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MARKETANALYST.US / ECONOMY & WORK

Tax Positive Mark Cuban Pays $288 Million To IRS, Unlike a Former President

"I pay what I owe," Cuban wrote on X, on Sunday.
PUBLISHED APR 18, 2024
Mark Cuban | Getty Images |  Megan Briggs
Mark Cuban | Getty Images | Megan Briggs

While nobody really wants to pay taxes, many like billionaire Mark Cuban don't feel any frustration. Cuban confirmed to CNBC that his tax of $275.9 million was wired today. Cuban, who is one of the sharks on ABC’s Shark Tank, has a net worth of $5.4 billion as of 2024.

"I pay what I owe," Cuban wrote on X, on Sunday. “This country has done so much for me, I’m proud to pay my taxes every single year. We only get to be entrepreneurs and enjoy our lives because some men and women dedicate their lives to protecting our country," he says.

Businessman Mark Cuban attends the Disney ABC Television Group | Getty Images | Photo by Mike Windle
Businessman Mark Cuban attends the Disney ABC Television Group | Getty Images | Photo by Mike Windle

He finished his tweet with the sentence, "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."

Cuban was apparently referring to Donald Trump. Last month, he told Axios that he would vote for President Joe Biden over Trump "all day every day."



"I don't want a snake oil salesperson as president," Cuban said of Trump. "Trump voters are happy with their snake oil whether it works or not," he told Axios. To be fair, Trump doesn't like Cubans either, back in 2017, Trump took to X, formerly known as Twitter, and wrote, " I know Mark Cuban well. He backed me big-time but I wasn't interested in taking all of his calls. He's not smart enough to run for president!"

Cuban says that his tax bill is "almost all long-term capital gains," which triggered a federal long-term capital gains tax of 20%. Cuban did not confirm if the assets triggered capital gains or whether it was related to his partial $3.5 billion sale of the Dallas Mavericks, which was approved in December 2023. As per him, he pays 37% tax, which is the highest federal income tax rate for people who earn $578,126 or more.



"Never in my wildest dreams did I think I would be here. I try to never take it for granted," Cuban wrote on X. This is not the first time Cuban has spoken about paying taxes. Back in 2011, he wrote a blog post in which he mentioned that by paying taxes, he is supporting "millions of Americans that are not as fortunate as him." "Some people might find it distasteful to pay taxes,” Cuban wrote. “I don’t. I find it patriotic."

In other news, Cuban is leaving "Shark Tank" a show with which he has been associated since 2011. So far, Cuban has invested close to $19 million across 85 companies in his time on "Shark Tank": and as per Fortune Cuban's largest investment to date was the $2 million buy-in to Ten Thirty-One Productions, which later created and produced haunted houses and more, for 20% of the business.

Other than this, he has also invested $200,000 in this SAT/ACT prep tool as well as saved the cocktail company Beatbox Beverages from crashing. He reportedly cut his stint short to spend more time with his family and focus on his own business.

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