Mark Cuban, Dallas Mavericks Owner: Wealthy Should 'Pay Lots Of Taxes'

Mark Cuban, owner of the Dallas Mavericks, said wealthy Americans should pay "lots of taxes" in a post on his blog on Monday.

Titled "The Most Patriotic Thing You Can Do," the post told readers that wealthy Americans should "do something positive" with their money by hiring, training and paying employees and spending money on rent, equipment and services.

"I don’t care what anyone says. Being rich is a good thing," Cuban wrote. "Not just in the obvious sense of benefiting you and your family, but in the broader sense. Profits are not a zero sum game. The more you make the more of a financial impact you can have."

Cuban -- who has a net worth of $2.5 billion -- encouraged his readers to "get out there and make a boatload of money" and "enjoy the shit out your money" knowing that making more and paying higher taxes would help others.

So be Patriotic. Go out there and get rich. Get so obnoxiously rich that when that tax bill comes , your first thought will be to choke on how big a check you have to write. Your 2nd thought will be “what a great problem to have”, and your 3rd should be a recognition that in paying your taxes you are helping to support millions of Americans that are not as fortunate as you.

Cuban's post came in the wake of Rep. John Fleming's (R-La.) suggestion that he couldn't afford a tax hike because he had only "maybe $400,000 left over" from his $6.3 million in business profits. Fleming said that he opposed Obama's plan to tax the wealthy during an appearance on MSNBC.

Comments

[Rudy Kammerer]

12:53 PM on 10/16/2011

Mark, wouldn't it easier and more effective to simply require all stock purchases to be held for a minimum period of time, such as 2 years (or 3, or 4)? That is the only way to ensure that the stock market returns to its socially valuable function of allocating capital to promising companies. If an investment has to be made for a long period of time, the investor has no choice but to do his homework and make sure the company is likely to grow over the long term. A transaction tax might penalize HFT and other hacking methods, but it won't stop it and it won't direct the focus back on the legitimate task of finding and investing in the best businesses.

[badonkadonkdonk]

05:22 PM on 09/21/2011

No worries! The uber-rich are notorious for hiding their money in offshore accounts, far away from the hands of the taxman. Then there are things like tax write-offs so, paleeez people...

[Omeezee]

12:01 PM on 09/21/2011

What's funny are the poor people on huffpost who advocate for lower taxes on the rich? I get it if a rich person complains. I just don't understand the poor who complain for them?

[ALoayza]

11:09 AM on 09/21/2011

HAHAHA, I love that the Texas owner said this. Texas conservatives who are Maverick fans must be fuming right now. But let's look at this for a second.

Here is a man who has worked hard for YEARS to get the right team together to win the NBA finals (I respect his tenacity because I'm a die hard Laker fan). On the road to this Championship, he's made tons of money on ticket sales of his team that consistently has made it to the playoffs. He has several business and investments too so Mark Cuban is obviously doing very well for himself. Now that he's won...what else is there? Well for the greed monsters in Banking, Oil, War, Insurance, Coal, Fracking it doesn't ever end. Billions of dollars, 12 Mansions, 8 Yachts, and 3 jets just isn't enough. POWER is what they seek like the feeble men in Lord of the Rings who can't control themselves with the RING OF POWER. Cuban is a patriot and reminds me of something J Stewart said during the health care debates. To paraphrase it was something along the lines of paying taxes into the country that allowed Jon Stewart to make all his money is the least he could do. He was happy to give to the country.

Thank you, Cuban, for making the greedy ones in your class look like grade A monsters.

[Charles Bryan]

02:59 PM on 09/25/2011

More rich people would pay more taxes if the money went to those that need it and not union payoffs.

[ALoayza]

12:39 PM on 09/26/2011

Riiight union payoffs, that's why they don't want to pay taxes, its the unions, riiiiiiight.

[luvcats13]

09:55 AM on 09/21/2011

This is one of the most sensible arguments for higher taxes on wealthier Americans I have ever seen. Well said - Mr. Cuban.

I would be glad to choke on writing huge check for taxes if I received an even huger salary, or if I were a trust fund baby, or if I could bat .300 in big leagues or if I could land a huge movie deal. Being financially rewarded for success is part of American dream, as is paying higher taxes to provide safety nets and provide opportunities for others to work their way up ladder (notice I said provide not give and work not mooch, and that is what most Americans want - just opportunity for hard work to allow them to move up, not just tread water, or go under). Yes, some Americans are lazy and happy to mooch, but just as many of those are in upper tax brackets as are in lower tax brackets. And lazy, moochers in upper brackets, with that " something for nothing" attitude have no problem with massive fraud.

When did greed and "dog eat dog" and "every man for himself" become patriotic?

Instead, Mark Cuban's words demonstrate a patriotism that is admirable and truly part of the American dream. Here's to hoping for more Mark Cuban's in America and less Bill O'Reillys. Increasing income disparity between "haves" and "have nots" begins to eliminate a vibrant middle class, which has been backbone of American prosperity and the envy of the

[luvcats13]

09:25 AM on 09/21/2011

Bill O'Reilly lost all of my respect when he indicated he just didn't know if he'd be willing to "go on" if President Obama hosed him for more taxes. If common knowledge is right, Mr. O'Reilly makes in the neighbor of $10,000,000 annually from Fox News (not including book sales and profits from The Factor, etc.). If he pays 35% on all of his salary, he brings home $6,500,000 annually, or $542,000 per month. If his Bush cuts expire, as proposed by President Obama, if he returns to Clinton era (BEST ERA, BY FAR, ECONOMICALLY, for the country), he will only get to take home a $6,050,000, or $504,000 monthly. Now does he really believe it would not be worth it to "go on" if his check is just a "paltry" $6,050,000? The fact is, during FDR's time, effective top tax bracket was 90% and millionaires did not throw in the towel. Would O'Reilly rather make ZERO or $1,000,000? And no one is proposing anything higher than the Clinton tax rates of 39.5% on the uber rich. So his comments are actually what constitutes CLASS WARFARE! Because in order to keep his Bush tax cuts, Medicare, SS, education, defense, infrastructure, R & D, NOAA, FDA, food safety, etc. would have to be cut much more drastically. It is not class warfare, it is simple math!

[cookcar]

02:25 PM on 09/21/2011

Very well said luvcats13. F&F!!!

[Zelik Voe]

01:39 AM on 09/21/2011

The current 35% federal tax rate plus an additional 8%+ in California brings the "wealthy" tax rate up 43%+. How many people would be OKAY with giving nearly half their payment to a useless government every single month? A government where your voice is not heard. Money is not accounted for. Etc, etc. etc.

At some point the wealthy people won't show up for dinner anymore if they are expected to pay more and more of the check.

[SpookyAnnya]

03:45 AM on 09/21/2011

they are not showing up now

[bellavinovita]

04:37 AM on 09/21/2011

They wouldn't be caught dead eating with us commoners

[kamact]

10:47 PM on 09/20/2011

Just do it!

[Eppur Si]

10:13 PM on 09/20/2011

If you made billions of dollars by inventing a totally worthless website and then selling it just before it went bankrupt, I suppose you would think that. It is kind of charming, in a way. Shame is not completely gone from America.

[sbmulqueen]

11:57 PM on 09/20/2011

Jealous?

[quartrol]

08:19 PM on 09/20/2011

Many readers were a bit shy to point out that the rich,wealthy,well to do,
less underprivilegded should pay more txes,
create more jobs and
help the economy.
Cuban jut echos the opinion of the many who werer silent.
let there be breaks, if possible
if more jobs are reated.
anyone with 1 million income
can easily create 1-5 jobs
and create more secondary jobs too.

[Eppur Si]

10:16 PM on 09/20/2011

Been reading e e cummings, have you? You can have one the other. People with money can either pay more taxes or hire people and create jobs. They can't do both. Those are the two sides in this debate. Pick one.

[juny20]

10:39 PM on 09/20/2011

You can do both.

[bellavinovita]

04:30 AM on 09/21/2011

You can most certainly do both...When Eisenhower, a Republican, was POTUS, the tax rate was 91%. So companies re-invested their profits back into the business, the community, the PEOPLE. We are America,. WE can do anything. It seems to be the WE part that some of the uber wealthy have a problem with. Here is an idea, instead of a 3rd 4th & 5th house, give all of your employers a raise.

[juny20]

07:23 PM on 09/20/2011

Good for Cuban! Fleming is a joke; $400k is probably more than what 99% of the population make! Cuban is trying to be fair, like buffet. Remember, the laws are against the middle income family. If you have invetments, you can just take a $15K salary per year and your taxes can be nothing, yet you have businesses in the millions. That's where the tax laws are not fair. I, on the other hand, am in favor of Ron Paul; get rid of the IRS all together!

[Eppur Si]

10:18 PM on 09/20/2011

So you want higher taxes and no IRS? Good plan. Are you also in charge of the marijuana laws? Because it sounds very familiar.

[juny20]

10:37 PM on 09/20/2011

Haha! I know, it sounds like that. With the current system, I agree with Cuban's approach, which is the President's approach now. However, if there was another option, I would back Ron Paul's idea of dissolving the IRS. Two different scenarios...

[Zelik Voe]

01:46 AM on 09/21/2011

You need to get your facts straight. Nobody can claim a $15k year salary and make massive investments without paying tax on them.

Let me break it down for you:
#1) In order to make a $500,000 investment you need to make nearly $1,000,000 if you are living in California. This $1,000,000 is taxed and you then invest the $500,000.

#2) Once you start making money on the $500,000 investment you are responsible for paying capital gains which is 15% federal plus another 10% California state tax. This means your paying 25% tax on your investments.

#3) You can't claim $15k salary per year and never pay tax. You are responsible for paying tax on the money that you earn on your investments.

[BBQribsNOnapkin]

07:18 PM on 09/20/2011

If you've ever been poor and became wealthy, you're aware of how out of touch those who have always been wealthy, and never poor, are.

[quartrol]

08:22 PM on 09/20/2011

most of the well to do,are from poor backgrounds,
worked hard to get out
and harder to remain so.
some inherited these riches from parent or grandparents
who made it possible
for wealth to be stabilized
and sustained for generations.
Again hard work,
maybe some bribes, some pork, politics and its acompanying fringe benefits.

[BBQribsNOnapkin]

03:22 PM on 09/21/2011

Contrary to the boot-strap myth, 90% of people die in the class they were born in, so I disagree that most of the well to do are from poor backgrounds. It's the contrary. Not saying people don't work hard to get where they are, but again, it's an unsubstaintated myth that the well to do got their by way of hard work. The majority were born into it.

[Eppur Si]

10:20 PM on 09/20/2011

As someone who was poor, and became wealthy (more or less), I am very much in touch with how envious and selfish those who want something for nothing are. All out of the highest and most altruistic of motives, of course.

[BBQribsNOnapkin]

03:32 PM on 09/21/2011

I don't disagree. I believe there are an abundance of American's who feel they are entitled to something for nothing, and because there are inherently far, far more poor than rich Americans, they will always be more visible to us. But I also think that is more of a modern American convention (our Grandparents were far less apt to expect a handout, IMO) than necessarily a commentary on the poor in general.

My point is that there is a definitive difference in understanding the reality of economic hardship between those who have experienced it and those who have not, and that that experience shapes the individuals perception of rich/poor.

[jb1215]

06:26 PM on 09/20/2011

These uber-left wing liberal ultra-rich will not have any credibility unless, and until, they can produce cancelled checks proving that they actually put their money were their mouths are. If they sincerely believe, what their obviously trying to sell others into believing, why haven't they voluntarily submitted personal financial, "gifts", the the US treasury? A special department was established under the Clinton administration to handle those with such impulses. The government has made it very easy for the Buffett's and Cuban's to do their thing. What's causing the delay?

Why don't they forego ALL deductions and loopholes in the tax system NOW? Nothing, and no one, is preventing them from actually doing and living that which they're calling patriotic. They always seem to find ways, through their PR people, to make sure their charitable efforts are very publicly known. They can use the same PR people to establish that they mean what they say, and say what they mean. They can use some of their personal savings on the lawyers and accountants who were formally charging retainers to reduce their tax burdens. They won't need them anymore. Start by sending those personal savings to Washington.

[FromTeaToBag]

06:51 PM on 09/20/2011

I love this argument. Because they don't HAVE to. They are saying they WOULD if taxed.

[jb1215]

07:00 PM on 09/20/2011

Both silly, and childlike.

It's not an argument. It is a fair recognition of their hypocrisy. Their integrity is tested by the simple fact that while they insist others pay higher taxes, they won't unless they're forced to. Doing the right thing, if you believe it's the right thing, isn't only when you're forced to do it. You do it because you believe it's the right thing to do. Then you have a little credibility when you state others should follow in kind.

[Jeff1958]

10:07 PM on 09/20/2011

Why don't YOU lead by example?

[jb1215]

12:45 AM on 09/21/2011

Because that would be only facilitating the only thing you seem to have, The desire and demand to change the subject. I'm neither Buffett, nor Cuban.

[feelingsinexile]

06:12 PM on 09/20/2011

This just in. It seems that $200,000 of the esteemed Mr. Fleming's (R - of course) income had gone to feed his family. Look Fleming, I know that conservatives are known for having lots o' young'uns, but when your food budget starts exceeding the value of your average constituent's home, you've got a problem. Oh wait, my bad, I totally forgot, Fleming also has to pay to feed his slaves. How insensitive of me.

[feelingsinexile]

05:56 PM on 09/20/2011

Oh, this just in - I have just been informed that Rep. Fleming (R - of course) had to spend $200,000 on food for his family. That's one reason he was only left with $400,000. Look Fleming, I know rednecks tend to have a lot of young'uns, but when your food budget starts costing more than most of your constituents' houses, you've got a problem. Oh wait, I'm sorry, I totally forgot to take into account the fact that you have to feed your slaves, too. My bad.