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Premium Member
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Discussion Starter #1
While The Money Team may have money, apparently it isn’t always easily accessible.

Early this morning, Bloody Elbow learned that a Floyd J. Mayweather recently filed a lawsuit in U.S. Tax Court against the U.S. Internal Revenue Service (IRS).

In past experiences, U.S. Tax Court documents have not been electronically available and have taken more than a week to obtain. But when boxing’s all-time great is the apparent principal, things move quickly.

David Greisman of BoxingScene.com reports that Mayweather still owes federal taxes for 2015 and is petitioning the U.S. Tax Court for an installment agreement, specifically citing what appears to be his scheduled Aug. 26 clash with MMA superstar Conor McGregor as a “significant liquidity event” from which he intends to pay the remaining balance.

Boxing Scene cites a Law360 report describing the apparent dispute between Mayweather and the IRS. “The agency said that Mayweather had various options available … including by selling property, withdrawing cash from other accounts or taking out a loan.”

In other words, Mayweather argues he’s too illiquid to immediately pay his 2015 taxes while the IRS believes some of his assets could be converted into cash or Mayweather could take out a loan to pay what he owes.

2015 is the year Mayweather reportedly earned $220-230 million for defeating Manny Pacquiao in what was billed as boxing’s Fight of the Century. Once the McGregor clash takes place towards the end of the summer, Mayweather will now have to pay taxes on a possible $400 million in earnings as well as cover his past IRS debts.
https://www.bloodyelbow.com/2017/7/...r-installment-plan-conor-mcgregor-boxing-news
 

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You're not terribly important to me
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I dont get it, how much would he owe the IRS taxes all time vs his earnings?
 

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of Nazareth
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Conor was right. Mayweather needs him. McGregor is the only fight left that will earn him anywhere near what's required to dig him out of his hole.

You know what I would love to see? Conor saying "Naaa.... ive changed my mind".
 

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Conor was right. Mayweather needs him. McGregor is the only fight left that will earn him anywhere near what's required to dig him out of his hole.

You know what I would love to see? Conor saying "Naaa.... ive changed my mind".
If so I think Nate Diaz would be a good replacement.
 

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Administrator
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Well now we know why Floyd truly wanted this fight. Not that it's a big deal, this is why people fight - money. It's why DC is fighting Jones, it's why GSP wants to come back (lol), it's why Anderson is still fighting at all, and it's why Conor and Floyd fight. It's all about the green.
 

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The Title Guy
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Yeah except I don't think GSP needs said money to pay off taxes he owes to Canada. Though I don't think he has ever lived an EXTREMELY lavish lifestyle. That is the problem with Floyd is that he's lived a lavish lifestyle with his hundreds of millions of dollars he's earned over his lifetime.
 

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Imagine paying 200 million $ taxes, damn..
This number is huge. For 95% of the US people this amount of money would more than enough to spend all their remaining life in luxury, but for Mayweather these are only taxes. When we see how much money they get for the fights, people forget to take in consideration that almost a half is going as an income tax payment. You can use this online income tax calculator Tax Return Calculator - Estimate Your Tax Refund 2020 and see for each case and see what is the final payment. You can use for your own taxes as well, not with millions of course, but anyway.
 

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Premium Member
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Discussion Starter #11
That's not even the big tax bill.

The big one is the 40% estate tax (death tax) multi millionaires pay. Half of your net worth when you die.

So you can't pass generational wealth on to your kids.
 

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The Title Guy
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Well let's face it, living off of a family inheritance is an outdated concept and people should make their own way in the world. Though that is kind of stupid to be sure. Have things changed since those generational dynasties lived off of family wealth for generations.
 
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