It’s all stock assets, so he IS a billionaire, he just cant access those billions unless he liquidates his stock assets.
You didn’t read the article did you, but even without reading it you’d know he’d have to have a huge amount of income for the year (not just stock appreciation) to have a $275 million tax bill.
‘Cuban, who is also one of the stars on ABC’s “Shark Tank,” has an estimated net worth of $5.4 billion 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%.’
Lets assume generously that 100% if that is long term cap gains taxes (which you only get taxed on the sale of assets). In 2023 he would have had to have sold $1.375 billion in stock he’d held for more than one year.
It’s all stock assets, so he IS a billionaire, he just cant access those billions unless he liquidates his stock assets.
Funny, I can’t access the number on my bank account either unless I liquidate that. Sometimes it’s soothing to know even billionaires don’t actually have a Scrooge McDuck style money bin with actual cash in it to swim around in.
Not sure why you’re being downvoted. Rich people’s net worth is not how much cash they have in their bank account. When you have a lot of money there are countless ways to avoid being taxed on it. The reason is obvious: politicians are part of that rich class and they decide the rules.
Is “billionaire” Trump going to brag about his large tax bill too? Oh, he’s not?
Removed by mod
You didn’t read the article did you, but even without reading it you’d know he’d have to have a huge amount of income for the year (not just stock appreciation) to have a $275 million tax bill.
‘Cuban, who is also one of the stars on ABC’s “Shark Tank,” has an estimated net worth of $5.4 billion 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%.’
Lets assume generously that 100% if that is long term cap gains taxes (which you only get taxed on the sale of assets). In 2023 he would have had to have sold $1.375 billion in stock he’d held for more than one year.
Removed by mod
Should that be the SEC?
Funny, I can’t access the number on my bank account either unless I liquidate that. Sometimes it’s soothing to know even billionaires don’t actually have a Scrooge McDuck style money bin with actual cash in it to swim around in.
Removed by mod
Not sure why you’re being downvoted. Rich people’s net worth is not how much cash they have in their bank account. When you have a lot of money there are countless ways to avoid being taxed on it. The reason is obvious: politicians are part of that rich class and they decide the rules.
Removed by mod
Not sure what knuckle dragging means. But we’re all in the negatives now. I’m so confused.