Photo by Michael Reeves/Getty Images
Billionaire Mark Cuban paid his $275 million federal income tax bill on Monday, and the former internet pioneer and Mavericks co-owner posted the funds on social media site X on Sunday afternoon. He said he plans to send the money to.
“I'm not saying there isn't a ton of government waste. There is,” Cuban wrote in an email. sportico. “But every time I think about what this country has done for me, I’m glad to be in a position where I can give something back.”
According to estimates, Cuba is worth $5.4 billion. Forbes. He will sell a majority stake in the Dallas Mavericks at the end of 2023, and the sale is expected to be completed by Dec. 30, an NBA statement said. Much of this is likely due to the sale of his stake to gambling billionaire Miriam Adelson. of unpaid taxes.
Selling the Mavericks would create long-term capital gains taxes for Cuban, who bought the team in 2000 for $285 million. Adelson's deal valued the franchise at $3.5 billion, with the buyer purchasing just over half of the franchise and Cuban retaining about a quarter of the team.
For the wealthiest taxpayers, such as Cubans, the federal capital gains rate on investments held for more than a year is 20%, but the federal tax code is notoriously complex, and entrepreneurs likely have many deductions and alternative plans. It is likely that they received federal adjustments such as: The minimum tax is used to calculate the final number. How complicated are taxes? On Sunday, Mr. Cuban tweeted that his own tax bill was $288 million. He updated the X figure on Monday, saying he had heard from accountant KPMG that the figure was lower than the original estimate of $275.9 million.
“I pay what I owe. This country has done so much for me that I am proud to pay my taxes every year,” Cuban wrote on Sunday.
Widely known as NBA owner and TV show star shark tank, Cuban made his fortune by co-founding Broadcast.com, which streamed audio of sports games in the early days of the Internet. He used a sophisticated options strategy to preserve his wealth when the sector's collapse in 2000 sent the acquirer's stock price plummeting, and he sold the business to Yahoo at the height of the dot-com boom.
“I've said it for years: Finishing your military service and paying your taxes is the most patriotic thing we can do,” Cuban tweeted Monday.
With help from Kurt Badenhausen
(This article was updated after Cuban revised the tax law and to include his comments.)
