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The Immaculate Expatriation: Bitcoin Jesus And The Exit Tax

• Forbes

Mark Cuban is a wealthy man. He also pays a lot of income tax. According to a recent post on the social platform X, the Texas-based entrepreneur wired the IRS the hefty sum of $275.9 million in federal income taxes for the 2023 tax year.

The post didn't specify how much of Cuban's tax bill resulted from the sale of his majority stake in the Dallas Mavericks professional basketball team, though he acknowledged to CNBC that "almost all" of his taxable income consisted of long-term capital gains. That kind of income profile is typical for high-net-worth individuals like Cuban. His personal fortune is estimated at $5.4 billion.

The thing that caught my eye about Cuban's social media comments wasn't the size of his tax bill, but his attitude about forking over that much money to the IRS. He projected a sense of pride:

Hey Mark just wondering if you or your corporations pay more than the required taxes in order to pay your fair share, thanks so much. [Ian Miller, @ianmSC, Apr. 13, 2024.]

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