Last month I wrote how Chris Tucker was going to make a new movie, something he had not done for a few years. At the time I surmised it must be because he had run out of money. Well, it looks like I was right. Chris is set to lose his home in Florida to the bank and to the IRS and to everyone else he owes money to. The home is worth $6M but he owes a little over $4M. So, you say to yourself, well he will get $2M back. He would, except he owes the IRS $11M. Here is what I do not understand. It is one thing to owe the IRS money or to lose your house because you do not have a job, but to allow both those things happen when all you have to do is pick up a phone and get $5M -$20M for a movie (depending on if its Joe Movie or a Rush Hour sequel) and not doing it seems kind of crazy. Chris probably figures, "I will make two movies back to back. One to pay all my bills and one to use to start over again and when that money runs out, I will do it all over again." Yeah, well one of these times, maybe he will pick up the phone and no one will answer.
I am loving that house. Too bad I don't have a few million just waiting to be spent.
ReplyDeleteIf he wants to spend all his money its his own business but anyone who falls behind with the IRS is an idiot! They're bringing a machete to the cage fight and you're bringing a Tootsie Roll.
ReplyDeleteThey put Wesley Snipes in prison. Does Chris Tucker really think he'll get away with owing that much to the IRS?
ReplyDeleteDont these people have wealth managers?
ReplyDeletehow stupid. that is a lovely house, at least from the outside.
ReplyDeleteJust another fool and his money parted.
ReplyDeleteIsn't the rumor that he only made like one movie in the last decade because he is completely illiterate?
ReplyDeleteAll you have to do is watch the outtakes at the end of Rush Hour 2 to see what a total idiot this guy is. And annoying as HELL.
ReplyDeleteIt's interesting that we had banks and hedge fund managers who squandered BILLIONS and BILLIONS of dollars, yet no one goes after them. Yet they'll go after the black guy. Not to say $11 million is not a lot of money, but it is fractional compared to Wall Street has lost and put on the tax payers back to recoup.
ReplyDeleteI hate to make this sound racist but I feel like the majority of the time when someone commits white collar crime, there are more likely to be prosecuted if they are a female or a minority (ie: Martha Stewart or Samir Barai for insider trading).
Whenever I see that so and so owes X to the IRS, I automatically divide it in half. IRS penalties are brutal and it seems they pile them on every 72 hours.
ReplyDeleteDear celebrities, no matter how good you are at what you do or how much you get paid, put 50% of EVERY paycheck in a savings account that you promise not to touch for at least ten years. You will not always be popular, in demand, young, attractive, or healthy.
I don't understand how these millionaires find themselves in this position. Seriously. Just pay your fucking taxes like the rest of us and live within your means. Zero sympathy.
ReplyDeleteWe have a small business and pay our income taxes monthly and business taxes quarterly. We put aside the money as it comes in to pay the taxes. We have to be careful but it's not really that difficult. No sympathy for him here. Comparing tax avoiders to hedge fund managers who squander money is comparing apples to oranges. 2 different crimes entirely.
ReplyDeleteI can't feel bad for people who have tons of money and blow it.
ReplyDeleteSorry, I just can't.
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ReplyDeleteHe'll file bankruptcy, make a deal with the IRS for about $5m and his life of luxury and easy living goes right on. No worries. It's the easiest way out for him. Maybe he'll pay his taxes next time. Maybe not.
ReplyDeleteI believe most actors are classified as independent contractors and that the studio therefore does not with hold taxes. Consequently, if the actor doesn't set aside the money they can fall seriously behind.
ReplyDeleteusually it is the wealth managers who get them in this tax hole with poor financial planning. Or worse they put a family member in charge of their money thinking they won't rip them off (see Dane Cook).
ReplyDeleteThat house looks like a castle. Wish it was mine.
What RocketQueen said.
ReplyDeleteAlso, it really bugs me when people buy these huge mansions and have like two people living in them. Who the hell needs 20 bedrooms and 15 baths??? Right now, I would kill for 1.5 bathrooms and just a couple more cupboards in the kitchen! *L*
If I became rich, of course I would buy myself a nice home...but I like the idea of not taking more than you need.
@Blogger Deep--
ReplyDeleteThats an interesting take on this- i think you might be onto something.
Though I also agree with Maja and Rocket---race discrimination or no- he did not handle his money well, and no matter whom it is, they shouldnt be able to get away with that. In the end he fucked up. Could he be targeted more than say, an uber rich white man, HELL YES. But it doesnt negate the stupidity of his actions.
plus btw Enty, you really think it's as simple as him picking up the phone to get 5- 20 MILLION?!!?
ReplyDeleteHe aint no Chris Rock!
Dude was famous in the mid-90s tops. I say if he's LUCKY he'd get the 1$million range.
I think this is a case of the MC Hammer's. A celeb living way too large and outside their means in terms of sustaining that lifestyle.
I have always said that if I ever got my hands on this kind of money just once in my life I would be set. I cannot believe how actor/actresses and sports stars blow through money. I have ZERO SYMPATHY.
ReplyDeleteI think it looks like a lovely house too but when I think about how much it would cost to heat and cool it, it just doesn't make sense. It's all for show which is rather sad when you think about it.
ReplyDeleteI don't understand why these actors who make millions per film don't PAY CASH for their homes?? I wouldn't want to deal with a mortgage if I didn't have to.
ReplyDeleteAnd for the taxes, I absolutely have zero sympathy. And if you don't know how to do them or don't want to deal with it HIRE SOMEONE TO DO IT FOR YOU. Why is that so hard?
Maja, I read an article yesterday that the average house size in the U.S. has been shrinking over the last few years. I think that is awesome.
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