569
Mark Cuban is ‘proud to pay’ $275.9 million in taxes
(www.cnbc.com)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 16 Apr 2024
569 points (92.8% liked)
Uplifting News
11294 readers
10 users here now
Welcome to /c/UpliftingNews, a dedicated space where optimism and positivity converge to bring you the most heartening and inspiring stories from around the world. We strive to curate and share content that lights up your day, invigorates your spirit, and inspires you to spread positivity in your own way. This is a sanctuary for those seeking a break from the incessant negativity often found in today's news cycle. From acts of everyday kindness to large-scale philanthropic efforts, from individual achievements to community triumphs, we bring you news that gives hope, fosters empathy, and strengthens the belief in humanity's capacity for good.
Here in /c/UpliftingNews, we uphold the values of respect, empathy, and inclusivity, fostering a supportive and vibrant community. We encourage you to share your positive news, comment, engage in uplifting conversations, and find solace in the goodness that exists around us. We are more than a news-sharing platform; we are a community built on the power of positivity and the collective desire for a more hopeful world. Remember, your small acts of kindness can be someone else's big ray of hope. Be part of the positivity revolution; share, uplift, inspire!
founded 2 years ago
MODERATORS
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.