I too, would be happy to have a $275 mil tax bill.
I’m sure he still pays less than he should
Lol it will literally never be enough for some people
Apparently his net worth is 5.4 billion, so this’d be something like 4% of what he’s worth?
I’d say it’s something at least, IIRC the current proposed wealth tax is 2%
Net worth taxes are stupid.
Just tax loans collateralized by stock as income, and give a deduction on the interest when they pay back the loan.
That’s currently the biggest loophole the wealthy use. They use their stock portfolios as collateral for loans, which are untaxed. Then as their portfolio grows they take out more loans to cover the old one and fund their lifestyle, or they liquidate some of their assets at the much lower capital gains tax to pay it back.
Just tax collateralized loans as realized gains and be done with it.
Why are net worth taxes stupid compared to taxing loans?
They aren’t. They’re just operating under the false assumption that you can’t tax wealth, only income. Convenience ignoring that property taxes exist.
Without a wealth tax, he could quit today, stop all the loan nonsense and just put it in conservative index funds, and his blood line would be set for generations, even if they bred like rabbits and split it 500 different ways.
He realizes we’ll make money worthless if they keep this shit up for too much longer.
Honestly, Mark Cuban seems like kind of a cool guy, for a billionaire. I’m sure he’s done nasty shit, it’s basically inevitable that even the most morally and ethically conscious person would have to do something bad in order to become a billionaire; however he doesn’t come off as being sociopathically greedy like Musk or Bezos.
Cuban made costplusdrugs.com 😃
sad as it is to say, he’s probably the most moral/ethical of the bunch atmOh yeah! I forgot about that. Definitely adds to the belief that he’s probably not a terrible guy irl.
Isn’t the Virgin CEO guy a good dude? Or is that just good PR and sunglasses?
Never underestimate the power of sunglasses
Branson? No.
https://www.espn.com/nba/story/_/id/33527472/ex-gm-donnie-nelson-sues-dallas-mavericks-says-was-fired-reporting-sexual-misconduct-team-denies-claim this would be the one knock against Mark Cuban, kind of soured me to him, but I think he tries to be a good guy.
He’s the one Shark who is almost a decent person. IIRC, he’s the one who ended the policy that people presenting on the show had to give up part of their company no matter if they had an accepted deal or not. He made the very good point that anyone halfway decent at business would be very hesitant to take that offer, and they were losing out on good possibilities because of it.
Still, fuck him. You can’t be a billionaire without doing shady shit somewhere.
Indeed.
And an often overlooked downside of all the tax loopholes is that asshole billionaires don’t pay tax, so they have a competitive advantage against someone like Mark Cuban.
Basically, with billionaires we are evolving them to become nastier with each generation.
Actually this is depressing news.
Is “billionaire” Trump going to brag about his large tax bill too? Oh, he’s not?
It’s all stock assets, so he IS a billionaire, he just cant access those billions unless he liquidates his stock assets.
Ask Elon.
But don’t bring up that Elon has the FCC on him for the billions of dollars he has gotten out of banks as loans on the collateral of his stock holdings, all the while everyone knowing that the second Elon starts selling his stock holdings, they plummet, and suddenly that collateral drops from billions of dollars to hundreds of thousands of dollars in value. Because that’s how stocks work. But the rich need to have a way to make their worthless existences spend poor people’s savings accounts.
Should that be the SEC?
Not sure why you’re being downvoted. Rich people’s net worth is not how much cash they have in their bank account. When you have a lot of money there are countless ways to avoid being taxed on it. The reason is obvious: politicians are part of that rich class and they decide the rules.
Not being downvoted on my end, so alls good.
Lemmings lean towards knuckle dragging, or so my Federverse experience has suggested.
Not sure what knuckle dragging means. But we’re all in the negatives now. I’m so confused.
I’m on Kbin.
Lemmy (and a whole slew of other federverse instances) content comes across, but their upvotes and downvotes don’t.
If I logged into Fedia or Lemmy and found this thread, I would see different vote counts, but through Kbin, its all upvotes and 0 downvotes.
It’s all stock assets, so he IS a billionaire, he just cant access those billions unless he liquidates his stock assets.
Funny, I can’t access the number on my bank account either unless I liquidate that. Sometimes it’s soothing to know even billionaires don’t actually have a Scrooge McDuck style money bin with actual cash in it to swim around in.
A man with stocks as savings he needs to liquidate to use is the same as a raccoon with a giant fluffy cloud of cotton candy who will try to wash it when he finally wants to eat it.
Ah it‘s uplifting news that a billionaire pays the taxes he legally owes? Fuck this. Eat the rich.
I think one of the ways we can get this to happen more often is by celebrating these wins. That’s sorta a way to get good things to continue happening. It’s someone making the correct moral choice. Let’s support that while continuing to demonize the bullshit the other billionaires do.
Guys! Someone did something minimally good. Let’s make sure to insult him for it so he researches how to avoid it next time.
When all the other billionaires don’t yeah it’s a good thing.
I don’t think frequency has any affect on morality of doing the bare fucking minimum.
Based
I bet E*** loved that!
Shame the other greedy fucks cant do it
I just checked what I payed in taxes vs my net worth. I paid about 11% of my net worth in taxes this last year. Damn that sucks looking at the numbers lol. At least he’s almost halfway towards getting there and happy to pay. I’m curious what it looks like for others. I’m in my 30s for reference in high cost of living location.
Wow, I paid 31%.
Pain.
You almost certainly paid 31% of your income, not your net worth.
Fair, misread his comment.
Net worth, in the general sense anyway, doesn’t get taxed. This is one of the ways billionaires can pay so little taxes. Outside of things like property tax, you don’t pay tax on something like a house.
If we are talking straight net worth and not income, then I paid ~10% in federal taxes last year. But again that’s not really a fair comparison as we aren’t taxed on net worth but income.
The tax system is fucked and needs a serious overhaul.
Sorry I was originally responding to another comment, but I figured I’d make mine a main comment to the post. The missing context to my post, that I just added, is “According to forbes, his net worth is about 5.4 billion. 276 million is about 4% of his net worth paid in tax.”
So adding to your point that the tax system is fucked, I’m paying a higher percentage of taxes than a billionaire, and I’m not even a millionaire.
“Obscenely rich proud for poor people to celebrate him for doing less than the bare minimum”
Other obscenely rich people doing less, doesn’t make this shit uplifting nor worth praise, it still is literally less than the bare minimum. Fuck this noise.
maybe if you were cool like Mark, you’d be rich and you wouldn’t be so cranky… seriously, i think it would be good for you to study Mark and sort of pattern yourself after him a little… he’s pretty successful and has lots of friends…
Hey, don’t let good be the enemy of better. A billionaire advertising taxes like a good thing is better than anything I’ve ever seen Elon musk do.
Except as I said, this is less than bare minimum, it doesn’t even come near “good” let alone “perfect”, it’s literally a PR stunt designed to make you think it’s good, and all you’re doing here is proving how well it works as the system keeps chugging along and this billionaire, like all the others, continues getting richer at our expense.
So to paraphrase - it’s bootlicking that is the enemy of progress, and you’re getting a nice mouthful there.
It was one sentence. How did you manage to misunderstand it?
Man, here’s the thing. He paid his taxes right? Did Elon paid around the same amount his net worth? Did any other billionaire did?
Now, remember those people seeking clout using charity? What if more people seeking clout using charity? What if more billionaire seeking clout by paying taxes too? Sure, not “good” or “perfect”, but better. As in, 1 is better than 0 because something is better than nothing. But I’d argue that something better is a good thing in general.
Would you like me to give you some money to help your debt, but not in full or none at all? Same thing here, only the debt is to society in the form of taxes. Something is better than nothing and hence a good thing.
That’s about 2 F-35s
