Julio Cesar Chavez Owes Over $12 Million in Back Tax

[Roger Mellie]

Damn! If he owed 12mil in tax,how much did he f.ucking earn???

[edgarg]

The report seems somewhat ambiguous.
It seems there have been TWO liens filed against him, one for $12.4 million taking care of 1993-98, and the other in 1999 for $300,000+.

Just think of how much money his purses totalled to arrive at a tax debt of $12 mill.

My opinion is that most of it MUST be accumulated compounded interest, and much of it may not even be legit, since the IRS, like all other national tax bodies, always exaggerate the amounts to provide "leeway" for negotiation.

The IRS is implacable, and will hound him for the next 20 years. or until he dies.

A possibility is that they may, eventually, take a "Joe Louis" position on the matter, that is, if he's broke, and can never pay. But this will take an enormous public outcry.

I don't believe that he has much left, since he was fighting tomato cans
(and LOSING) at the end of his over-stretched-out career, so he obviously NEEDED money.

To conclude, there is NO onus on any of his children to pay a single cent of their father's debt. They are separate en****** under ANY law of ANY country.

[Zarco]

haha, thats what being a fucking dumb ass drunk gets you, i hope they leave him in the streets because his broke ass isnt going to pay that off.

[larry x]

he isnt an american citizen so america can take nothing from him..as long as he stays in mexico he can keep living like a king

[dadd]

arizona

he lives here in arizona, he owns a law firm, he has billboards all over the city! i wonder how he is going to come up with 12 million.

[supRa]

man this sucks.......... poor chavez....

[GrandMasterP]

damn chavez has already been ***ed over by don king, now the irs
theyre gonna have to bust a joe louis in mexico to save his ass
rocky lockridge is an actual bum now

[Erudite]

Dk

Don King used to lavish his prized boxers with gifts, cars, parties and bonuses, etc; he was very generous with his Cash Cows. Then Don King deducts those items as expenses which are tax deductions towards his bottom line. I'm sure the Don never advised the gift receipients that there were tax consequences to accepting the gifts. Gifts and bonuses are taxed by the IRS separately and at a higher rate than income. I'm betting these guys accepted the gifts, limo rides, parties, etc and never files/or paid taxes due to ignorance of the IRS tax code. In addition many of boxers make public appearances for charities and the like. Many are never advised that they should bill for the appearances and then waive or donate the appearance fee back to the charities and claim the charitable donations. Many boxers also have CPAs that deducted their equipment expenses but so did Don King as part of his contractuals expenses; leaving the boxer to assume the tax deduction in error. Then there were also the governing body sanction fees and the question of who actually claims the expense; boxer or Don King. If the boxer claimed them and DK had included them as expenses against the boxers salary then guess what?
It was no secret that DK also managed many of his fighters money during their careers.
It seems in recent history that mostly the Don King fighters have IRS problems. Mmm ...one wonders why?
As Don likes to say "Only in America!"

[Libido Sanchez]

It might as well be $100 million because how in the hell do you even pay back $12 million? Especially when you're retired from boxing.

IRS is no joke. Doesn't the interest on back taxes accumulate every single day? That's real pimpin'.

[Al Haymon]

It is sad to hear.

Im interested to see how many *******s who diss Mayweathers IRS situation come on here and say its sad about Julio.

Double standard.

Mayweather owes six mill, and still has earning power.

Chavez owes thirteen mill, and has little to no way of getting big checks.

SIDE NOTE: Cautionary tale for Pacquiao.