Floyd Mayweather, the undefeated champion, recently assisted enforcement agencies. However, his honesty, loyalty to the system, and love for poor people have unveiled a big scam.
Mayweather, the boxing icon well-known for his financial management and investments, recently disclosed a $139 million tax scam linked to his purchase of a new house in Bel-Air. On the other hand, he is facing trouble from the IRS for a long time for tax repayment.
Floyd Mayweather busts $139 million California tax scam
The contentious boxer Floyd Mayweather was recently interested in purchasing a $139 million Bel-air home. But Floyd’s attorneys sensed something wasn’t quite right when they read the documents.
Per the agreement, he was purchasing a Nevada corporation rather than the Bel-Air house. After examining the seller’s details, his lawyers discovered a number of inconsistencies that raised concerns about the acquisition.
It became evident to Mayweather’s attorneys that this transaction might be a front for tax avoidance after he was invited to invest in a business outside of California. Mayweather had no intention of defrauding the underprivileged in order to relocate to Bel-air.
Mayweather was raised on government-funded programs with his siblings while his mother battled crack addiction. His father was also a frequent visitor to the jail. He is aware of the extent to which taxes can help the impoverished.
“I didn’t want to be part of cheating people,” says Mayweather. “I have a home here; I do business here. What he’s doing is just not right, taking from poor people. He’s greedy and sneaky and that’s not cool.”
Floyd Mayweather’s tax troubles
Mayweather’s financial journey has been marred by recurring tax challenges. This is not the first time Mayweather has faced tax issues – he has a long history of disputes with the IRS. The IRS claims that he is still behind on $7.2 million in unpaid taxes from 2010. Apart from that, “Money” owes $22.2 million from the year 2015.
The Nevada boxer has a lengthy history of involvement in these issues. Although he may appear wealthy, he stated in court that he does not have enough cash on hand to pay off the IRS account and that it would be foolish to interfere with his investments.
On one hand, he pulled out of a deal where he saw someone trying to evade taxes illegally. He told the media about it and said he couldn’t do it to poor people, and on the other hand, he himself owed millions of dollars in taxes.
