Apr 16, 2024
As America reflects on another tax season gone by, the debate over whether the wealthy are paying their fair share continues.
In the case of billionaire "Shark Tank" star Mark Cuban, the short answer is that he pays a substantial amount.
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On April 14, a day before Tax Day, Cuban revealed how much money he’s giving to Uncle Sam this year.
“I pay what I owe. Tomorrow I will wire transfer to the IRS $288,000,000.00,” he posted on X.
Just off the mark
It turns out, however, Cuban was a few million dollars off the mark. The following day, he issued a correction, showing his tax bill was in fact $275.9 million.
“I was wrong with my number yesterday,” he posted on X. ”Got the final number and the wire is complete.”
Cuban didn't provide details on his hefty tax bill, but it may be connected to the sale of the Dallas Mavericks, which was approved by the NBA Board of Governors in late December.
Mark Cuban purchased the Dallas Mavericks in 2000 for approximately $285 million. In 2023, he sold a majority stake in the team for a reported $3.5 billion, while maintaining oversight of basketball operations.
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Proud taxpayer
In his original post, Cuban also expressed his willingness to pay taxes while suggesting a certain former president does not.
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“This country has done so much for me, I’m proud to pay my taxes every single year. Tag a former president that you know doesn’t,” he wrote.
Cuban appears to be taking a swipe at former President Donald Trump. According to documents made public by the House Committee on Ways and Means, Trump paid no income tax in 2020 and reported negative income on his federal tax returns for the years 2015, 2016, 2017 and 2020.
Cuban’s message resonated widely. As of this April 16, his original post on X has amassed 32.6 million views and more than 188,000 likes.
But not everyone supports his viewpoint. For instance, conservative author and activist Brigitte Gabriel called Cuban’s post “disingenuous.”
“Did you not take any tax breaks or write-offs?” Gabriel replied to Cuban. “President Trump pays exactly what he is required to pay according to the tax code just like you. You're both in completely different businesses with completely different regulations. Do better.”
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Jing is an investment reporter for MoneyWise. He is an avid advocate of investing for passive income. Despite the ups and downs he’s been through with the markets, Jing believes that you can generate a steadily increasing income stream by investing in high quality companies.
