“I Never Pay Tax Anymore” | Mike Tyson Reveals How He Saved Millions By Bobbing And Weaving On The IRS

Image Credit: Twitter @Ianbremmer Screen Shot

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.

‘I Died During My First Trip’ | Mike Tyson Recounts Toad Venom Experience

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.”

“He Had To Get Laid To Disengage Some Of The Strength He Had” | Mike Tyson Slept With Groupies Before Fights, Says Bodyguard

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.

New Money. Less Problems.

After filing for bankruptcy, Tyson fought twice more and then retired. His fights in 2004 and 2005 were for the money and not the legacy; he lost both matches.

Now Tyson is a man of multiple revenue streams. His Tyson Ranch cannabis business changed the game for athletes in the cannabis space, while his podcast opened the door for conversations around healing.

Tyson has also been offered a cannabis ambassadorship from the African country of Malawi, and his work with psychedelics is gaining international acclaim.

Mike Tyson Asked To Be Cannabis Ambassador Of Malawi | Receives Local Backlash Over Past Convictions

Mike Tyson has lived the life of a superstar, and the more he provides glimpses, the more we learn.


More news from our partners:

“It’s Gonna Be Hard To Box The God In”: Kevin Durant Claps Back At Stephen A. Smith For Pushing Agenda

Home of Malcolm X Is Named a National Landmark and Will Be Made Into a Museum

New Report: Policy Changes to Earned Income Tax Credit and Child Tax Credit Could Narrow Racial Wealth Gap


 

Rhett Butler is a Boxing Writer Association of America Journalist, Play-By-Play Commentator, Combat Sports Insider, and Former Mixed Martial Arts and Boxing Promoter. The New York City native honed his skills at various news outlets including but not limited to: TIME Magazine, Money Magazine, CNN's Wolf Blitzer Reports, and more. Rhett hosts the PRITTY Left Hook podcast, a polarizing combat sports insider's take featuring the world's biggest names.