I was reading an article in the XXL Magazine about how most all rappers who were in financial troubles with the IRS.
The article, also talked about the screwed up record contracts that many artist had which had lead to artist the being broke. For example, everybody remembers Young Buck‘s infamous phone to label mate and head executive 50cent. 50 cent recorded the call and let the world hear young buck crying about being in debt to 50 for several hundred thousand dollars. Also, you can’t forget MC Hammer filing bankruptcy on his 10 million dollar estate.
Bun B of the group Underground kings was quoted as saying “I still had a day job, because my recording contract was so screwed up, that I couldn’t afford to do other things back in my
early rapping career.” Many artist don’t believe that owing the IRS is real. Many artist just don’t make enough to pay back royalties that they owe the record companies. Record contracts have gotten even worse with the new 360 deal. If you are going to sign a contract, make sure you understand that the money has to be paid back, and that balling is not an option.
Learn from this guys and you will be alright…..
So many high profile artists are in the spotlight for being in debt with labels and the IRS so Atlanta rapper Killer Mike offers his insight on rappers and debt. In a recent interview with XXL magazine, he offers advice on side …
Publish Date: 12/08/2011 11:36
Tax default, bankruptcy, debt—real-life situations that the hip-hop community doesn’t like to talk about. But for many rappers, fiscal problems are a major issue… … @youngswagG0D | December 8, 2011 1:25 am. None of you fucks know anything because your not involved in the music industy LOL. but this article is amazing as a young rapper THANKS XXL MAG. Reply. jrash87 | December 8, 2011 2:23 am. i am an up an coming aussie hiphop artist,thats studdying the …
Publish Date: 12/07/2011 11:41
The “Can’t Touch This” rapper and his wife are being sued by the United States government for the $779585 it claims the rapper owes in back taxes, reports TMZ. According to the documents, the back taxes are from the years …
Publish Date: 12/12/2011 10:41
Your Online And Print Magazine Are You Next? google_ad_width = 468 … Rapper Young Buck is in court today (December 20), to determine what will happen to his assets. A number of his possessions could be liquidated in bankrupcy court in an attempt to satisfy his $300000 thousand debt to the IRS. His home was raided and … Nicki Minaj Official Music Video, Bill Cosby, Bill O’Reilly, Birdman, Birdman On XXL June 2011 Issue Check The Insert! Bizzy Bone, Blac …
Publish Date: 12/20/2011 15:51
Despite his bankruptcy claim in 1996 due to $13 million worth of debt, just half a decade earlier in 1991, Forbes Magazine had estimated the rapper’s net worth at over $33 million dollars. Hammer, who is known for his hit …
Publish Date: 12/12/2011 19:37
Though it’ll provide little comfort, Buck should realize that he’s in good company when it comes to hip-hop heads who’ve tested the mighty arm of the IRS and, unsurprisingly, lost. XXL takes a trip down memory lane to show …
Publish Date: 08/04/2010 15:59
Young Buck responds to the 50 cent phone conversation leak.
- MC Hammer ‘sued by IRS for more than $775,000 in back taxes’ (thegrio.com)
- IRS Takes A Bite Out Of Bow Wow (forbes.com)
- Video: What is a Federal Tax Lien on a Home? (turbotax.intuit.com)
- NEWS: MC Hammer Pays Off Financial Debt to IRS (diggwhat.com)