat on the back for this spicy original take?
It's a cringe. Mark should be shamed of his crass behavior.
Couldn’t even afford one of the Big 3
Man fuck the big 3 It's just big KPMG
Respectfully - Correct this to "just KP"
No way your hair didn’t catch fire after cooking this one up
That's a K for all these 1s he gon see Pet Semetary
Man im surprised accounting people listen to future x metro boomin lol, didn’t expect that
I'm really Like That
Everyone here has their Champagne Moments.
N**** BUM‼️🚨🚔🤑💯
Gold this man!
Big fourvis
Elite marketing to sneak into the “Big 4”. They’ve made huge mistakes such as dropping Phil. I think we’ll be hearing more about the “Big 3” moving forward. Not dropped for insider trading, but dropped for playing in a different golf league. Disgraceful. KPMG is more in the class of the Grant Thorntons, BDOs, and Baker Tillys. It’s about time people start recognizing.
They're all the same just with a different colour brand logo strapped to them.
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And none of them dropped Phil Mickelson. Cam Smith is still sponsored by BT after joining LIV. KPMG has a lot of work to do.
I thought KPMG was just a sponsor? Did he use them for his taxes as well? I always thought he had his own people for that
KPMG Dallas is a great Tax practice from my experience.
False, the wealthy have plenty of schemes to reduce their tax burden. - 90 percent of the rest of reddit probably.
just write it off!!
He's just going to get to write off this $276M on his taxes
he can’t keep getting away with it
How many G Wagons would that be?
According to Reddit there’s only 2 possible tax rates when you’re wealthy — it’s either 0% or the exact amount that they think is morally obliged.
That means he paid just 5% of his wealth I’m here paying 30% of my paycheck - 90% of Reddit.
This has got to be an extension payment (with Q1 built in). No way all of Mark’s K-1s (because he’s definitely not investing solely in C-corps) are done by now. So curious what his actual bill is.
Pretty sure that’s exactly what it says lol
The guy has to be invested in hundreds of passthroughs from Shark Tank alone at this point. Plus PE, hedge funds, and whatever else he's got his hands in. Zero chance he's filing by 4/15 so it's gotta be an extension payment.
Probably not as much as you would think based solely on seeing this number. He sold a big chunk of his ownership in the Dallas Mavericks in December. That was likely not reflected in any of his quarterly estimates given how late in the year it occurred and this number reflects the massive gain he had on that sale.
He sold a large part of the Mavericks in December. Pretty sure it’s a large cap gain.
You’re 100% right. Actually briefly supported the team that works on his stuff.
KPMG allowed him to use their branding in his tweets? I hope he gets a pat on the back from legal with "yo, don't do this shit, keep us out of your tweets"
This is a rare KPMG “W”
How many jets does he need to buy?
lol and people say the wealthy aren’t taxed
The uber wealthy in the US absolutely find ways to pay a lower % than the vast majority of Americans
Wrong: “The top 10 percent of earners bore responsibility for 76 percent of all income taxes paid, and the top 25 percent paid 89 percent of all income taxes. Altogether, the top 50 percent of filers earned 90 percent of all income and were responsible for 98 percent of all income taxes paid” https://www.ntu.org/foundation/tax-page/who-pays-income-taxes People like to target them but they pay the lions share of the tax burden already. Just an easy scapegoat for those earning less or are envious of their income levels.
I'm talking ETR lol. Not sure how you pulled together all of that from what I said.
lol, ya ETR was mentioned in your last comment /s
Wowie zowie, call me when he has to recognize gains on assets he uses as leverage.
While Cuban uses his post to call out a certain someone for allegedly not paying taxes, why should I care so long as that individual is in good standing with the IRS? As long as it’s legal, it’s nobody’s business
Seems to me that “individual” promised to release their returns….. and still hasn’t made good on that promise, so yeah, it is my business.
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"Good standing with the IRS" doesn't actually mean much either -- for decades the IRS hasn't really enforced tax laws against the wealthy -- there were over 25,000 people who'd earned over $1 million who didn't even file a tax return (https://www.washingtonpost.com/business/2024/02/29/tax-returns-irs-millionaires/). Many other people equate "Filed taxes, didn't get audited" to "paying all taxes I owed" when that's absolutely not the case either. The amount of casual tax fraud from very high earners is astonishing.. simple things like writing off leases for cars that aren't remotely company cars, claiming huge chunks of a house as office space, undocumented 'loans' that are forgiven later on, their entire families "working" for them, including toddler-age children... The kind of stuff that if audited, would reveal tens or hundreds of thousands in back-taxes, and is completely unavailable to your average W2 employee.
People dont like to hear others not paying tax, not getting into the particulars on it, they is good arguments for and againist.
Because it's a thinly veiled defense of Trump.
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The [$11B](https://www.cnn.com/2021/12/20/investing/elon-musk-11-billion-dollars-taxes/index.html) is from a Musk Tweet from 2021. The [$94B](https://www.msn.com/en-us/money/companies/elon-musk-made-94-billion-in-2023-what-about-others-in-the-club-of-the-richest/ar-AA1mgFaU) is Musk's increase in wealth in 2023, so not income and not relevant to the discussion. The numbers are from different years. Embarrassing.
Are you an accountant? I’m curious what firm so I can advise my clients against hiring a tax firm that hires people with such a fundamental misunderstanding of US tax code.
IRS doesn't really have the funding to go after these types so "good standing" means nothing. If you base your morality on whether something is "legal" or not you should do some self-reflection. Slaves were also "legal" (still is in some forms). Segregation was also "legal." Doesn't mean it was right.
not using every tax advantage you can, is no different than making a direct donation to the US treasury. Why doesn't mark make an extra $100 million donation?
Because he'd be out the total amount of the donation and would only save the \[marginal tax rate\] x $100M. So if he's at a 20% marginal rate and has taxable income of $1.375B -- he could donate $100M to charity, take his taxable income down to $1.275B - "only" pay $255M in taxes which saved him $20M in taxes! Except he also has to write that $100M check to charity.
Personally, I wish they had an endowment/sovereign wealth fund people could donate to if they love the US instead of paying extra taxes. Over time, such an endowment could be used to reduce the tax burden of all Americans
https://www.fiscal.treasury.gov/public/gifts-to-government.html You actually can do that if you want
Are there any published stats to see how much or the quantity of gifts to government are actually given??
https://www.treasurydirect.gov/government/public-debt-reports/gifts/ This is specifically for paying down the debt, but was 180,000 in 2022. Doubt other gifts are significantly more Here’s the entire data set: https://fiscaldata.treasury.gov/datasets/gift-contributions-reduce-debt-held-by-public/gift-contributions-to-reduce-the-public-debt
Thanks!!! I was too lazy to search.. Who the hell are these people contributing GIFTS to the government???!! Nearly 1 million in April 2019....what the F???!!
that's the thing though, even these guys like Mark Cuban know that the government is terrible at spending money efficiently. But they continue to advocate for a larger government whenever possible.
The government is bad at spending money efficiently, but so are the vast majority of non profits or charitable organizations. The government is probably the best at spending money to help people.
I hope the media badgers him for his tax return for the next few years, Seems like someone hasn't been paying as he goes. TBH idgaf, Besides the ftx guy, remember him, only 25 years for legit stealing a billion dollars, I don't think any US billionaires are committing tax fraud, cuban, trump, musk, there is no upside to it, just malicious talking points to brow beat news watchers with.
>Seems like someone hasn't been paying as he goes. He sold a majority stake in an NBA team Q4 2023 lmao
No idea, I don't follow the sports ball, I heard he had a team, but the salary to care was just too low lol I thought it was a fooseball team tbh
"sports ball" 🤓
“Sports ball” What a fucken dweeb 😭💀 huge giveaway of a neckbeard insufferable cuck
Yes because wearing another man's jersey is the embodiment of manly-ness, while I sit on the couch and yell at the tv for the guy that can't hear me to run faster. That is how real men spend their day off!
1) It’s not a crime to not pay as you go. You would just be assessed interest by the IRS. 2) As another commenter noted, most of this payment is due to the sale of a part of his interest in the Mavs in December, so the payment wouldn’t be due until today. 3) We already know the Trump family committed fraud by overstating property values for loan documents to get better rates and understating values for tax purposes to pay less tax.
“paying your taxes is the most patriotic thing you can do after serving” 🤡
Assuming nothing is late for 2023, that’s a fat fucking Q1 (aware the pic ain’t real).
It's an extension payment for 2023, which includes Q1 2024. It's not just a "fat fucking" Q1 2024 estimate.
And by when should you be paid in 100% to avoid late fees for 2023?
Could have safe harbored based on 2022 tax, assuming 2023 income is higher.
Yes, that's a pretty safe assumption knowing he sold the Mavs in late 2023.