“The math is the math,” he wrote. “We have to reduce the deficit and spending. We need to raise taxes on the wealthy without diminishing investment that creates jobs, raises and improved productivity.”
The total U.S. national debt is crushing, at $40.5 trillion, with the debt to GDP ratio at 125%. To reduce the debt, Cuban recommends that all federal agencies cut their spending by 1% a year for five years.
But he also recommends raising government revenue by dramatically increasing taxes — specifically on wealthy individuals and corporations — in order to save programs like Social Security.
The Social Security Administration projects its primary trust fund will run out by 2032, reducing benefits for beneficiaries unless something can be done.
Moneywise reached out to Cuban for comment but did not hear back as of publication. Here’s a breakdown of his proposals.
Tax more to support Social Security, raise wages
Since 2018, Americans in the highest tax bracket have paid a 37% tax rate to the IRS. For 2026, income over $640,600 for individuals and $768,700 for couples is subject to this rate. In 2027, those numbers will rise to $661,375 and $793,650.
Cuban proposes boosting the top marginal tax rate to 44%. For context, 44% is still lower than the 50% tax rate the richest Americans paid in the early 1980s, per the Bradford Tax Institute, but it’s also higher than they’ve paid since the 1990s.
While the people in this tax bracket represent just 1% of the population, according to the finance and investing website DQYDJ, their contributions have an outsized impact on federal revenue. According to the National Taxpayers Union Federation, the wealthiest Americans paid nearly 38.4% of all income taxes in 2023.
Cuban also proposes a Social Security tax on income between $1 million and $5 million. Currently, the highest amount of earnings on which individuals must pay Social Security tax is $184,500. This will rise to $192,300 in 2027.
As the Wall Street Journal reveals, he’s also recommended increasing taxes on windfall profits of $1 billion or more — such as when he sold his majority stake in the Dallas Mavericks for $3.5 billion in 2023 per HITC.
