Nicolas Cage has another set of tax woes to add to what he has already described as a “catastrophic” financial meltdown. It’s not just the feds who have come calling; now the state of California wants Cage to pay up as well.
The Golden State has filed a lien against the actor and his wife for $3.8 million in delinquent taxes, according to the Detroit News. The lien was filed in April. According to Cage’s representative, “All entities are aware that this is in process and, from my understanding, all the parties are satisfied that everything will be paid back. Nicolas is doing everything that he needs to do to get these monies owed paid back.”
For those of you keeping score at home, that brings the total of unpaid federal and state tax liens filed against Cage to about $18 million. Here’s the math: assuming 4% interest compounded monthly, if Cage paid the IRS and California $100,000 per month, it would take him 275 months – or nearly 23 years – to pay off his debt. The now 46 year old actor would be nearly 70 years old when the debt was paid (kind of like me paying back my student loans). Ouch.
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that said, he probably makes in the area of 5-10 million for one movie, minus 20% or so for agents etc. he can probably make it happen in a couple years of working hard and putting out 3-6 movies
I don’t know about you, Scott, but I have a hard time stomaching one Nicholas Cage movie–much less three to six of them!
I will unabashedly say that I adored him in “Raising Arizona” and “Honeymoon in Vegas.” He does campy extremely well.
It’s tough to deal with 2 taxing authorities. I always recommend that my clients pay one first and negotiate with the other. Of course the state usually wants less so they get paid first.
As a CA resident, I would appreciate getting some of those Cage dollars into the state coffers.
This man is truly (and literally) an “American Treasure.”
Average taxpayers are not equipped with comprehensive knowledge about taxes so they will need third party tax help from an enrolled agent who is familiar with everything about taxation. Enrolled agents are authorized by the Department of Treasury to represent individuals or businesses when they need tax help regarding issues with the IRS. More Info.
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