Entries in Mark Cuban (2)


Mark Cuban: Richest 1% Should Pay More

ABC News(DALLAS) -- Since he turned his boyhood stamp collection into a money-making scheme and asked to move out of the house at age 11, entrepreneur and Dallas Mavericks owner Mark Cuban says he’s been driven not by the rewards of business, but the tooth-and-claw competition of making high-risk deals.

Selling powdered milk door-to-door may not have been his finest hour, but he says it gave him some of the skills that eventually led to a $6 billion payday. Whether it was luck or delusion that convinced Yahoo to hand over that much stock for Cuban’s in 1999, he still had the foresight to diversify before the tech bubble burst. Some of his partners lost it all, while he sits atop a multibillion dollar sports and media empire.

Over lunch at his favorite burger joint this winter, the famously candid mogul bounced from topic to topic, dispensing to ABC’s Bill Weir opinions on politicians, business leaders and the state of the nation. When his lawyer dropped by the table to discuss buying the Los Angeles Dodgers, Cuban wrinkled his nose and shook his head at outgoing owner Frank McCourt’s demands.

“He wants to keep the parking lots and lease them back at a ridiculous rate,” he said. “And he’s sued everybody he’s ever gone into business with.”

In a wide-ranging interview in his owner’s suite, Cuban had no qualms wading into election-year politics and calls for “the 1 percent” to pay more in taxes. Unlike many of his fellow billionaires atop the Forbes list, he agrees. And the attached video clip explains why:

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Watch ABC News Nightline anchor Bill Weir’s full interview with Mark Cuban on Nightline TONIGHT at 11:35 p.m. ET/PT

Copyright 2012 ABC News Radio


Billionaire Mark Cuban: Paying Taxes "Most Patriotic Thing You Can Do"

Ronald Martinez/Getty Images(NEW YORK) -- President Obama’s most recent speech, in which he outlined his plans for deficit reduction and called for wealthier Americans to take more responsibility in the struggle, sparked conversation -- and controversy -- nationwide.

Billionaire and Dallas Mavericks owner Mark Cuban is among those reacting to the president’s words, saying he wouldn't mind paying higher taxes, echoing the words of Berkshire Hathaway CEO Warren Buffet and the president himself.

Cuban, in a blog post Monday, wrote, "bust your butt and get rich. Obnoxiously rich. Make boatloads of money,” he suggests, “because being rich is good.”

But Cuban also points out that being rich comes with a responsibility to do something positive with the money, which includes paying your taxes.

Cuban told ABC News on Tuesday that the government needs to be more transparent, as well.

“If we truly were transparent, we would be able to crowd source the super committee.  You know, you'd be able to put it out there for U.S. citizens to say you know what, these are the sort of things we like and don't like and we collectively discuss them.”

He said, “I think the first thing we've got to do is make the government more efficient. It kills me that I'm putting good money after bad. I really don't like that at all.

Cuban also said paying taxes is his duty as an American, and that he would love to pay more taxes, as long as the money is used in the right places.  

“We need funding to help this country, to help pull it out of the economic doldrums. I'm always looking for new opportunities, and you know, contributing to the U.S., I think, creates opportunity.”

He closes his blog, “Get out there and make a boatload of money. Enjoy the sh*t out your money. Pay your taxes. It’s the most Patriotic thing you can do.”

Copyright 2011 ABC News Radio

ABC News Radio