The American Dream tends to equate celebrity with wealth and overall success. In reality, many celebrities are unprepared for the financial complexities that can accompany success in their given field. As a result a number of actors, musicians, singers, and other celebrities have faced their share of financial problems.
Here are some of the most famous incidences of celebrity financial difficulties.
Lauryn Hill — The rapper/songwriter spent time in jail in 2013 for tax evasion and will be under home confinement for a year as a result of failing to pay over $1 million in federal and state taxes.
Nicholas Cage — The Academy Award winning actor at one time owed over $14 million in taxes and faced jail time of his own. By working closely with the IRS and seriously scaling back on his formerly extravagent lifestyle, the actor has managed to reduce his tax debt to $6 million.
Mary J Blige — Chart-topping singer Mary J Blige has defaulted on several loans, including one for her non-profit foundation. As a result, she is facing various lawsuits totaling over $3.8 million.
Toni Braxton — Another singer who has faced tax and lawsuit problems, Braxton has filed for bankruptcy protection twice. At one time she claimed unpaid debts of $50 million that she was unable to pay.
Stephen Baldwin – Youngest of the Baldwin brothers, the actor also filed for bankruptcy and had his home foreclosed in 2009. He had debts of more than $2 million at that time. In December 2012 he was arrested for tax evasion and owes over $350,000 in unpaid taxes.
Annie Leibovitz — The iconic photographer to the stars fell victim to circumstances when deaths, estate taxes, a failed book deal, and the birth of twins all contributed to a mountain of debt. At one point Leibovitz owed over $24 million and was facing the loss of ownership of her entire catalog of photographs.
Dionne Warwick — Singer and Psychic Friends Network spokesperson Dionne Warwick owes $10.7 million in taxes and filed for bankruptcy as a result.
Sharon and Ozzy Osborne — The rockstar and the talk show host owed nearly $3 million in back taxes. They managed to avoid jail and have already paid back $700,000 towards their IRS bill.
Younger stars can learn from the mistakes of these, and countless other celebrities, with tax, debt, and lawsuit problems. Otherwise they will find themselves on a list like this one sometime in the future.
Learn about accounting, fraud, and other financial problems at this site: http://veriticonsulting.com/10-worst-us-states-fraud/
September 27, 2013 at 6:49 pm Comments (0)