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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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We're talking income taxes here. You're not taxed on net worth. Income taxes are what you brought in (in cash) for that year. Since he said in the article is nearly all long term cap gains taxes that means he sold stock or assets totaling about $1.375 billion in 2023. As in, with the sale of those assets thats how he had a taxable income large enough to generate that tax bill. Note: long term cap gains taxes are at a 20% rate.
He sold a majority stake in the Mavs. That’ll be where most of the tax bill comes from. Wants to use the money for something else. Still working with the team operationally.