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Floyd Mayweather Has Long History of NOT Paying His Taxes, According to Tax Records
Well, what do you know? All these years, while we’ve been calling him Floyd “Money” Mayweather, we probably should have been calling him Floyd “Money-Owing” Mayweather.
According to a report from Deadspin, the undefeated boxing champ actually has a long history of not paying his taxes on time and being hit with tax liens.
Deadspin obtained several forms from the Internal Revenue Services detailing dozens of liens (and releases from those liens) for taxes owed by Floyd Mayweather Jr. in Clark County, Nevada, dating all the way back to 2004. In total, there are 10 tax liens, totaling over $47-million.
Among the liens filed against Floyd are this one from September 2008 for $6,165,707.30…
…this one from June 2011 for $7,153,954.42…
…and, of course, the one that everyone has been talking about this week, which is dated March 6, 2017, and is for a whopping $22,238,255:
Floyd does have a pretty good explanation for all of the liens he’s been hit with. According to his tax lawyer, Jeffrey Morse, it’s all about smart investing.
As Morse recently told Fight Hype, the boxer is simply investing that money and delaying payment on his taxes because the amount he makes through investments is more than the amount he pays in interest on his unpaid taxes.
Here’s how Morse put it:
First, Floyd always pays his taxes. Secondly, the Internal Revenue code and the Treasury regulations allow taxpayers to defer their tax liability in certain circumstances. Floyd’s a savvy investor and if he is investing money and getting a rate of return that far exceeds what he has to pay the IRS in interest, then any smart business person is going to take advantage of that deferral. So Floyd’s looking at this and saying this is a better business decision to just defer my taxes until it’s the best time for me to pay it. So we’ve taken advantage of that. We filed the petition for the whole purpose of allowing Floyd to continue to earn the money that he’s earning on his large investments and he’ll pay the tax. Again, I would stress that Floyd always pays his tax. He’s always working to be 100% tax compliant, but the rules allow us to do certain things and we utilize those rules, just like any other smart investor/tax payor.
It certainly makes sense. Whether or not it’s true, however, is a completely different story.
All I have to say is, if you’re going to call yourself “Money” and brag about how much cash you have, at least pay your damn taxes on time—otherwise, don’t be surprised when everyone calls you out for it.
If you’d like to see the documents from all of Mayweather’s tax liens, dating back to 2004, you can do so at Deadspin here.