Mike Tyson is always a lightning rod of controversy.
The youngest heavyweight champion in boxing history has a sordid past, from biting Evander Holyfield’s ear to medicating from toad poison.
However, since taking over stages with his Undisputed tour and book and movie roles, “Iron” Mike has figured out how to keep some of the money he has made over the years.
Tyson’s New Rules
Tyson spoke with Valuetainment last year, and he discussed fiscally responsible topics like taxes and more. However, he had a Tyson-level twist to the knowledge.
“You know those executives, certain people, tax people, this lady kept calling, ‘Mike, you don’t got anything to give to us?’ The tax lady, you wouldn’t let me, wouldn’t let me cut my back, and then they died, then next thing you know I didn’t have to pay taxes anymore. So this lady was just busting my balls.”
Tyson added that when he’s asked every few years if he’s able to pay down his tax debt, the amount due is reduced each time he declines.
“So when it’s down to like what, 3 million … 2 million, I might be able to pay you now.”
The Youngest In Charge
Even when the anchor asked Tyson perplexed, “You just gotta be patient?” he came with the Tyson facts that have seemingly helped him get back on the right financial track.
“Oh, you know it came from 60 (million) to like 3 (million),” he responded.
Tyson earned millions of dollars back in his boxing prime.
He could purchase things that he could only dream of growing up in the roughest parts of Brooklyn, New York. However, he spent lavishly on his lifestyle, and as a result, ‘Iron’ Mike lost millions on liabilities like exotic animal purchases, cars, and mansions.
Losing The Bag
Additionally, the former heavyweight champ has claimed that his excessive partying plummeted his net worth.
It forced Mike Tyson to file for Chapter 11 bankruptcy in 2003. According to past reports, Tyson earned about $400 million in the last 20 years; however, it didn’t last. According to reports, Tyson had $23 million in debts, and at the time, he reportedly owed $13.4 million to the Internal Revenue Service.
Ouch!
By definition, Chapter 11 bankruptcy is a reorganization bankruptcy where debts can be repaid over some time to keep a business organization or entity afloat.
To find out more about how Mike Tyson avoids paying taxes, click here.
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