National Treasure: Nicolas Cage Owes IRS Over $6 Million

220px-Nicholas_Cage_-_KirkWeaver200px-Book_of_secrets_postNicolas Cage has been hit by a lien for over $6,257,005 in unpaid income tax for 2007. It is not known if the IRS has started digging near Mount Rushmore.

The lien states that Cage owes more than $70,190 on his 2002 taxes, $179,738 for 2003, $110,617 for 2004 and a whopping $6,257,005 for 2007. He is only the latest celebrity facing such charges, here.

Over six million, however, is a bit off the mark for most citizens. Absent a really great historical conspiracy theory, Cage may want to reach a settlement quickly to avoid adding a “d” to his name. The problem with being a celebrity is that, now that this has attracted national attention, many will be looking closely for any evidence of lenient treatment.

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9 thoughts on “National Treasure: Nicolas Cage Owes IRS Over $6 Million”

  1. I can’t imagine why anyone would think that the IRS might be fudging their numbers. The IRS officials involved in this sad situation should be disciplined.

  2. dREDD:

    I am not a big fan of the IRS. I would like to see a flat tax with a simple form, ie:

    how much ___________
    multiply 0.15
    your tax owed _______

    and that would be it. No accountants no lawyers no deductions and if you make less than about 30,000 no taxes. Think of all the money we would save in tax prep fees and we could basically eliminate the IRS quite a big savings there. It would be 10’s of billions of savings to the economy and the economic stimulus caused by a flat tax would be beneficial as well.

  3. Dredd:

    “Again IRS was bloviating (988,000 – 385,200 = 602,800).”

    isnt that more like extortion? luckily he had the resources to hire a good lawyer. a small guy would loose his house and everything else.

  4. Ok, got it (case # 029461-07).

    The corporation Cage controls, Saturn Productions, Inc., was said to owe $988,000 but the judgment showed it owes only $385,200.

    Again IRS was bloviating (988,000 – 385,200 = 602,800).

  5. Tax professor blog says:

    Actor Nicolas Cage has filed a Tax Court petition (No. 934-08) contesting the IRS’s determination that he personally owes $814,000, and his Saturn Productions of Los Angeles company owes $988,000, in taxes, interest, and penalties for 2002-2004.

    The settlement in the case (final judgment entered) was about $281,294, including interest and penalties.

    So I would say IRS was stretching it a bit ($814,000 – $281,294 = $532,706).

    http://taxprof.typepad.com/taxprof_blog/2008/02/actor-nicolas-c.html

  6. just another example of people with connections being able to scoff at our tax laws and the rest of us pay the bills. Either make it fair or eliminate it [tax system] all together. Or impose a 15% flat tax on all income from everyone and every entity that generates revenue. From grandma clipping bond coupons to Exxon Mobile and have no write-offs/deductions for anything. Incomes below 30,000 per year pay not taxes at all.

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