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Mark Cuban is ‘proud to pay’ $275.9 million in taxes
(www.cnbc.com)
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this post was submitted on 16 Apr 2024
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according to forbes, his net worth is about 5.4 billion. 276 million is about 4% of his net worth paid in tax. I just checked what I payed in taxes vs my net worth. I paid about 11% of my net worth(not income) in taxes this last year. Damn that sucks looking at the numbers lol. At least he's almost halfway towards getting there and happy to pay. I'm curious what it looks like for others. I'm in my 30s for reference in high cost of living location.
Net worth, in the general sense anyway, doesn't get taxed. This is one of the ways billionaires can pay so little taxes. Outside of things like property tax, you don't pay tax on something like a house.
If we are talking straight net worth and not income, then I paid ~10% in federal taxes last year. But again that's not really a fair comparison as we aren't taxed on net worth but income.
The tax system is fucked and needs a serious overhaul.
Sorry I was originally responding to another comment, but I figured I'd make mine a main comment to the post. The missing context to my post, that I just added, is "According to forbes, his net worth is about 5.4 billion. 276 million is about 4% of his net worth paid in tax."
So adding to your point that the tax system is fucked, I'm paying a higher percentage of taxes than a billionaire, and I'm not even a millionaire.
Wow, I paid 31%.
Pain.
You almost certainly paid 31% of your income, not your net worth.
Fair, misread his comment.
That...shouldn't be possible. You might have miscalculated
Could be if they don't really have any net worth.
But that would also mean they're just starting their career and are making a lot of money if their tax rate is so high
Or they are just approaching net worth 0 after years of working off student loan debt. There are plenty of people who would be in position to have a near infinite or even a negative effective wealth tax rate because so many college graduates (and college dropouts) in America are starting well below zero net worth
Yeah I'm hoping that person is young
Depends on what you include in the percentage. 31% is definitely possible if you're looking at the full effective tax rate, including federal, state, city (if applicable), social security, Medicare, etc.
In California, which has high state income tax, you'll reach 30% total effective tax rate around $115-120k/year if filing single.
Also, definitely less likely, but an income around $600k/year (if filing single) will also get you a ~30% effective federal tax rate.
(numbers are rough estimates but should be close-ish)
Also if the person is barely starting to work... which I hope is the case and not that this person doesn't have a lot saved.