Billionaire Mark Cuban expresses his satisfaction in paying his $275.9 million tax bill for 2023, stating that his taxes go to support the men and women who protect the country.
While you may be annoyed about paying taxes, billionaire Mark Cuban says he's happy to pay the $275.9 million he owes for 2023.Cuban confirmed with CNBC Make It on Monday that his $275.9 million tax bill was "wired today."
"We only get to be entrepreneurs and enjoy the freedoms we have because of the men and women who dedicate their lives to protecting our country," he tells CNBC Make It. "They deserve every penny they get and my taxes go to support them."and says his tax bill is "almost all long term capital gains," which almost certainly triggered a federal long-term capital gains tax of 20%.
Long-term capital gains taxes apply to the sale of assets held for more than a year before they are sold. Capital gains rates are based on total taxable income and are generally lower than ordinary income rates. Here are the 2023 long-term capital gains tax rates for a single filer:The U.S. uses progressive income tax brackets, which charge gradually higher rates once a taxpayer's income exceeds a bracket's total.
Cuban has been vocal about paying his taxes for years. By paying taxes, wealthy entrepreneurs like himself are "helping support millions of Americans that are not as fortunate as you,"Disclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank."to learn about common passive income streams, tips to get started and real-life success stories. Register today and save 50% with discount code EARLYBIRD.
Mark Cuban Tax Bill 2023 Long-Term Capital Gains Support Country
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