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Posted on 4/15/24 at 10:47 am to gothamdawg
quote:
Its also funny, that most people will focus on the percentage rather than the amount, which is almost $300 million.
Well, that's where people should focus...
Posted on 4/15/24 at 10:49 am to DisplacedBuckeye
quote:
Well, that's where people should focus...
Correct. Even Warren Buffet pointed this out a few years ago bragging that his ETR was lower than that of his secretary. But like Marc, Buffet was not willing to forgo any deductions and pay more than what he is legally obligated to.
This post was edited on 4/15/24 at 10:50 am
Posted on 4/15/24 at 10:56 am to stout
quote:
Correct. Even Warren Buffet pointed this out a few years ago bragging that his ETR was lower than that of his secretary. But like Marc, Buffet was not willing to forgo any deductions and pay more than what he is legally obligated to.
I don't blame either of them for taking advantage of our Byzantine tax code.
Posted on 4/15/24 at 10:58 am to DisplacedBuckeye
Oh I dont either. I guess with Cuban it is the fact that he commented on Trump also taking advantage of the code to lower his ETR.
quote:
@mcuban
I pay what I owe.
Tomorrow I will wire transfer to the IRS
$288,000,000.00
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
Posted on 4/15/24 at 11:15 am to stout
quote:
@mcuban
I pay what I owe.
quote:
Tag a former president that you know doesn’t
Of course he is implying Trump of which zero evidence exists that he did not pay what he owed. Cuban is a joke.
I wonder if Biden paid taxes on all of those under the table payments he got as the Big Guy?
Posted on 4/15/24 at 11:26 am to stout
quote:
Oh I dont either. I guess with Cuban it is the fact that he commented on Trump also taking advantage of the code to lower his ETR.
...and the lower classes eat it up.
Posted on 4/15/24 at 11:28 am to stout
quote:His cost basis for the Mavs would be what he paid for the franchise PLUS any capital improvements he made while he owned them MINUS depreciation and any other allowable adjustments such as changes in goodwill, if any.
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?
Since he owned the Mavs for longer than 1 year, his capital gains on them would be considered “long-term gains.”
That means his gains (profits) on the sale would not be taxed as ordinary income using the normal tax tables but would be taxed using the LTCG tax tables which max out at 20% (I believe).
Plus, since his investment income for the year exceeded $250,000 he would pay an “excess investment income surcharge” of 3.8% on the excess over $250,000.
Posted on 4/15/24 at 11:57 am to stout
quote:
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.
Aren’t you in the construction game? You have to be trolling to pretend to not understand basic cost basis tax consequences
This post was edited on 4/15/24 at 12:00 pm
Posted on 4/15/24 at 12:06 pm to stout
Just for context, his tax payment is less than half of one percent of only one aid package sent to Ukraine
Posted on 4/15/24 at 12:07 pm to TROLA
Yes, I am just a dumb old contractor. I am not an accountant
Posted on 4/15/24 at 12:19 pm to stout
He did call himself “folk” on X the other day. Just the common man trying to work to feed his family.
Posted on 4/15/24 at 12:25 pm to stout
so he sold a "Company" for 2.5B and paid $285M for it in 2000
so straight up his profit on the sale was $2.215B so he paid 13% on the profit
What other write offs did he have over the last 24 years that he also got to lessen the actual profit that was taxed......
so straight up his profit on the sale was $2.215B so he paid 13% on the profit
What other write offs did he have over the last 24 years that he also got to lessen the actual profit that was taxed......
Posted on 4/15/24 at 12:34 pm to stout
Posted on 4/15/24 at 12:47 pm to idlewatcher
quote:
Yet they fault Trump for taking advantage of tax loopholes.
Nah. They fault Trump for highlighting loopholes.
Posted on 4/15/24 at 12:50 pm to Penrod
Cuban bought that team in the 90s for a low amount IIRC.
The appreciation was insane but it was also owned for about 30 years.
The appreciation was insane but it was also owned for about 30 years.
Posted on 4/15/24 at 12:51 pm to Mid Iowa Tiger
You should fault Trump for giving the working class crumbs while creating more loopholes for the wealthiest.
Posted on 4/15/24 at 12:52 pm to DisplacedBuckeye
quote:
You should fault Trump for giving the working class crumbs while creating more loopholes for the wealthiest.
Things broke ppl say for 1000 Alex
Posted on 4/15/24 at 12:53 pm to DisplacedBuckeye
quote:
You should fault Trump for giving the working class crumbs while creating more loopholes for the wealthiest.
Which ”loophole(s)” do you think Trump created?
This post was edited on 4/15/24 at 12:53 pm
Posted on 4/15/24 at 12:54 pm to tigeraddict
quote:
so straight up his profit on the sale was $2.215B so he paid 13% on the profit What other write offs did he have over the last 24 years that he also got to lessen the actual profit that was taxed......
LTCG rate is 20 percent. Who knows what other ventures out there he has that could have generated losses or deductions.
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