Comments Thread For: Reports: Mayweather Also Owes IRS $7.2 Million For 2010

[chaos]

Is there a gofundme set up? I found a fiver in the sofa I wanna send.

[bigjer88]

why did y'all leave out his lawyer quotes

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," Morse said. "So we've taken advantage of that

I'm sure you're right:

Floyd's not paying the IRS what he owes because that money is all tied up in investments that get a higher rate of return than the interest and penalties he'll eventually have to pay the IRS. Floyd's so smart, he doesn't even need an attorney for this; he can take the money he saves from not hiring an attorney, invest that, earn a high return on that investment, not pay capital gains taxes on that return, reinvest what he's not paying in capital gains taxes, get a higher return on that investment than he will eventually have to pay on taxes, penalties, and attorney's fees...and just repeat that cycle until the IRS eventually quits on its stool and Floyd gets his first KO since cold-****ing Victor "No Brains No Balls" Ortiz.

Undefeated. TBE.

[turnedup]

What's really hilarious about this is that there's a group of individuals in a club that don't pay any taxes at all. It's called the SUPER RICH.

Warren Buffet can buy Mayweather 100 times over and has openly proclaimed that his secretary pays more in taxes than he does.

So if Warren Buffet can pay NO taxes every year, how is it Floyd owes 15-20 million ? There ain't that many tax breaks in the world.

Many of us need to wake up and realize that since none of us are in that exclusive club, were all pawns in the game and outsiders who are being raked over the coals just like Mayweather.

It's sad that because it's Mayweather, many just say "He just needs to pay his taxes like the rest of us" . But I say, before we pay another cent, let's first find out why and how the richest people in the world like Warren Buffet don't pay any.

It's called capital gains tax....Floyd and Buffet don't have the same business structure. I explained all of this in the first post about Floyd and his taxes which people clearly didn't bother to read.

[1bad65]

Warren Buffet can buy Mayweather 100 times over and has openly proclaimed that his secretary pays more in taxes than he does.

So if Warren Buffet can pay NO taxes every year, how is it Floyd owes 15-20 million ? There ain't that many tax breaks in the world.

You've got it wrong.

His secretary pays a lower tax RATE, not less in tax DOLLARS.

Buffett pays a ton of taxes, while apparently Floyd is not paying his.

[SugarRaRobinson]

It's called capital gains tax....Floyd and Buffet don't have the same business structure. I explained all of this in the first post about Floyd and his taxes which people clearly didn't bother to read.

Well repost the nonsense, so I can read it and get a good laugh. Then I'll explain to why u have not a clue as to what ur talking about.

[Metho_4u]

All of this stuff is pre fight hype people. Everyone owes money at some point, you hear about it all the time about famous athletes, actors, etc...It's just another way to promote the fight imo. He owes 7.2 million? Like that's a lot for him?

[SugarRaRobinson]

You've got it wrong.

His secretary pays a lower tax RATE, not less in tax DOLLARS.

Buffett pays a ton of taxes, while apparently Floyd is not paying his.

Quoted from Barron's Publication:

Warren Buffett is fond of saying his tax rate is lower than his secretary’s. He does not publicize his tax returns, but for the tax year 2010, he paid $6.9 million on taxable income of $39.8 million, according to partial disclosures he made in 2011.

What is astounding about those numbers is not the 17.3% tax rate, but that Buffett’s $39.8 million of taxable income is only about 0.05% of his reported net worth ($71 billion according to Forbes, which put him third on its list of the 400 wealthiest people in the world for 2015).

Proportionately, that’s like someone with an ever-expanding net worth, currently $10 million, reporting taxable income of only $5,000 and paying a federal tax bill of only $900.

[Metho_4u]

Jeffrey Morse, told the Associated Press in an email that “there is no tax obligation outstanding for the 2010 tax year” but did not provide the news service with any further details about it.

Tax lawyer Morse told _______ a few days ago that this was really just a way to make more money.

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.

[SugarRaRobinson]

You've got it wrong.

His secretary pays a lower tax RATE, not less in tax DOLLARS.

Buffett pays a ton of taxes, while apparently Floyd is not paying his.

Here's the link,

https://www.google.com/amp/www.barrons.com/amp/articles/warren-buffetts-nifty-tax-loophole-1428726092

[SugarRaRobinson]

You've got it wrong.

His secretary pays a lower tax RATE, not less in tax DOLLARS.

Buffett pays a ton of taxes, while apparently Floyd is not paying his.

Here's the most important part:


What is astounding about those numbers is not the 17.3% tax rate, but that Buffett’s $39.8 million of taxable income is only about 0.05% of his reported net worth ($71 billion according to Forbes, which put him third on its list of the 400 wealthiest people in the world for 2015).

So like I said, this criminal pays no taxes