(TheRedWire.com) – On Sunday, billionaire Mark Cuban took aim against former President Donald Trump as he revealed the amount he is paying in taxes.
April 15 is the deadline for federal income tax returns filings and extensions to the Internal Revenue Service (IRS) in most places in the United States. The recent increase in standard deduction, newly implemented tax brackets, and higher 401(k) limits have led to lower income taxes and an overall tax refund increase for many Americans.
On Sunday, Cuban took to X, formerly known as Twitter, to respond to an X user who had questioned whether he and his corporations were paying over the required taxes in order to pay their “fair share.” In response Cuban shared the total amount that he is going to be paying in Taxes, which appeared to many to be him taking aim against former President Trump over his taxes. In his post, Cuban argued that he always paid what he owed and that he would be paying the IRS $288 million. He continued by noting that he was proud to pay his taxes to a country that had done so much for him. He had then encouraged his followers to “tag a former president” which they knew did not.
There is no legal obligation for the U.S. president to release their tax returns, however, Trump was the first president in decades to have selected to keep his returns private after he launched his presidential campaign. Since then he has repeatedly claimed that the reason why he had not released his tax returns is because of an IRS audit.
In November 2022, a detailed report was released which showed the taxes, deductions, and income of the former president during his time in the White House. The Joint Committee on Taxation staff wrote the report which showed that in 2015, 2016, 2017, and 2020 Trump had declared a negative income. For the 2016 and 2017 years, Trump had paid a total of $1,500 in income taxes.
The report had also found that in 2020 in their income tax returns Donald and Melania Trump had paid no federal income taxes and had ended up claiming a $5.47 million refund.
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