Billionaire Mark Cuban revealed how much he paid in taxes for 2023 this year, posting the nine-digit figure in an article on X this week while simultaneously lashing out at the former president Donald Trump.
“I pay what I owe. Tomorrow I will transfer $288,000,000.00 to the IRS,” Cuban said. wrote on the social media site on Sunday before changing the actual figure to $275,900,000 in a follow-up job.
“This country has done so much for me, I’m proud to pay my taxes every year. Identify a former president that you know doesn’t,” Cuban added, apparently angry at Trump, who refused to share his taxes. returns as he runs for office and during his four-year term, breaking with recent tradition.
President Joe Biden and first lady Jill Biden shared their tax returns Monday, revealing they earned nearly $620,000 in 2023.
The average federal income tax payment among the more than 164 million Americans who filed a return in 2020 was $16,615, Business Insider reported last year — far less than the 275.9 million dollars in taxes that Cuba has just paid. However, his net worth is much higher.
Here’s how the U.S. government could use millions of Cubans. And yes, we know that the Cuban tax bill will not go away. directly to finance these programs, but for the sake of context, here is what his taxes could have financed.
Fund the NTSB in its entirety
The National Transportation Safety Board, an independent U.S. government agency that oversees investigations of civilian transportation accidents, received $145 million in funding for fiscal year 2024 in the president’s budget, the agency announced in a statement release from March 2023. This figure represents an increase of $15.7 million from the previous fiscal year.
An explanatory statement on Department of Transportation funding in the 2024 Appropriations Act says the agency ultimately got $140,000,000 for salaries and expenses in the final bill.
Earlier this year, the agency requested $150 million for fiscal year 2025 to fund its 455 full-time equivalent employees.
Cuba’s $275.9 million contribution to the U.S. government could fully support the department, with nearly half remaining.
Pay a lot of salaries to legislators
Representatives and senators earn an average of $174,000 each year. Multiply that number by all 535 members of Congress and you get $93 million.
The million Cubans could easily cover Congressional salaries and even account for President Joe Biden’s $400,000 salary and Vice President Kamala Harris’ $235,100 salary.
Fund the DOD (for a few hours)
The Defense Department has requested a whopping $850 billion budget for fiscal year 2025. It’s too early to tell if the spending bill will pass, but the department managed to raise $841.4 billion. dollars in fiscal year 2024.
If you divide $850 billion by 365 days in the year, you get a departmental cost of $2,328,767,123.29 per day. Divide that number per 24 hours, and you get $97,031,963.47 per hour.
So Cuba’s $275.9 million would not quite be able to cover DOD’s potential three-hour cost of $291,095,890.41. But his tax payment could fund America’s war machine for a little more than two hours.
Reduce a (small) part of the American debt
The U.S. government’s debt burden increases by nearly $1 trillion almost every 100 days, CNBC reported earlier this year.
The current national debt stands at $34 trillion as of April 2023. While $275.9 million doesn’t seem like it could reduce that astronomical number, every little bit helps! RIGHT?
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