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1
Posted on 4/15/24 at 12:58 pm to DisplacedBuckeye
Didn't he close the tax loopholes in NY and CA that allowed them to deduct their state taxes from their federal taxes?
Posted on 4/15/24 at 1:08 pm to BBONDS25
Read the TCJA, Barry.
Posted on 4/15/24 at 1:09 pm to SDVTiger
Shut up and finish your taxes, Tate.
Posted on 4/15/24 at 1:09 pm to stout
I wouldn't piss on him if he was on fire
Posted on 4/15/24 at 1:11 pm to upgrayedd
quote:Trump's tax reform bill capped the state and local taxes amount which a taxpayer could deduct, I believe at $10,000 for a couple filing jointly.
Didn't he close the tax loopholes in NY and CA that allowed them to deduct their state taxes from their federal taxes?
The new tax law offset that loss of deductions by greatly increasing the standard deduction from $12,700 to $24,000 (in 2018) for couples filing jointly. The standard deduction in 2024 is $29,200.
However, taxpayers living in those movie star and Silicon Valley mansions in California who can easily pay $50,000+ just in property taxes saw their federal taxes go up bigly.
Posted on 4/15/24 at 1:15 pm to stout
quote:
Explain to me like I am 5.
In simple terms it's his cost. Think of the Mavericks as a rent house. You buy it for $100,000, you own it for 10 years, you make capital improvements, etc. Now, maybe your cost basis in the house is $150,000. You sell it for $200,000 and you owe taxes on the $50,000 profit, not the $100,000.
And, because you held it for a long time, you only pay capital gains taxes, which are around 20 percent (but vary, and are subject to high income adders).
Posted on 4/15/24 at 1:29 pm to DisplacedBuckeye
Truth always hurts
Posted on 4/15/24 at 1:41 pm to idlewatcher
quote:
Pay your fair share!
Oh, that's right, it's different for them. Yet they fault Trump for taking advantage of tax loopholes.
Member when they cried for years to see Trump's taxes because they were sure he was committing tax fraud and would be found to be doing something highly illegal. Then they are finally released and they quit talking about it overnight. They got nothing. That was funny.
Posted on 4/15/24 at 1:44 pm 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.
It isn't as much about income as it is about losses.
Losses that he may have taken in years past and applied this year.
Posted on 4/15/24 at 2:12 pm to DisplacedBuckeye
quote:
Read the TCJA, Barry.
That’s what I thought. You won’t do it, because it is your MO, but it would be great if you would humor me and let us all know what, specifically, in the TCjA you consider a loophole for the rich. This post was edited on 4/15/24 at 2:21 pm
Posted on 4/15/24 at 2:16 pm to stout
What's the problem if the did nothing illegal? Good for him.
Posted on 4/15/24 at 2:34 pm to teke184
quote:
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 point is that there is almost no data here. We know he is sending a check to the IRS. That could be an estimated quarterly payment. How does anyone know what that is for?
Maybe he is being paid out over three or four years, in which case his capital gains would not be triggered for the whole amount.
Posted on 4/15/24 at 2:36 pm to stout
I saw this on reddit and people were calling him a good billionaire.
They think that dude was paying income taxes and not gains on selling the mavs.
They think that dude was paying income taxes and not gains on selling the mavs.
This post was edited on 4/15/24 at 2:38 pm
Posted on 4/15/24 at 2:37 pm to NoHoTiger
quote:
Good for him. If he abided by the tax code, then he paid what he owed.
Well his tweet also included that a certain president doesnt pay taxes, but he does.
And he's also a liar....
quote:
On Monday, he updated the figure on X, saying he heard from his accountant KPMG the figure came in lower than originally estimated, at $275.9 million.
Also, this entire thing was in response to Biden forgiving student loans. he's okay with that too.
This post was edited on 4/15/24 at 2:50 pm
Posted on 4/15/24 at 2:38 pm to LSURussian
quote:Plus, he was not the full owner. He sold his shares in the holding company that owns the Mavs.
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.
Posted on 4/15/24 at 2:39 pm 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.
I’m glad you aren’t my accountant.
Posted on 4/15/24 at 2:39 pm to momentoftruth87
quote:
Tax loopholes for the rich. It wouldnt be a deal if it wasnt good for him
Exactly. It's not a person that has wealth problem. It's the federal governments problem they have it set up that way. People bitch about rich people not paying enough tax. Well too bad. There are loopholes in the code.
Posted on 4/15/24 at 2:43 pm to stout
quote:
What's infuriating is people were even praising him. Those people are all probably paying a much higher tax rate than Marc is.
I know it’s semantics, but we all pay the same tax rates.
People just either make more and hit different levels on the rate scale with their additional income or they have money coming in by different ways that’s taxed different.
Marc Cuban didn’t write the tax code, people like Joe Biden with 40 years in government did.
Posted on 4/15/24 at 2:49 pm to Penrod
quote:Yup. We don’t know how much paid in capital he had, how much equity, depreciation, book value of the team, carried losses, nothing. But basic financial literacy never stopped jealous people from hating on “the rich”.
The point is that there is almost no data here. We know he is sending a check to the IRS. That could be an estimated quarterly payment. How does anyone know what that is for?
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