Comments Thread For: Mayweather Owes Taxes, Asks IRS to Wait For McGregor Fight

[champion4ever]

You have all of these lil "hood agents" that break bread with child prodigies when they're coming up. Just so they can get something when the few that make it make it. So either Floyd upbringing wasn't as "hood" as he claims. Or, Floyd was that rare exception that decided to play it all the way straight and accepted nothing from anybody. Although its kinda hard for me to believe that a kid that didn't have food when he was competing at the international level of amateur boxing didn't accept a handout or two somewhere along the way.

Please listen to me sir and I want you to hear me very carefully. Floyd unquestionably was a high school drop out with very little to no literacy skills at all. The man can hardly read at a third grade level and then he supposed to be able to comprehend corporate and tax laws.

This is what this is all about. Damn his upbringing! It doesn't matter, whether or not he traveled the four corners of the globe while riding in first class seats on the most expensive jets or traveled the seven seas of the earth, while staying at the best five star hotels and dining at the finest restaurants in the world; We are talking about his ability to understand, read and comprehend documents pertaining to his estate; Something which he appears to lack at the moment.

[p4ptbe]

only a POS would rather that money go to the taxman than to a fighter

it's not like US citizens will see a penny of it

taxation - working for 2 days per week for nothing - when you do not have an adequate education and healthcare system..... is so far beyond absurd that it defies comprehension

that money will disappear, or be ****** up by the military industrial complex, or used on black op projects..... just like the 3.2 trillion dollars that "disappeared" from Donald Rumsfeld's Defence budget..... as if that is even possible

or it will be donated to the bank bailout fund, and Ben Bernanke will once again refuse to say where the money went LMAOOOOO

or it will be used to arm Syria will chemical weapons, again

it is better if that money goes to the bums, strippers, clowns, that hang around with Floyd

stripper lives matter bro lol

[Butch.McRae]

But he is not avoiding paying taxes he is asking them to wait till his fight so he can have enough "cash" to pay it off. which means he doesn't have the direct liquid assets to do it now.

Yes, b/c his money is likely held in an LLC that pays him a dividend periodically. That LLC will pay a capital gains rare at around 15% instead of the ordinary income rate which would be 30-40%.

This is very common. He'll just cut a chunk off the top of the fight comp and won't think about. I honestly wouldn't be surprised if he settles for even less than what is stated in the notice (the article notes this happened in the past).

I think this is a story to generate some PR for the pressers next week.

[FeFist]

It is not a big problem but he needs to get his priorities straight.

Basically, it it is what I'd expect to happen.

He would have been earning lets say 80 million a year. I guess he would have paid last years taxes with this years earnings so to speak.

**** changes when he stops pulling in 80 million a year. He can't use his current earnings to cover the tax bill so he'd have to essentially liquidate assets to cover the bills.

He doesn't want to liquidate assets, which is understandable, so he's looking to use the money from McGregor fight to cover the bill.

It's all well and good but it's likely that he will find himself in the same situation again. Something in his life needs to give because he can't keep returning to the ring for a big pay cheque. For a couple of years, he needs to keep things cool, until he covers the bills on the years he earned big.

[turnedup]

I hate talking about boxers' money and all that shh but i've seen a ***ton of idiotic azz responses on this topic.

Let's clarify some things for the imbeciles...

1. Floyd is not doing this to be savvy, his history of being negligent financially is well documented
2. No! Rich people do not do this as a way of negotiating with the IRS..they have CPAs that use the loopholes before the filing date and then get audited....What rich fool is going to give the IRS addition money in fees/fines? Do you people not understand tax code?
3. Floyd is not broke, but he is not as well off as he makes it seem..People always see the big numbers like $300 million and think he takes that home. That's not how it works..it's called overhead, marketing, entourage, venue, partner splits, taxes, permits, licenses, comes out of the promoters pocket..i.e. Mayweather Promotions.
4. No! Rich people do not have all of their money as illiquid assets. Any idiot willing to sink anything over 60% of their net worth into anything isn't going to have that wealth very long. The only people that vested in their finances are founders of companies. Floyd is not a founder of anything other than Mayweather Promotions and most of those founders start cashing out at the very minimum during the second round of VC fundraising
5. Yes! Floyd is still very rich and can actually pay this bill just fine but he's going to take a massive hit in doing so. Once people know you are impecunious they will low ball you on the value of your assets. Anything he manages to make any profit on he has to pay tax on that profit as well, that tax is called capital gains tax. The rate for that is 15%. Example you buy a home for 250k and sell for 300k, you have to pay 15% of that 50k you made in addition to the original purchase price.
6. Floyd, Manny, Jones Jr, Trinidad are all in the same boat..zero financially literacy and thus find themselves in the situations they have found themselves in.
7. Now we can all officially stfu about Floyd and his pockets

PS: To those who have seen the term impecunious for the first time just now it means having little to no money or being incapable of paying a debt outright without loan, sale, or exchange.

[turnedup]

Yes, b/c his money is likely held in an LLC that pays him a dividend periodically. That LLC will pay a capital gains rare at around 15% instead of the ordinary income rate which would be 30-40%.

This is very common. He'll just cut a chunk off the top of the fight comp and won't think about. I honestly wouldn't be surprised if he settles for even less than what is stated in the notice (the article notes this happened in the past).

I think this is a story to generate some PR for the pressers next week.

Ah the old LLC theory, that's not necessarily how it works cuz. In actuality in that situation he's paying double the tax for the same money. He would owe business taxes, capital gains taxes, and still have to pay income tax. Him taking the hit sans an LLC is more financially savvy because the higher his income is the lower his effective rate would be. Paying 17% effective rate on $100 million is a hell of a lot smarter than paying 28% on $1 million.

[Mash121]

Mayweather will lose his record eventually cause dude will be fighting for money to pay bills.

[boxinggod101]

stripper lives matter bro lol

Snowflake? What does it mean?

[p4ptbe]

Snowflake? What does it mean?

are you joking? google it lol

[boxinggod101]

are you joking? google it lol

Lol... So u call white people snowflake?

Just wondering lol