Mark Cuban reveals his taxes

The deadline for filing federal income tax returns and extensions with the IRS for most of the country is Monday, April 15. Many are benefiting from annual tax adjustments, such as new tax brackets, an increased standard deduction, and higher limits to 401(k) plans, resulting in lower income taxes and larger tax refunds.

In a post on X, formerly Twitter, on Sunday, entrepreneur Mark Cuban responded to a user's question about paying fair taxes. He disclosed that he would be paying $288,000,000.00 to the IRS, emphasizing his pride in contributing to the country that has provided him with so much.

A report from the staff of the Joint Committee on Taxation revealed that former President Trump declared negative income in 2015, 2016, 2017, and 2020. He paid only $1,500 in income taxes for 2016 and 2017. Additionally, Trump and his wife Melania paid no federal income taxes in 2020 and claimed a $5.47 million refund.

After a vote by the Ways and Means Committee, redacted versions of Trump's full income tax returns, along with those of eight related business entities for the tax years 2015 through 2020, were made public. Trump criticized the release, stating that it would lead to negative consequences. He defended his tax strategies, highlighting how depreciation and other deductions incentivized job creation and business development.

Trump's wealth primarily stems from real estate investments worldwide, including a $500 million stake in a Manhattan office building and the Trump National Doral Miami Golf Resort, valued at $300 million.