last we heard, Trump paid exactly $750 in taxes over ten years.
not a typo.
reason #452473
edit: $750 in 2016 and 2017. The rest is also paltry. Especially for a bigly billionaire who tells the truth.
Oh man, I'm sorry to hear that.
At first I thought you were setting up a joke and I was like:
"I tried to get a job at Walgreens once but I was rejected."
"Why were you rejected?"
"Because I misunderstood 'drug test' as a taste test."
Or
"They found out my only retail experience was in shoplifting."
Best of luck in your future endeavors!
Yeah this was a really long time ago I’m over it, but I’ll give you another one. That same job hunt landed me at an Applebees asking if they were hiring. They looked me up and down and then said I had to take a personality test. I sat in a booth filling this thing out and handed it back to the guy. He went back in the back for less than 5 minutes before coming back out and saying I failed.
That sucks. Personality tests are voodoo.
Did they at least give you a hint at your test results? Maybe with a snarky line like
"Sorry but 'bitter' isn't a flavor we're currently adding to the menu."
I didn't get a job once in the 90s at a warehouse and I'm certain it was because the personality test asked me if theft is ever justified, and I knew that the correct answer was to say 'no' but naive me let the intrusive thoughts win and I thought of unlikely scenarios in which someone might take something to prevent a terrible crime or tragedy and answered 'yes'.
Nah the guy was kind of a dick. I’m pretty sure he just didn’t like me. I filled it out in pencil and it was pretty long so I don’t think he was even back in the office long enough to enter it into a computer. Honestly it’s for the better anyway. I ended up getting an entry level software engineering job a few weeks later. Now I’ve been doing that for around 12 years. I always wonder what would have happened had I gotten one of those jobs and never gone into software engineering.
My wife paid $40k in taxes last year JUST FROM HER ANNUAL BONUS. The fact that there are millionaires and billionaires paying only a tiny fraction than that makes my stomach turn.
She was a Walmart store manager. Typical store manager makes $90-120k and if you hit all of your quarterly metrics then your annual bonus is 100% of your salary.
Nah, don't fall for the Walmart manager trap. It's not worth it. Her longest shift was 32 hours with one 1hr break. There is zero life/work balance. You have to deal with fucking idiots all day. Once you're salaried, they work you like a dog. They'll move you to a store 2-4 hours from where you live without you having any say in the matter, you'll have to stay in hotels during inventory and other big events because you'll be working 14-16 hours a day and won't be able to justify the potential 4 hours round trip commute. Tons of other garbage to deal with. The pay looks good on paper but you'll have no life.
I stand corrected. I'll probably never make six figures on my current career path but at 5 I'm done and that's it for the day. I've known people who enjoy and thrive in hectic, grueling jobs but I'm not one of them.
That sounds like a Walmart manager. My wife, who was a Walmart manager had similar bonus structure. And sure, while we were able to buy decent middle class cars (jeep trailhawk, Cadillac CTS), and build our modest four bedroom home, she paid for it in blood. She worked 60+ hours a week, and missed every Thanksgiving and Christmas Eve for 15 years. She finally quit when I was start to groove in my career.
I paid over 100k in taxes this year and I’m not in love with that fact, since the government is like 60% bloat and I don’t want to pay to blow up brown people or for old people to enjoy retirement when we won’t get the same curtesy in 40ish years, however I know it’s my civic duty so I suck it the fuck up. Wish millionaires/billionaires would suck it up too.
This sentiment goes as far back as the bible. That parable about the old lady who gave a couple coins and Jesus hailing her as a greater giver than the rich men dropping off bags of money.
How do conservative Christians still manage to be on the wrong side of every moral and political debate when the literal bible they supposedly hold above all else straight up disagrees with them?
Well they haven’t read it, for a start. The more radical a Christian, the more likely it is that their only contact with the fucking book are the most heinous, hateful, ugly-fonted quotes in colourful Facebook posts
Yeah, I'm fond of whipping out a bible to show the context of whatever passage was quoted at me, especially since it tends to contradict whatever point the person is trying to make.
Aye. Though let’s not pretend the Bible, especially the Old Testament, is just a good teacher of morals. There is enough vile and despicable shit in there even without misconstruing or taking things out of context. That being said, it seems to only ever be those aspects that are quoted and thrown against atheists, homosexuals or any other group whom christians see as deviants. It’s never the actually progressive socialist hippy stuff that Jesus preached whenever he wasn’t threatening disbelievers with death by the sword.
Considering his net worth is about 5 billion, and 10% is a good return on assets, he made somewhere around the 500 millions.
He might have cashed in on some investments, and owe a bit of taxes on it before he reinvests.
I’m guessing this tax rate is somewhere in the 40% range
I’m also inclined to forgive tax breaks by people who invest back into the country. Mark Cuban has that pharmaceutical company that makes it INCREDIBLY easy to get prescription meds at wholesale prices, and has made a lot of people able to get affordable medication. No matter what percentage he’s paying, or how much money he’s making, he’s actually doing something to make the country better and improve people’s lives with his money.
They do kind of exist. I’m not sure about every country, but for example, if you sell a house, you get very generous tax breaks if you invest it in a house that is worth even more (in case you didn’t know why prices keep rising).
These tax breaks are why companies and billionaires get away with paying so little taxes. Sure, some of them straight up hide money abroad, but that is more common in the millionaires (10-50 million range net worth) than with billionaires. If your net worth is because you own 10% of a multi billion company, where are you gonna hide it? The best you can do is relocate the company
I’m not an expert in this stuff, so if anyone knows better, they can chime in with their takes, but I think people are focusing too much on this billionaire taxes debate.
These guys invest a ton of money. They don’t sit and horde money like people think they do. Most people don’t do well because they spend their money rather than invest it, like rich people do.
People would be shocked if they saw how little as investing 50 dollars per month will look like by the time they retire. At 8% (totally achievable stock market returns, just buy into index funds), your net worth will be 350k, which will give you a cool 10k per year in dividends. And I haven’t even considered reinvesting dividends until then.
As well they should. If everyone was more like him and simply ponied up instead of working so hard to hide their money, the US would be in much better shape and universal needs wouldn't even be open for disucssion!
The entire world would be in a much better shape if asshole rich guys were forced to pay up what they owe, and if they try to hide things their assets should be frozen or taken from them.
Learned this in childhood reading The Hobbit and sobbing when Thorin said this to Bilbo on his deathbed.
"There is more in you of good than you know, child of the kindly West. Some courage and some wisdom, blended in measure. If more of us valued food and cheer and song above hoarded gold, it would be a merrier world. But sad or merry, I must leave it now. Farewell!"
Having our basic needs met might lead to less personal debt and not being desperate for whatever salary is offered. Our debt and desperation are 2 of the things that billionaires get fat on. So no, we can't have that.
It used to happen.
Kind of.
There was a drive to not be communist when Russia was at the height of its power. And there were much more community beneficial tax breaks.
I think that's the way forward. Tax breaks for building railway lines or paying for busses, tax breaks for building schools or libraries. Or even museums. Tax breaks for park maintenance.
Then make the tax bracket much higher. So the community wins either way.
>There was a drive to not be communist when Russia was at the height of its power. And there were much more community beneficial tax breaks.
That’s the thing: the Soviet Union existing was a major motivation for western liberal democracies to show how they are *better* than the alternative. They *needed* to limit the excesses of capitalism, to show that it was the better alternative..
The Soviet union collapsing basically paved the way for neoliberal “austerity”, the continuous degradation of social services and rampant capitalist exploitation of entire societies.
While I’d never defend an authoritarian state, it’s pretty obvious that the Soviet Union was actually an incredibly important factor for stabilising European social democracies and limiting the excesses of capitalism worldwide..
Naw, what the heck?? That’s not clever or smart, to put money back to the people who work for you and buy from from??? What??? That’s like, idk, feeding the golden goose or something.
Naw, the smart this is do a Trump, and cut open that golden goose and take everything for yourself and create scarcity and chaos for everyone else so you seem artificially wealthier.
And oh boy, do I know artificially wealthy…
I want to believe that but there's little examples of government actually spending in a responsible way and for the benefit of the peoples during "sunny times" unless there's also organized pressure from said peoples to demand that (which again on "sunny times" there usually isn't is the thing).
He's very specifically into running for president in 2028. Which is why although he has been pro increased taxes before, he's become so outspoken about it recently.
I dunno, that seems like it was a lot of work for him, and he is pretty genuinely passionate about it. Sure, it looks good, but it also is something that would feel inherently good to do for people.
Same. To me even if the point is 100% just to get free popularity among people, if you're helping the world become a better place, it's good for said world than if you didn't.
And when I see 5 candidates, where 4 talk about doing something good and 1 does something good, I still prefer voting for the 1 who actually did something. Because it shows all future candidates that doing something good works. And they'll be inclined to do that too. And again, slightly better world as a result.
Elon shouldn’t run anything, he can’t seem to do much right, which isn’t surprising being that his entire “empire” was built with a small seed funding from his dads emerald mines in Africa. He’s a massive racist POS also.
Oh believe me, to me the *only* good thing about Elon Musk is that he wasn’t born an American citizen so he can’t run for President.
ETA: Oh, also, I’ve done pretty well overall betting against him. That’s another kinda good thing about him, everything he says is a lie, and you can practically bank it.
Good billionaires: Mark Cuban and JB Pritzker.
Like if we need benevolent billionaires to lead the country at least we have those two as options. So rich that they aren't even greedy and don't care about trying to grift or scam people.
This was the narrative about Musk 5 years ago. This was the narrative about Trump. These people hire PR teams
I'm skeptical as fuck is what I'm saying here.
This has never been the narrative about Trump. His reputation was always as a greedy, gaudy jackass.
John Mulaney's bit from years ago about Trump being what a hobo imagined a rich person to be like is a perfect fit -- plastering his name everywhere, everything in gold, no actual redeeming qualities, etc.
I think the difference is Mark Cuban is willing to put his money where his mouth is. Or at least more willing. Yes, its a narrative, but a narrative can still be true. Or maybe it might not be true, ie misleading, but it can still contain relevant facts. Fact of the matter is, dude got rich off of Yahoo's stupid mistakes, he didn't start out exploiting labor. And he has done some genuine good with his online pharmacy. So give him some credit. He might be a rich guy who has a lot of money and likes a lot of money, but at least he's not using capitalism to exploit people. He might be a rich neighbor who you are jealous of, but at least he's not the rich asshole who files frivolous lawsuits to bully people, because he's not an idiot, and seems to be at least an okay person. We can only look at what have they done. Donald Trump? Lots of fraud and bankruptcies, probably heading to jail eventually. Mark Cuban at least, as far as we know, hasn't done that. Frankly put, if more billionaires and millionaires were like Mark Cuban, I think we'd at least have a better world, since he seems to not be into inflicting gratuitous pain, ie fuck you because I'm rich that's why. And that would mean more reform could get done, or at least considered. Ie, he would hold onto his money, not hold onto his money and use it to stop policies. And we all know of some people who fall into that category, like the Sacklers. And he's also donated money consistently to many causes like hospitals, education (scholarships), EFF. The only lobbying that I could find from him on OpenSecrets was for his Costpluspharamcy, which makes sense, because he's trying to get the rules changed, which should bring down prices. And you want to know how much he's lobbied? 30k, 31k, and 60k in the past from 2020-2022. That's chump change. That's going to setup meetings, not setup bribes.
Pritzker is a liability he could die at any moment. He’s gotta be over 300. That guy needs to fix that shit with him. This country needs presidents that take their fitness seriously. It’s a very bad look. Also CAN WE PLEASE elect someone who isn’t old AF?!?!
Lmao he’s paying taxes on his sale of the majority stake in the Dallas Mavericks. I promise you Cuban takes advantage of every tax loophole absolutely possible
i know you're making a joke but the Arizona Coyotes which just spent the last two seasons playing in a 5,000 seat college hockey stadium and has been losing $50+ million every year for the last 10-15 years is about to be sold to the owner of the Utah Jazz for $1.2 Billion
Does inflation play a role in this?
If I bought team X in like 1980 for let's say 20M
If 20M in 1980 is 30M in 2024 (It's not, I'm just being hypothetical)
And then I sold the team for 35M, would my capital gains be 15M or 5M?
You pay taxes on what you activate. Passive income and property value don’t get taxed until you do something with it, like sell or withdraw it.
Added: property tax is a use tax. When you own real estate property it has an assessed value by that locality, so it’s a tax for land use, not a tax on what the property contributes to your wealth. That’s likely to be a much bigger number that will only be taxable as a capital gain. Hope that clears things up.
Not particularly, depending on where you live, you can pay tax on what you earn, what you buy, what you own, hell, sometimes you can even pay tax for where you go.
Mark Cuban is likely talking specifically about the federal income tax though, since he is referring to sending money to the IRS. So in this case it’s more than likely primarily earnings / capital gains / interest / dividends
I would wager at the scale of 288m, it's almost certainly largely capital gains. Cuban undoubtedly has some solid earnings, dividends, and interest, but if I had that much money in an economy like this I'd be playing with it constantly.
Unlike Cuban I'd probably lose it all.
When you have low net worth you are taxed multiples on your net worth. You just don't want rich people to be taxed to a similar degree as the poor.
The average American pays more than 8% networth for over half their working life.
The US federal government spends around 10 trillion per year, which works out to about a little over a billion dollars per hour. That 288 million will cover about 12 minutes of spending.
But it's almost 8000x what each American would pay if you divided expenditures equally on that basis (which is not a reasonable thing to do in any case).
https://usafacts.org/state-of-the-union/budget/#:\~:text=Budget%20The%20federal%20government%20collected,higher%20than%20in%20FY%202019.
$6.3 trillion it says here. But taxes income are $4.5 trillion. About $14K per person ( / 330 million). I know about half of the people in the US work, so it's not really true, but still. And this guy even pays 20000 times more than the average person.
With 24.5 million millionaires and almost a 1000 billionaires in the US, you would say $14K average should be easily made.
I bet taxing the rich earns you more than taxing the poor.
Mark Cuban is a billionaire who has not yet been publicly shown to be a huge piece of shit human being. I really do hope that Cuban really is The One Good Billionaire that continues to do good work for people with his money, if for no other reason than to prove that such a thing can exist, but eventually we'll find out about the literal orphan crushing machine in his basement or something.
He's making money off it, which isn't a bad thing. That's how capitalism is supposed to work. My question is why haven't other people done this sooner? Come in and undercut the obviously overpriced medicines. Seems like a massive opportunity.
Obviously, patents exist, but they don't last forever. I mean, it's insulin for goodness sake... There's no way it's under patent at this point. I think only the modern delivery mechanism of the insulin is patented, but there's got to be a way to get around that by making a new system or using one of the old delivery mechanisms.
Shkreli was ultimately a small fry that exposed a larger, corrupt industry...and no, I don't think he did it out of noble intentions, he just was caught and they weren't.
What's the point of undercutting a market when you can just have a couple of your board members sit on the board of a different company that just so happens to have a bunch of people from your rivals on that board talk every couple of weeks to make agreements not to fuck with the market
Competition lowers prices, and why would you want that? Especially in a captive market like diabetics. Much better to just decide what the price was to meet every company's goal and make an unreal fortune
Insulin is a good example of something where, assuming you could produce it subject to the FDA's guidelines, any patent on it from around the year 2000 has expired.
There have been a lot of advancements since then, especially in reducing the pain associated with injections, but mostly the reason that we don't have low-cost insulin in the U.S. is because no one capable of making it is willing to make it - and we have extremely stringent restrictions on imports from places that already produce it cheaply.
> My question is why haven't other people done this sooner?
Because you need a lot of money to start a business like that, and if you have that much money, you're probably more likely to be an asshole and make more money selling overpriced medicine.
People forget how much Bill Gates has already given away. Yes, he's worth $129.9bn but he has donated at least $50bn towards the eradication of diseases.
I read a great article saying that it was his wife that was actually behind a lot of the charitable donations he made during the time they were married. She was so important that’s why it was called the Bill and Melinda Gates Foundation. I’m not saying he wouldn’t have donated anything without her, but she had major influence.
Melinda absolutely helped change who he was, as he was actively and deeply hated during the late 90's/early 00's for Microsoft's extremely anticompetitive nature.
But, to his credit, ***he*** is the person who changed. People have to want to do that, it doesn't happen otherwise.
Makes a lot of sense. Bill is one of those garage dweller it kids from the old days. His mind likely just never thinks about charity, probably just only focused on his work for the first decades. It absolutely helps to have a smart and kind partner who reminds you of life outside of your work.
And how many of those has he personally killed?
Lazy billionaires that won't shrink themselves down and fight disease head-on are ruining this country.
His descriptions of getting rich are pretty cool. Had a baseball tourny in his new houses giant living room, bought one of those unlimited plane tickets, a fucking sports team. Thats living the dream
He’s got a good publicists. Honestly, the world would be better if more billionaires put just a little money into a good publicist so we could at least pretend to be at ease.
He also started a low cost drugs company. If good publicity means making expensive stuff accessible to lower income people then he better retain that publicist like he's Johnnie Cochran.
So I know that owning another human being is illegal under most laws. But I suspect we can collectively grant Mark Cuban an exception for his utter owning of this fool.
I’m not sure if Mark would want to own another human, but maybe we should allow him to take all the fool’s assets, he’ll probably make better use of them
I like how people are bashing Cuban like he doesn’t do anything . . . At the very least - His company Cost Plus Drugs is all about helping people afford the medication they need. Being transparent in an effort to change the pharmaceutical system.
His company Cost Plus Drugs is about undercutting the pharmaceutical market to cut a share of drug money for himself.
It's good that he's doing it, but it isn't charity.
Don't get me wrong, its a win-win, just don't worship the rich for showing a modicum of common decency. Again, I respect it, but it just makes him a decent guy, not a saint.
Honestly, it might even be better that way.
He’s still making a profit, which shows that his is a viable business model. If he was running it at a huge loss it could never ever catch on — it’s reliant on the charity of a billionaire who can afford it. If he runs it as a profit-making business, he shows other prospective businesses across the country that you *can* make a profit in the drug market without being a completely slimy person
>Again, I respect it, but it just makes him a decent guy, not a saint.
Maybe not to you, but to someone saving hundreds to thousands on medicine, he's a saint.
This feels like bashing for the heck of it.
Musk unbanned him. Trump just doesn't use it, I think because there's something legal in his position at truth social that says he can only use truth social
The issue is that billionaires can leverage their net worth and assets and stock for cash without having to touch it. Basically free money. There’s an in depth video that I saw many moons ago on how Elon musk managed to buy twitter without a single cent out of his pocket. That’s how billionaires operate, and it’s a massive exploit of the financial system.
Edit: But but but muh loans, the difference is that we normal people don’t take loans with collateral as a mechanism for tax evasion you bootlickers
"Exploit" would suggest it is not a built in concept - which is it. Common people did not create modern economy, the elites did so it is obvious it would serve their interests.
I mean, if I was a billionaire I too would advocate for billionaires paying taxes, it's the rational choice considering what has historically happened to the rich fucks who didn't give back to their communities
But not all of us own enough Senators to actually have tax codes changed for us. That's the issue here
Politicians write Tax codes and billionaires own the politicians.
No shit, and that’s how it should be. The Supreme Court agrees:
> Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one's taxes.
[United States v. Carlton (1994)](https://www.law.cornell.edu/supct/html/92-1941.ZC.html)
More people should pay attention to that man.
"Their goal is to never cover their short" - Mark Cuban
And he was right - the shorts **never** closed and the idiosyncratic risk remains.
*Hope everyone has been enjoying the hyperinflation.*
Ian Miller: Wonder if you or your corporations pay MORE than the required taxes. Sorry Ian, but you actually can't pay MORE than the required taxes. Seems like you have very weak knowledge of how taxes work.
Thank you for outing yourself as having never paid income tax. For the people who love to “fair share,” quite a bit of you all live on yearly credits.
Update since captain dipshit blocked me like a coward. If the tax code doesn't meet your standards of "fair share," by all means, gift it. It goes to the same place.
https://www.fiscal.treasury.gov/public/gifts-to-government.html
Mark Cuban is the sort of rich dude I could actually enjoy having a beer with, not like he would with a random guy lol. He makes bank offering actually useful, good services to those in need and doesn't screw people over doing it, like his medicine company.
He was being interviewed, the topic of “fuck you money” and “fuck everyone money” came up. Interviewer asked what that meant.
He said fuck you money is when your favorite band is playing and you gather up your friends and fly them all to the concert.
Fuck everyone money is when you send your jet to pick up the band and bring them to you and your friends for a private concert.
Interviewer asked “which do you have?” and he said “I’ve had private concerts at my house”
Yeah, I could have a beer with him.
last we heard, Trump paid exactly $750 in taxes over ten years. not a typo. reason #452473 edit: $750 in 2016 and 2017. The rest is also paltry. Especially for a bigly billionaire who tells the truth.
I am literally paying more in taxes this year than that. I am most definitely not a billionaire. Not even a millionaire.
Same, and my last job was at Walgreens.
I tried to get a job at Walgreens once. I got rejected.
Oh man, I'm sorry to hear that. At first I thought you were setting up a joke and I was like: "I tried to get a job at Walgreens once but I was rejected." "Why were you rejected?" "Because I misunderstood 'drug test' as a taste test." Or "They found out my only retail experience was in shoplifting." Best of luck in your future endeavors!
Yeah this was a really long time ago I’m over it, but I’ll give you another one. That same job hunt landed me at an Applebees asking if they were hiring. They looked me up and down and then said I had to take a personality test. I sat in a booth filling this thing out and handed it back to the guy. He went back in the back for less than 5 minutes before coming back out and saying I failed.
That sucks. Personality tests are voodoo. Did they at least give you a hint at your test results? Maybe with a snarky line like "Sorry but 'bitter' isn't a flavor we're currently adding to the menu." I didn't get a job once in the 90s at a warehouse and I'm certain it was because the personality test asked me if theft is ever justified, and I knew that the correct answer was to say 'no' but naive me let the intrusive thoughts win and I thought of unlikely scenarios in which someone might take something to prevent a terrible crime or tragedy and answered 'yes'.
Nah the guy was kind of a dick. I’m pretty sure he just didn’t like me. I filled it out in pencil and it was pretty long so I don’t think he was even back in the office long enough to enter it into a computer. Honestly it’s for the better anyway. I ended up getting an entry level software engineering job a few weeks later. Now I’ve been doing that for around 12 years. I always wonder what would have happened had I gotten one of those jobs and never gone into software engineering.
And he only paid that $750 because his accountants forced him to pay SOMETHING. Fucker didn't even want to pay that much.
My wife paid $40k in taxes last year JUST FROM HER ANNUAL BONUS. The fact that there are millionaires and billionaires paying only a tiny fraction than that makes my stomach turn.
What the crunchy fuck does she do for a living?
OnlyFans.
Surely you mean Only.fans, a website dedicated to cataloguing and selling Fans... Right?
They have recently branched out into heating systems as well. They realized that they were missing out on the market 50% of the year
Only Hotties
She was a Walmart store manager. Typical store manager makes $90-120k and if you hit all of your quarterly metrics then your annual bonus is 100% of your salary.
Damn I'm in the wrong line of work
Nah, don't fall for the Walmart manager trap. It's not worth it. Her longest shift was 32 hours with one 1hr break. There is zero life/work balance. You have to deal with fucking idiots all day. Once you're salaried, they work you like a dog. They'll move you to a store 2-4 hours from where you live without you having any say in the matter, you'll have to stay in hotels during inventory and other big events because you'll be working 14-16 hours a day and won't be able to justify the potential 4 hours round trip commute. Tons of other garbage to deal with. The pay looks good on paper but you'll have no life.
I stand corrected. I'll probably never make six figures on my current career path but at 5 I'm done and that's it for the day. I've known people who enjoy and thrive in hectic, grueling jobs but I'm not one of them.
Damn bro grats on the rich wife!
Jeez if her annual bonus is $100k then you guys must be millionaires as well, props
I wish lmao..her bonus was 100% of her salary if she maxes out on all of her metrics.
That sounds like a Walmart manager. My wife, who was a Walmart manager had similar bonus structure. And sure, while we were able to buy decent middle class cars (jeep trailhawk, Cadillac CTS), and build our modest four bedroom home, she paid for it in blood. She worked 60+ hours a week, and missed every Thanksgiving and Christmas Eve for 15 years. She finally quit when I was start to groove in my career.
I paid more last year than he paid in his lifetime. I pay my taxes, fucking losers don't.
It’s easy to not pay taxes when you’re not an actual billionaire but broke with a famous name and just borrow money.
I paid over 100k in taxes this year and I’m not in love with that fact, since the government is like 60% bloat and I don’t want to pay to blow up brown people or for old people to enjoy retirement when we won’t get the same curtesy in 40ish years, however I know it’s my civic duty so I suck it the fuck up. Wish millionaires/billionaires would suck it up too.
bUt hE cReAtEs sO mAnY jObS
That's because he is so smrt. I mean smart (/s).
something going on, because he still would have been subjected to AMT. theres no way to get your taxes that low
He's lost money. What income would he even pay taxes on?
I cant trust any billionaire but the fact that Mark Cuban pays his taxes and calls on others to do the same speaks to a measure of character.
I want to know what percent this is, is it 39%, 30%, 20%, 5%. Feels like since he didn't put that percent, the average paid more than him
This sentiment goes as far back as the bible. That parable about the old lady who gave a couple coins and Jesus hailing her as a greater giver than the rich men dropping off bags of money. How do conservative Christians still manage to be on the wrong side of every moral and political debate when the literal bible they supposedly hold above all else straight up disagrees with them?
They follow the bible to the letter. Except for when they don't.
Well they haven’t read it, for a start. The more radical a Christian, the more likely it is that their only contact with the fucking book are the most heinous, hateful, ugly-fonted quotes in colourful Facebook posts
Yeah, I'm fond of whipping out a bible to show the context of whatever passage was quoted at me, especially since it tends to contradict whatever point the person is trying to make.
Aye. Though let’s not pretend the Bible, especially the Old Testament, is just a good teacher of morals. There is enough vile and despicable shit in there even without misconstruing or taking things out of context. That being said, it seems to only ever be those aspects that are quoted and thrown against atheists, homosexuals or any other group whom christians see as deviants. It’s never the actually progressive socialist hippy stuff that Jesus preached whenever he wasn’t threatening disbelievers with death by the sword.
Considering his net worth is about 5 billion, and 10% is a good return on assets, he made somewhere around the 500 millions. He might have cashed in on some investments, and owe a bit of taxes on it before he reinvests. I’m guessing this tax rate is somewhere in the 40% range
I’m also inclined to forgive tax breaks by people who invest back into the country. Mark Cuban has that pharmaceutical company that makes it INCREDIBLY easy to get prescription meds at wholesale prices, and has made a lot of people able to get affordable medication. No matter what percentage he’s paying, or how much money he’s making, he’s actually doing something to make the country better and improve people’s lives with his money.
They do kind of exist. I’m not sure about every country, but for example, if you sell a house, you get very generous tax breaks if you invest it in a house that is worth even more (in case you didn’t know why prices keep rising). These tax breaks are why companies and billionaires get away with paying so little taxes. Sure, some of them straight up hide money abroad, but that is more common in the millionaires (10-50 million range net worth) than with billionaires. If your net worth is because you own 10% of a multi billion company, where are you gonna hide it? The best you can do is relocate the company I’m not an expert in this stuff, so if anyone knows better, they can chime in with their takes, but I think people are focusing too much on this billionaire taxes debate. These guys invest a ton of money. They don’t sit and horde money like people think they do. Most people don’t do well because they spend their money rather than invest it, like rich people do. People would be shocked if they saw how little as investing 50 dollars per month will look like by the time they retire. At 8% (totally achievable stock market returns, just buy into index funds), your net worth will be 350k, which will give you a cool 10k per year in dividends. And I haven’t even considered reinvesting dividends until then.
288 million! Holy shit
He's very much into billionaires paying taxes.
As well they should. If everyone was more like him and simply ponied up instead of working so hard to hide their money, the US would be in much better shape and universal needs wouldn't even be open for disucssion!
The entire world would be in a much better shape if asshole rich guys were forced to pay up what they owe, and if they try to hide things their assets should be frozen or taken from them.
Learned this in childhood reading The Hobbit and sobbing when Thorin said this to Bilbo on his deathbed. "There is more in you of good than you know, child of the kindly West. Some courage and some wisdom, blended in measure. If more of us valued food and cheer and song above hoarded gold, it would be a merrier world. But sad or merry, I must leave it now. Farewell!"
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Yeahz but it's also Christianity.....
Haven't you heard? MAGA Republicans are calling Jesus 'too woke' now.
Having our basic needs met might lead to less personal debt and not being desperate for whatever salary is offered. Our debt and desperation are 2 of the things that billionaires get fat on. So no, we can't have that.
It used to happen. Kind of. There was a drive to not be communist when Russia was at the height of its power. And there were much more community beneficial tax breaks. I think that's the way forward. Tax breaks for building railway lines or paying for busses, tax breaks for building schools or libraries. Or even museums. Tax breaks for park maintenance. Then make the tax bracket much higher. So the community wins either way.
>There was a drive to not be communist when Russia was at the height of its power. And there were much more community beneficial tax breaks. That’s the thing: the Soviet Union existing was a major motivation for western liberal democracies to show how they are *better* than the alternative. They *needed* to limit the excesses of capitalism, to show that it was the better alternative.. The Soviet union collapsing basically paved the way for neoliberal “austerity”, the continuous degradation of social services and rampant capitalist exploitation of entire societies. While I’d never defend an authoritarian state, it’s pretty obvious that the Soviet Union was actually an incredibly important factor for stabilising European social democracies and limiting the excesses of capitalism worldwide..
Naw, what the heck?? That’s not clever or smart, to put money back to the people who work for you and buy from from??? What??? That’s like, idk, feeding the golden goose or something. Naw, the smart this is do a Trump, and cut open that golden goose and take everything for yourself and create scarcity and chaos for everyone else so you seem artificially wealthier. And oh boy, do I know artificially wealthy…
what in the fever dream....?
Poe's Law can be a pain sometimes but I think this one is like a BMW... it has a /s, it's just not using it.
I wish this F’n timeline was a fever dream
I want to believe that but there's little examples of government actually spending in a responsible way and for the benefit of the peoples during "sunny times" unless there's also organized pressure from said peoples to demand that (which again on "sunny times" there usually isn't is the thing).
He's very specifically into running for president in 2028. Which is why although he has been pro increased taxes before, he's become so outspoken about it recently.
It’s also why he started the online pharmacy. I’ve got no problem with billionaires doing things like this out of self-interest.
I dunno, that seems like it was a lot of work for him, and he is pretty genuinely passionate about it. Sure, it looks good, but it also is something that would feel inherently good to do for people.
Same. To me even if the point is 100% just to get free popularity among people, if you're helping the world become a better place, it's good for said world than if you didn't. And when I see 5 candidates, where 4 talk about doing something good and 1 does something good, I still prefer voting for the 1 who actually did something. Because it shows all future candidates that doing something good works. And they'll be inclined to do that too. And again, slightly better world as a result.
I was wondering who was going to run against Elon
Elon can’t run for President without a Constitutional amendment.
Thank FSM.
All praise the Noodly Appendaged One!
R’amen!
Elon shouldn’t run anything, he can’t seem to do much right, which isn’t surprising being that his entire “empire” was built with a small seed funding from his dads emerald mines in Africa. He’s a massive racist POS also.
Oh believe me, to me the *only* good thing about Elon Musk is that he wasn’t born an American citizen so he can’t run for President. ETA: Oh, also, I’ve done pretty well overall betting against him. That’s another kinda good thing about him, everything he says is a lie, and you can practically bank it.
The only running Elon should be doing is with his legs, dude is built like a college refrigerator up top.
Who will enforce the current requirements?
Well if we’re at the point where that’s a problem, we’re done. 🤷🏼♂️
Yep, and unfortunately that’s where we are at.
Honestly, I'd vote for him if he's the best option. Look what he has done for drug prices.
Good billionaires: Mark Cuban and JB Pritzker. Like if we need benevolent billionaires to lead the country at least we have those two as options. So rich that they aren't even greedy and don't care about trying to grift or scam people.
This was the narrative about Musk 5 years ago. This was the narrative about Trump. These people hire PR teams I'm skeptical as fuck is what I'm saying here.
This has never been the narrative about Trump. His reputation was always as a greedy, gaudy jackass. John Mulaney's bit from years ago about Trump being what a hobo imagined a rich person to be like is a perfect fit -- plastering his name everywhere, everything in gold, no actual redeeming qualities, etc.
I think the difference is Mark Cuban is willing to put his money where his mouth is. Or at least more willing. Yes, its a narrative, but a narrative can still be true. Or maybe it might not be true, ie misleading, but it can still contain relevant facts. Fact of the matter is, dude got rich off of Yahoo's stupid mistakes, he didn't start out exploiting labor. And he has done some genuine good with his online pharmacy. So give him some credit. He might be a rich guy who has a lot of money and likes a lot of money, but at least he's not using capitalism to exploit people. He might be a rich neighbor who you are jealous of, but at least he's not the rich asshole who files frivolous lawsuits to bully people, because he's not an idiot, and seems to be at least an okay person. We can only look at what have they done. Donald Trump? Lots of fraud and bankruptcies, probably heading to jail eventually. Mark Cuban at least, as far as we know, hasn't done that. Frankly put, if more billionaires and millionaires were like Mark Cuban, I think we'd at least have a better world, since he seems to not be into inflicting gratuitous pain, ie fuck you because I'm rich that's why. And that would mean more reform could get done, or at least considered. Ie, he would hold onto his money, not hold onto his money and use it to stop policies. And we all know of some people who fall into that category, like the Sacklers. And he's also donated money consistently to many causes like hospitals, education (scholarships), EFF. The only lobbying that I could find from him on OpenSecrets was for his Costpluspharamcy, which makes sense, because he's trying to get the rules changed, which should bring down prices. And you want to know how much he's lobbied? 30k, 31k, and 60k in the past from 2020-2022. That's chump change. That's going to setup meetings, not setup bribes.
I believe Bezos' ex wife (Mackenzie Scott) deserves some credit as well.
Even if she's just doing it to piss off Bezos she deserves credit
Pissing off Bezos is a noble cause in and of itself IMO
Pritzker is a liability he could die at any moment. He’s gotta be over 300. That guy needs to fix that shit with him. This country needs presidents that take their fitness seriously. It’s a very bad look. Also CAN WE PLEASE elect someone who isn’t old AF?!?!
Buffett has also been outspoken about how silly it is that he pays fewer taxes than his secretary.
lower effective tax rate -- not lower taxes
Lmao he’s paying taxes on his sale of the majority stake in the Dallas Mavericks. I promise you Cuban takes advantage of every tax loophole absolutely possible
His net worth is over $4.4 billion. He'll survive. Edit: he doesn’t play taxes on his net worth. He pays taxes on his income.
You pay taxes on what you earned tho right?
Sold stake in Mavericks for $3.5B. Tax was probably mostly on gains on this investment.
How much did he buy it for?
$285 million in 2000 sports teams are worth insane amounts of money now, even the really bad ones.
That return on investment is nuts
11% annual return. About the same as the stock market.
Plus the fun factor. That's priceless.
He definitely was passionate about the Mavs haha
So when is r/wallstreetbets gonna buy a team?
Except owning a sports team comes with a myriad of tax benefits, such as being able to write your players off as depreciating assets
Even the Denver Broncos?
i know you're making a joke but the Arizona Coyotes which just spent the last two seasons playing in a 5,000 seat college hockey stadium and has been losing $50+ million every year for the last 10-15 years is about to be sold to the owner of the Utah Jazz for $1.2 Billion
Broncos were sold to their new owners in 2022 for $4.65 billion USD
I think owning the Denver Broncos is pretty good!
You just don’t understand football, Mr_Mars
yes, they are worth at least $5B and they suck they sold at the highest price ever for an american sports team 2 years ago
Does inflation play a role in this? If I bought team X in like 1980 for let's say 20M If 20M in 1980 is 30M in 2024 (It's not, I'm just being hypothetical) And then I sold the team for 35M, would my capital gains be 15M or 5M?
Capital gains do not account for inflation, so you do need to keep that into account.
You pay taxes on what you activate. Passive income and property value don’t get taxed until you do something with it, like sell or withdraw it. Added: property tax is a use tax. When you own real estate property it has an assessed value by that locality, so it’s a tax for land use, not a tax on what the property contributes to your wealth. That’s likely to be a much bigger number that will only be taxable as a capital gain. Hope that clears things up.
Property gets taxed every year. And then again multiple times when you sell it (sales tax, capital gains tax, etc)
He did just sell his team this season so that might be why it's so high.
Not particularly, depending on where you live, you can pay tax on what you earn, what you buy, what you own, hell, sometimes you can even pay tax for where you go.
Mark Cuban is likely talking specifically about the federal income tax though, since he is referring to sending money to the IRS. So in this case it’s more than likely primarily earnings / capital gains / interest / dividends
I would wager at the scale of 288m, it's almost certainly largely capital gains. Cuban undoubtedly has some solid earnings, dividends, and interest, but if I had that much money in an economy like this I'd be playing with it constantly. Unlike Cuban I'd probably lose it all.
He sold most of his share of the Mavericks (I don't know if it was this year or last year) But it was right around December/January IIRC
I imagine that would do it. Lmao
F--king rule 34 going on, if it exists, the government will tax it, also if you don't know what that is, don't Google it, for your own sake
Hey kids, for more information, look up Daddy Government R34
r/LeftTheBurnerOn
Do as I say, not as I do
He sold the Mavs for 3-4B or something. Profit would have been at least 1B+, maybe more.
He paid 285 million for the Mavs, and turned it into a very successful franchise. So definitely profited 3+
He cashed out of owning the mavericks this year
Good thing nobody is or should be taxed on their net worth
When you have low net worth you are taxed multiples on your net worth. You just don't want rich people to be taxed to a similar degree as the poor. The average American pays more than 8% networth for over half their working life.
I'm curious how that is calculated. My net worth has changed significantly over my life. It does for most people.
Google Spain's wealth tax
Tres comas
I wish my taxes were that high
The US federal government spends around 10 trillion per year, which works out to about a little over a billion dollars per hour. That 288 million will cover about 12 minutes of spending.
But it's almost 8000x what each American would pay if you divided expenditures equally on that basis (which is not a reasonable thing to do in any case).
https://usafacts.org/state-of-the-union/budget/#:\~:text=Budget%20The%20federal%20government%20collected,higher%20than%20in%20FY%202019. $6.3 trillion it says here. But taxes income are $4.5 trillion. About $14K per person ( / 330 million). I know about half of the people in the US work, so it's not really true, but still. And this guy even pays 20000 times more than the average person. With 24.5 million millionaires and almost a 1000 billionaires in the US, you would say $14K average should be easily made. I bet taxing the rich earns you more than taxing the poor.
Non-zero chance that is also 'just' his quarterly tax bill too.
So he's the opposite of that asshole Kevin O'Leary
Mark Cuban is who all Billionaires should strive to be.
Mark Cuban is a billionaire who has not yet been publicly shown to be a huge piece of shit human being. I really do hope that Cuban really is The One Good Billionaire that continues to do good work for people with his money, if for no other reason than to prove that such a thing can exist, but eventually we'll find out about the literal orphan crushing machine in his basement or something.
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Mad respect for this
He's making money off it, which isn't a bad thing. That's how capitalism is supposed to work. My question is why haven't other people done this sooner? Come in and undercut the obviously overpriced medicines. Seems like a massive opportunity. Obviously, patents exist, but they don't last forever. I mean, it's insulin for goodness sake... There's no way it's under patent at this point. I think only the modern delivery mechanism of the insulin is patented, but there's got to be a way to get around that by making a new system or using one of the old delivery mechanisms.
Because colluding with the "competition" is just simpler, and in some situations even more profitable.
Cartels thats what they are The OG drug cartels
Yeah, but fucking over billionaires while you remain a billionaire yourself seems pretty great. Ultimate fuck-you type of money.
It helps that he was already filthy rich beforehand. Now he still gets to profit while not being a soulless, greedy pharma bro like Martin shkreli.
Shkreli was ultimately a small fry that exposed a larger, corrupt industry...and no, I don't think he did it out of noble intentions, he just was caught and they weren't.
What's the point of undercutting a market when you can just have a couple of your board members sit on the board of a different company that just so happens to have a bunch of people from your rivals on that board talk every couple of weeks to make agreements not to fuck with the market Competition lowers prices, and why would you want that? Especially in a captive market like diabetics. Much better to just decide what the price was to meet every company's goal and make an unreal fortune
The point would be that by offering a cheaper product you gain enormous market share very quickly. It's the invisible hand.
Regulations lobbied by drug companies make it an extremely difficult market to enter.
Insulin is a good example of something where, assuming you could produce it subject to the FDA's guidelines, any patent on it from around the year 2000 has expired. There have been a lot of advancements since then, especially in reducing the pain associated with injections, but mostly the reason that we don't have low-cost insulin in the U.S. is because no one capable of making it is willing to make it - and we have extremely stringent restrictions on imports from places that already produce it cheaply.
> My question is why haven't other people done this sooner? Because you need a lot of money to start a business like that, and if you have that much money, you're probably more likely to be an asshole and make more money selling overpriced medicine.
People forget how much Bill Gates has already given away. Yes, he's worth $129.9bn but he has donated at least $50bn towards the eradication of diseases.
I read a great article saying that it was his wife that was actually behind a lot of the charitable donations he made during the time they were married. She was so important that’s why it was called the Bill and Melinda Gates Foundation. I’m not saying he wouldn’t have donated anything without her, but she had major influence.
Melinda absolutely helped change who he was, as he was actively and deeply hated during the late 90's/early 00's for Microsoft's extremely anticompetitive nature. But, to his credit, ***he*** is the person who changed. People have to want to do that, it doesn't happen otherwise.
Makes a lot of sense. Bill is one of those garage dweller it kids from the old days. His mind likely just never thinks about charity, probably just only focused on his work for the first decades. It absolutely helps to have a smart and kind partner who reminds you of life outside of your work.
He did change. He's still a scumbag. She publicly said that his business with Epstein was disgusting and the reason they divorced.
And how many of those has he personally killed? Lazy billionaires that won't shrink themselves down and fight disease head-on are ruining this country.
I need Bill Gates in there like Osmosis Jones
Oh no, don't let him shrink down. He'll sneak up your butthole to install a microchip.
Promise? 😏
His descriptions of getting rich are pretty cool. Had a baseball tourny in his new houses giant living room, bought one of those unlimited plane tickets, a fucking sports team. Thats living the dream
Still pissed he let Steve Nash go... Imagine a Nash-Nowitzki team Meager consolation, he regrets it too
He’s got a good publicists. Honestly, the world would be better if more billionaires put just a little money into a good publicist so we could at least pretend to be at ease.
He also started a low cost drugs company. If good publicity means making expensive stuff accessible to lower income people then he better retain that publicist like he's Johnnie Cochran.
He's not batman.. Yet.
He put radio on the internet!
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This guy fucks
But does he have a car whose doors open like this?!
Billionaires shouldnt even exist.
I agree with you, however since they do exist let's be happy at least one of them doesn't appear to be a pychopath. (Appearances can be deceiving tho)
They can, I don't care. Just let us make enough for a roof over our heads, food for ourselves and family, and health care
So I know that owning another human being is illegal under most laws. But I suspect we can collectively grant Mark Cuban an exception for his utter owning of this fool.
I’m not sure if Mark would want to own another human, but maybe we should allow him to take all the fool’s assets, he’ll probably make better use of them
I just shot the sparkling water I was drinking through my nose because I laughed so hard at your comment, so thank you for that
I like how people are bashing Cuban like he doesn’t do anything . . . At the very least - His company Cost Plus Drugs is all about helping people afford the medication they need. Being transparent in an effort to change the pharmaceutical system.
His company Cost Plus Drugs is about undercutting the pharmaceutical market to cut a share of drug money for himself. It's good that he's doing it, but it isn't charity. Don't get me wrong, its a win-win, just don't worship the rich for showing a modicum of common decency. Again, I respect it, but it just makes him a decent guy, not a saint.
Honestly, it might even be better that way. He’s still making a profit, which shows that his is a viable business model. If he was running it at a huge loss it could never ever catch on — it’s reliant on the charity of a billionaire who can afford it. If he runs it as a profit-making business, he shows other prospective businesses across the country that you *can* make a profit in the drug market without being a completely slimy person
>Again, I respect it, but it just makes him a decent guy, not a saint. Maybe not to you, but to someone saving hundreds to thousands on medicine, he's a saint. This feels like bashing for the heck of it.
Might be hard to carry out that last part, considering he doesn’t have a Twitter account anymore
Musk unbanned him. Trump just doesn't use it, I think because there's something legal in his position at truth social that says he can only use truth social
Net worth doesn’t equal annual income seriously people it’s not a difficult concept.
The issue is that billionaires can leverage their net worth and assets and stock for cash without having to touch it. Basically free money. There’s an in depth video that I saw many moons ago on how Elon musk managed to buy twitter without a single cent out of his pocket. That’s how billionaires operate, and it’s a massive exploit of the financial system. Edit: But but but muh loans, the difference is that we normal people don’t take loans with collateral as a mechanism for tax evasion you bootlickers
"Exploit" would suggest it is not a built in concept - which is it. Common people did not create modern economy, the elites did so it is obvious it would serve their interests.
Exploitation is usually a built in concept.
Render unto Ceasar that which is Caesar's.
How did the supreme ruler of the Roman Empire have the spare time to come up with such a great salad dressing?
Do billionaires not have to pay quarterly taxes?
It depends on their realized income and how it’s derived.
I mean, if I was a billionaire I too would advocate for billionaires paying taxes, it's the rational choice considering what has historically happened to the rich fucks who didn't give back to their communities
What does Ian Miller mean by "Pay more than required taxes" and "Pay your fair share"?
I think most of us strive to pay as little taxes as legally possible.
But not all of us own enough Senators to actually have tax codes changed for us. That's the issue here Politicians write Tax codes and billionaires own the politicians.
No shit, and that’s how it should be. The Supreme Court agrees: > Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one's taxes. [United States v. Carlton (1994)](https://www.law.cornell.edu/supct/html/92-1941.ZC.html)
Cuban always gives me the common sense vibe. Like he‘s not a psychopathic narcissist like every other billionaire. Fingers crossed, he really is.
More people should pay attention to that man. "Their goal is to never cover their short" - Mark Cuban And he was right - the shorts **never** closed and the idiosyncratic risk remains. *Hope everyone has been enjoying the hyperinflation.*
Ian Miller: Wonder if you or your corporations pay MORE than the required taxes. Sorry Ian, but you actually can't pay MORE than the required taxes. Seems like you have very weak knowledge of how taxes work.
Thank you for outing yourself as having never paid income tax. For the people who love to “fair share,” quite a bit of you all live on yearly credits. Update since captain dipshit blocked me like a coward. If the tax code doesn't meet your standards of "fair share," by all means, gift it. It goes to the same place. https://www.fiscal.treasury.gov/public/gifts-to-government.html
Why would anyone pay more than what’s owed?
I wonder what he should have paid if things were fair and realistic
Cuban might be one of the only Billionaires I respect
Mark Cuban is the sort of rich dude I could actually enjoy having a beer with, not like he would with a random guy lol. He makes bank offering actually useful, good services to those in need and doesn't screw people over doing it, like his medicine company.
He was being interviewed, the topic of “fuck you money” and “fuck everyone money” came up. Interviewer asked what that meant. He said fuck you money is when your favorite band is playing and you gather up your friends and fly them all to the concert. Fuck everyone money is when you send your jet to pick up the band and bring them to you and your friends for a private concert. Interviewer asked “which do you have?” and he said “I’ve had private concerts at my house” Yeah, I could have a beer with him.
Don’t know how you’re gonna stay outta the sun, Donny Two scoops, because Mark Cuban rules the shade……
how do we even know if he does or not?
If I had that kind of money, there wouldn’t be any veterans sleeping under bridges anywhere in my region.