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Started By
Message
Marc Cuban brags about an 8% tax rate?
Posted on 4/15/24 at 10:10 am
Posted on 4/15/24 at 10:10 am
Marc sold the Mavs for $3.5 billion and is bragging about paying $288 million in taxes this year. That's roughly an 8% tax rate and that rate assuming he had no other income this year.
How did he get to an 8% tax rate?
What's infuriating is people were even praising him. Those people are all probably paying a much higher tax rate than Marc is.
LINK
How did he get to an 8% tax rate?
What's infuriating is people were even praising him. Those people are all probably paying a much higher tax rate than Marc is.
LINK
26
Posted on 4/15/24 at 10:11 am to stout
Tax loopholes for the rich. It wouldnt be a deal if it wasnt good for him.
Posted on 4/15/24 at 10:12 am to stout
Good for him. If he abided by the tax code, then he paid what he owed.
Posted on 4/15/24 at 10:14 am to stout
Bro, that's not how taxes work. Do you know what his basis was? Do you know if he had any other losses, etc?
There is no possible way you can estimate his tax rate just based on the sale of one asset.
There is no possible way you can estimate his tax rate just based on the sale of one asset.
Posted on 4/15/24 at 10:14 am to stout
quote:
8% tax rate
Pay your fair share!
Oh, that's right, it's different for them. Yet they fault Trump for taking advantage of tax loopholes.
Posted on 4/15/24 at 10:15 am to stout
quote:He had a cost basis for the Mavs which he would subtract from his sales price. That would lower his taxable income from the sale.
Marc sold the Mavs for $3.5 billion and is bragging about paying $288 million in taxes this year. That's roughly an 8% tax rate
So your math is questionable in arriving at the 8% effective rate on the sale.
Posted on 4/15/24 at 10:18 am to LSURussian
I’d like to think he was mocking using libs logic on taxes .
Posted on 4/15/24 at 10:18 am to stout
Its not his fault our tax code is so complicated an broken.
Tax minimization is legal. Tax avoidance is not.
Maybe if we implemented a simpler form of taxation without special interest loopholes, this wouldn't happen.
Tax minimization is legal. Tax avoidance is not.
Maybe if we implemented a simpler form of taxation without special interest loopholes, this wouldn't happen.
Posted on 4/15/24 at 10:19 am to stout
Its not his fault our tax code is so complicated an broken.
Tax minimization is legal. Tax avoidance is not.
Maybe if we implemented a simpler form of taxation without special interest loopholes, this wouldn't happen.
Tax minimization is legal. Tax avoidance is not.
Maybe if we implemented a simpler form of taxation without special interest loopholes, this wouldn't happen.
Posted on 4/15/24 at 10:19 am to Nosevens
quote:
I’d like to think he was mocking using libs logic on taxes .
Lol he’s a major lib
Posted on 4/15/24 at 10:20 am to stout
Knowing that I paid a much much higher percentage than Cuban pisses me off.
Posted on 4/15/24 at 10:22 am to stout
He wasn’t the sole owner.
He bought his share of the team too,
He has other interests.
You can’t look at one transaction and determine his tax rate.
However, it does appear he has a good accountant.
He bought his share of the team too,
He has other interests.
You can’t look at one transaction and determine his tax rate.
However, it does appear he has a good accountant.
Posted on 4/15/24 at 10:25 am to stout
Its also funny, that most people will focus on the percentage rather than the amount, which is almost $300 million.
100x the amount most people will pay in a lifetime.
100x the amount most people will pay in a lifetime.
Posted on 4/15/24 at 10:26 am to LSURussian
quote:
He had a cost basis for the Mavs which he would subtract from his sales price.
Explain to me like I am 5. Is the cost basis just what he paid for it or are there other factors he can include?
I admit I am tax code dumb.
Posted on 4/15/24 at 10:28 am to Figgy
quote:
Knowing that I paid a much much higher percentage than Cuban pisses me off.
sorry you dont know how to take advantage of our tax laws
Posted on 4/15/24 at 10:31 am to stout
Is that capital gains tax?
This post was edited on 4/15/24 at 10:32 am
Posted on 4/15/24 at 10:33 am to stout
quote:
Marc sold the Mavs for $3.5 billion and is bragging about paying $288 million in taxes this year. That's roughly an 8% tax rate and that rate assuming he had no other income this year.
How do you figure? There is not enough data there to calculate his tax rate. If he paid $3.2 billion for that franchise then his tax rate is almost 100%.
Posted on 4/15/24 at 10:34 am to AubieinNC2009
quote:
sorry you dont know how to take advantage of our tax laws
I’d love to have his accounting firm, lol. His write-offs have to be pages long and they should be for someone with his business empire. I’m not upset with him being able to do this. He didn’t write the laws… that’s DC and that is who pisses me off in this.
Posted on 4/15/24 at 10:35 am to stout
Cuban still owns 30% of the team as well. Just sold a majority stake
Posted on 4/15/24 at 10:41 am to stout
The Funny part is that Cuban accused Trump of paying a low tax rate. Tax laws need to be reformed regardless.
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