Mark Cuban Paid Millions in Taxes for 2023: Why He Doesn’t Try To Pay Less Like Us
Billionaire entrepreneur, investor, and philanthropist Mark Cuban pays his fair share in taxes. According to a post on X, formerly Twitter, Cuban has to pay the IRS a total of $275,900,000, as reported by CBS News.
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When questioned whether he or his “corporations pay more than the required taxes in order to pay your fair share,” Cuban replied: “This country has done so much for me, I’m proud to pay my taxes every single year.”
Cuban also confirmed with CNBC Make It that he wired his $275.9 tax bill that same day.
“We only get to be entrepreneurs and enjoy the freedoms we have because of the men and women who dedicate their lives to protecting our country,” he told CNBC Make It. “They deserve every penny they get and my taxes go to support them.”
Cuban is currently worth $5.4 billion, according to a Forbes estimate. He explained to CNBC Make It that most of his tax bills go toward long-term capital gains, which apply to the sale of assets held for more than a year before they’re sold. The tax rate is based on total taxable income. For Cuban, the long-term capital gains tax rate was likely 20%.
CNBC Make It also claimed that Cuban may owe additional taxes based on his personal income. Previously, he confirmed that he pays 37%, the top marginal income tax rate for single filers who earned $578,126 or more in 2023, according to the IRS.
Assuming Cuban is in the highest tax bracket and filing as single (although he is married), CNBC Make It calculated that he would owe $174,238.25 plus 37% of any income he earned above the $578,126 threshold.
Cuban refused to confirm which assets triggered the capital gains taxes, CNBC Make It reported. He also did not say if it was related to his partial $3.5 billion sale of the Dallas Mavericks, which was approved in Dec. 2023.
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This article originally appeared on GOBankingRates.com: Mark Cuban Paid Millions in Taxes for 2023: Why He Doesn’t Try To Pay Less Like Us
