Good news for Nicholas Cage fans. He is slowly erasing the debt he owes to the IRS and Uncle Sam. E Online is reporting that he just paid off a whopping $600,000 bucks to finally paying off a humongous $6,000,000 back tax that he owes. The big Hollywood star of such films as “Ghost Rider” and “Bad Lieutenant”, and Oscar winner for “Leaving Las Vegas”, isn’t the only big name celebrity to tangle with the American government over taxes. They may make big bucks, but sometimes they either forget to pay their fair share, or must be coaxed to cough up a little more to the taxman.
Nicholas Cage
Nicholas Cage first became a huge box office draw in big movies like “The Rock” – opposite Sean Connery and “Con Air” co-starring along with John Cusack and John Malkovich. In other franchise romps like the “Ghost Rider” films or “National Treasure” movies, Cage has proven he can continue the momentum of the same character, if not always garnering the best profit margin. Cage is known for an extravagant lifestyle – he has bought castles and even islands all over the world – but he blames his business manager on his back tax woes. Cage filed a suit against Samuel J. Levin for $20 million dollars, but Levin countersued the star, saying Cage was reckless in spending millions on yachts, art and jewelry.
Wesley Snipes Wesley Snipes was one of the highest paid action stars in Hollywood, starring in the hugely popular “Blade” movies and tons of other action vehicles. He’s a highly talented martial artist as well – having trained in multiple discplines since childhood. Now, Snipes is serving the remainder of his three year prison term for tax problems. What went wrong? He was accused and convicted of misdemeanor failure to file U.S. Federal income tax returns. It’s quite a complicated case, but here’s how the Court of Appeals summarized it: “Although Snipes argues there were mitigating factors that the judge did not specifically mention at sentencing, these facts-his college education, his family, and his charitable activities-do not compel the conclusion that the sentence crafted in accordance with the 18 U.S.C. [section] 3553(a) factors was substantively unreasonable. The district court acted well within its considerable discretion in sentencing Snipes to thirty-six months in prison.”
Willie Nelson Willie Nelson is most known as the laid back, folksy country and pop singer, who must be quite glad that pot smoking is now legal in Colorado. He’s also an actor and author and one of the most respected musicians in America. In 1990, Nelson fell afoul of the taxman because he accused his accounting firm, Price Waterhouse, for failing to pay his taxes. The IRS seized his assets, but fortunately many of his wealthy friends bought his possessions back for him, and he finally managed to clear up his tax debts by 1993. Nelson has a new book out called, “Roll Me Up and Smoke Me When I Die: Musings From The Road”.
Redd Foxx He was one of the funniest stand-up comedians in his day, and broke ground as one of the first black comics to hit it big. He’s most known for his hilarious sitcom, “Sanford and Son” – where he plays the surly Fred Sanford, constantly arguing and joking with his ‘dummy’ son Lamont. Foxx was one of the first black comics to play for white crowds in Las Vegas, and his raunchy act predates such other black comedy luminaries as Richard Pryor and Eddie Murphy. People Magazine summed up Foxx’s tax problems like this, “Foxx reportedly once earned $4 million in a single year, but depleted his fortune with a lavish life-style, exacerbated by what he called ‘very bad management.” Foxx would continue to battle the IRS to his death in 1991 – at the time, it’s said he still owed them $3.6 million dollars.
