Billionaire Mark Cuban made a revealing statement about his tax payments, seemingly taking a swipe at former President Donald Trump. In anticipation of Tax Day, Cuban disclosed the amount he pays in taxes.
The Internal Revenue Service (IRS) has set the deadline for filing federal income tax returns and extensions for most of the country on Monday, April 15. This year, individuals can expect some changes in their tax obligations, thanks to adjustments like new tax brackets, an increased standard deduction, and higher limits to 401(k) plans. These changes are resulting in lower income taxes for many and an increase in potential tax refunds.
In a recent post on X, a popular social media platform, an X user asked entrepreneur Mark Cuban if he or his corporations pay more than the required taxes to ensure they contribute their fair share. In response, Cuban not only disclosed the amount of taxes he will be paying but also seemed to take a subtle jab at former President Trump’s tax practices.
“I always fulfill my financial obligations. Tomorrow, I will transfer a staggering amount of $288,000,000.00 to the IRS via wire transfer. The immense gratitude I hold towards this nation compels me to dutifully pay my taxes without fail each year. Feel free to mention any former president whom you believe shares the same commitment,” he expressed.
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
When Trump entered the race for the presidency, he broke with the tradition upheld by previous presidents and chose not to release his tax returns, even though he was not legally obliged to do so. He justified this decision by stating that he was undergoing an audit by the IRS, which prevented him from making his tax returns public.
In November 2022, a comprehensive report was published, providing a detailed breakdown of the income, deductions, and taxes that were paid by or refunded to Trump during his time in the White House.
The staff of the Joint Committee on Taxation’s report has disclosed some interesting findings about Donald Trump’s federal tax returns. It was revealed that Trump reported negative income in the years 2015, 2016, 2017, and 2020. Additionally, it was discovered that he only paid a total of $1,500 in income taxes for the years 2016 and 2017. Furthermore, the report highlighted that on Trump and Melania’s 2020 income tax returns, they did not pay any federal income taxes and even claimed a refund of $5.47 million. These revelations shed light on the intricacies of Trump’s financial situation.
After the Ways and Means Committee voted in favor, the report and redacted versions of Trump’s complete income tax returns, along with those of eight associated business entities, for the tax years 2015 through 2020 were released to the public.
In an effort to gather more information, Newsweek has contacted both Trump’s spokesperson and Cuban via email to request their comments.
In a statement, Trump expressed his criticism towards the release of the report, asserting that the Democrats’ decision to do so and the Supreme Court’s approval were both ill-advised actions that would have disastrous consequences for numerous individuals.
“The ‘Trump’ tax returns once again highlight my immense success and demonstrate how I have effectively utilized depreciation and various tax deductions to incentivize the creation of numerous jobs, magnificent structures, and thriving enterprises,” he emphasized.
According to Bloomberg, a significant portion of Trump’s wealth stems from his real estate investments across the globe. These include a $500 million stake in a Manhattan office building located at 1290 Avenue of the Americas and his Trump National Doral Miami Golf Resort, which is valued at $300 million.
Despite being considered part of the “wealthiest 0.01 percent,” Trump’s net worth has seen a decline in recent years. His wealth, which was estimated at $4.6 billion in 2016, has decreased to $3 billion in 2022.
During his presidency, Trump enacted the Tax Cuts and Jobs Act 2017, a legislation that significantly reduced the income tax brackets, including the highest rate. These cuts are set to expire in December 2025. According to the Institute on Taxation and Economic Policy (ITEP), a progressive-leaning organization, their analysis revealed that nearly half of the benefits from this act went to individuals with an annual income exceeding $232,000.
During his presidency, Trump presented the Tax Cuts and Jobs Act 2017 as a tax cut aimed at stimulating economic growth and benefiting the middle and working classes, with the promise that it would be self-financing. However, the actual outcome was quite different, as the deficit rapidly rose to nearly $1 trillion. Around the same period when Congress approved the tax cuts, the Tax Policy Center conducted an analysis which projected that the wealthiest individuals would receive the greatest proportional benefit, while the poorest would experience the least advantageous outcomes.