Finance news
As you grimace today signing that check for the IRS, it helps to keep in mind that things could be worse. You could owe what Mark Cuban did.
Cuban, in a weekend post on Twitter/X, disclosed what he would be handing over to the IRS this year: An eye-popping $288 million. At the same time, he took an apparent swipe at Donald Trump, the former president who faces accusations of underpaying on his taxes: “I’m proud to pay my taxes every single year. Tag a former president that you know doesn’t.”
I pay what I owe.
Tomorrow I will wire transfer to the IRS
$288,000,000.00
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 https://t.co/jxuICxOIAr
— Mark Cuban (@mcuban) April 14, 2024
Cuban has hinted at political aspirations in the past. In 2015, he claimed he could beat both Trump and Hillary Clinton—and he has never hesitated to take shots at Trump. For example, at one time he slammed Trump over the then-president’s comments on NFL players protesting during the national anthem. He has also said Trump is “not a strong manager” and called his presidency “political chemotherapy.”
Paying $288 million is something most people can’t conceive of—and even Cuban said it’s something he didn’t imagine doing years ago. To put the amount in perspective, that’s (substantially) more than Kodak reported in gross profits for 2023.
“It’s crazy and unreal in so many ways,” he wrote. “Never in my wildest dreams did I think I would be here. I try to never take it for granted.
Cuban’s tax bill might be a little lower next year. The billionaire entrepreneur is leaving ABC’s Shark Tank program after 13 years to spend more time with his family and his burgeoning online pharmacy business. He also likely saw a bump this year from the 2023 sale of his majority ownership stake in the Dallas Mavericks. That deal was valued at $3.5 billion.
Cuban will retain control of basketball operations.
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