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Mark Cuban is ‘proud to pay’ $275.9 million in taxes
(www.cnbc.com)
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this post was submitted on 16 Apr 2024
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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.
You didn't read the article did you, but even without reading it you'd know he'd have to have a huge amount of income for the year (not just stock appreciation) to have a $275 million tax bill.
'Cuban, who is also one of the stars on ABC's "Shark Tank," has an estimated net worth of $5.4 billion and says his tax bill is "almost all long term capital gains," which almost certainly triggered a federal long-term capital gains tax of 20%.'
Lets assume generously that 100% if that is long term cap gains taxes (which you only get taxed on the sale of assets). In 2023 he would have had to have sold $1.375 billion in stock he'd held for more than one year.
Hey. You rite.
Mark Cuban is my current rich hero.
He is a douche in all of the correct ways.
I made a deeper dig at Trump and Musk who are flexing internet stock like there haven't been 10 crashes to show us why Ian and Anthony aren't running for billionaire office this second.
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.
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.
Oh that's cool. I didn't know that. TIL.
Should that be the SEC?