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Mark Cuban, Elizabeth Warren's Battle Over Taxes Continues as Billionaire Speaks Out

Mark Cuban, Elizabeth Warren's Battle Over Taxes Continues as Billionaire Speaks Out

Billionaire businessman Mark Cuban and longtime Senator Elizabeth Warren (D-MA) have had an ongoing battle recently regarding American tax laws. 

The situation began when Cuban called out Warren for "demonizing" him in comments she made about wealthy individuals not paying their fair share of income taxes. 

Now, the Dallas Mavericks owner has spent time with CNN's Chris Wallace, once again calling out the politician.

Wallace began the interview by playing a clip of Warren saying, "Mark Cuban and his kind need to pay their taxes, and we need to change the laws so they're not written just by the lobbyists for Mark Cuban and his buddies."

She went on to express her belief that they are currently taking advantage of "every one of the loopholes they've built in."

Wallace then reminded Cuban of his own recent comments, calling Warren "everything that's wrong with politics."

Cuban then set the record straight about who he spends his time with, saying, "first of all, 'Mark Cuban and his buddies.' My buddies are not rich. They're my high school friends, my college friends. It's not like there's a collective of people who try to change tax laws."

"Second," the Indiana University graduate said, "I don't lobby anybody for changes in tax laws."

Cuban noted that he has said "many times" he would be willing to pay "38% or 39%" in federal income taxes annually. The businessman went on to express that "where she [Warren] went wrong" was "demonizing" people in his position.

He gave the politician "all the credit in the world" for starting as a waitress and working hard to get where she is today, but expressly stated that constant calling out of one group or another is "what's wrong with politics today."

Over the summer, Warren (D-MA), with support from nearly two dozen of her Congressional colleagues, introduced the Tax Filing Simplification Act of 2022.

The bill is co-sponsored by Representatives Katie Porter (D-CA) and Brad Sherman (D-CA). 

According to an Accounting Today report at the time, the Tax Filing Simplification Act is intended to fix problems with the IRS’s traditional Free File program:

...Warren pointed out [Free File] is used by only 3% of taxpayers, even though an estimated 70% of taxpayers are eligible to use it. However, many of the tax software vendors who participate in the program limit participation and tend to steer customers into paying for the software, at least if they want to file their state taxes."

Warren shared some additional thoughts about the new legislation, noting:

“Along with lowering costs and eliminating red tape for all taxpayers, simplified filing tools would ensure that more eligible people — including millions of low-income Americans — receive important tax refunds, like the Child Tax Credit and Earned Income Tax Credit. According to recent polling, 77% of Americans support this legislation."

Last month, it was confirmed that at least $15 million of the IRS's new $80 billion in funding will be put towards an improved Free File system to rival TurboTax and other third-party options.

At this time, Warren has not yet responded to Cuban's latest comments. 

What do you think about Mark Cuban and Elizabeth Warren's ongoing verbal battle?

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Rebekah Barton

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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