Former Dallas Mavericks owner Mark Cuban revealed on the social media platform X he plans to transfer $288 million to the Internal Revenue Service on Monday, the final day to file a 2023 tax return.
It's unclear whether Cuban's $288 million transfer was to pay all of his 2023 taxes, or whether it is a quarterly payment. Taxes for non W-2 income earners are generally due quarterly to avoid penalties.
With a top tax rate of 37%, it would take about $775 million in income to owe $288 million.
"This country has done so much for me, I’m proud to pay my taxes every single year," Cuban said.
Cuban made the revelation as he was responding to criticism on social media about the latest round of student loans forgiven by the Biden administration. Late last week, the White House announced that it had forgiven over $7 billion worth of student loans for some groups of borrowers.
"It should be illegal for a president to buy votes by transferring funds from certain citizens to others he believes are more likely to support him in an election," said Bill Ackman, CEO of Pershing Square.
SEE MORE: It's time to file your federal taxes ... or an extension
Cuban responded to Ackman's post on X.
"Like Trump has used Tax Cuts for folks like you and me," Cuban wrote.
After a social media user said that tax cuts benefited all taxpayers, Cuban said that the cuts mostly benefited corporations.
"Biden is far from perfect. This isn’t about that," Cuban wrote. "This is the hypocrisy of the point that Trump was not trying to buy votes any way he could, like Biden is now.
"Biden is just smarter about how he is doing it."
The Tax Cuts and Jobs Act of 2017 signed by then-President Donald Trump reduced the top tax rate paid by the wealthiest Americans from 39.6% to 37%.
The tax changes also changed the standard deduction from $6,500 to $12,000 for individuals and from $13,000 to $24,000 for those filing jointly.
The Congressional Budget Office projected that the tax reforms would increase the U.S. deficit from 2018 through 2028 by about $1.9 trillion.
Trending stories at Scrippsnews.com
