Fair Play: The Tax Man scares Money, Pacman
AGAINST two of the biggest names in boxing—Floyd Mayweather Jr. and Manny Pacquiao—he won.
And he didn’t even have to wear boxing gloves—he just came up with the numbers.
Money Mayweather shelled out $5.6 million, while Pacquiao desperately wanted to avoid him he decided to set up camp in Baguio City.
He’s no Golden Boy or Hitman or Sugar Shane but he packs a KO punch more powerful than the three combined.
He’s the IRS. The Tax Man. And when he comes knocking, well, you better be ready.
Mayweather had no choice, the Associated Press reported that he “agreed” to pay $5.6 of his reported $10-million purse to settle back taxes.
Whether Mayweather paid it or not, the Tax Man was going to get his due.
Another website reported—which AP confirmed—that as early as three weeks before his comeback, the IRS already wrote the Nevada State Athletic Commission that they were going to nab more than half of his purse to pay for his back taxes since 2007.
Ouch.
I guess that’s why Mayweather didn’t want to talk about the $600,000 penalty he paid during the weigh-in because minus the back taxes, the penalty, the trainer’s fee plus other expenses, he’d be left with what?
Pacquiao, too, had to avoid the Tax Man. And this is one case where he’s lucky to get good advice.
According to Bob Arum, had Pacquiao trained in the US he would have to pay taxes, not for his earnings in his fight, but for his “worldwide earnings.”
Wow. Is that why the US is rich?
Uncle Bob wrote in the Las Vegas Sun that “If one-sixth of his (Pacquiao’s) days spent in America in 2007, plus one-third of the days spent in our country in 2008, are added to 100 percent of the days he was here in 2009, and if the resulting figure equals or exceeds 183 days (roughly six months, or half a year), that would establish what IRS calls a “substantial presence” and subject his worldwide income to U.S. taxes.”
Uncle Sam sure got an insatiable appetite.
When I learned that Pacquiao will start training for the Cotto fight in the Philippines I thought he was going to choose Cebu again, like he did with the Miguel Cotto fight.
Then, Pacquiao’s move in Cebu wasn’t because he was avoiding the Tax Man, but because he reportedly wanted to woo Cebuano fans back. Early that year, he got booed during the Z Gorres vs. Fernando Montiel fight, while one fan had a message for him about his political plans.
That was then.
Pacquiao’s reason for choosing Cebu—the people—is the same reason Freddie Roach rejected it.
“Too many people,” Roach said.
I remember things got too crazy in the first few days of Pacquiao’s camp at the Wakee Salud Gym since everybody wanted to get in. When they hired guards, these guys let their friends in, while those who couldn’t, watched Pacquiao from the gates.
Roach got so pissed he threatened to leave Cebu if some semblance of order wasn’t put up.
Now that Baguio City can learn from the lessons of the Cebu Camp, things might just be a bit better. The mayor there asked his citizens to give Pacquiao some space, Deputy National Security Advisor Chavit Singson promised to send his goons…I mean security detail…to handle the peace.
And Roach? Well, Roach promised he’d be the bad guy. In an interview with Romy S. Kho at the wild card gym, Roach said, “I guess it would have to be me to throw out the governors, mayors, and other famous people.”
Boy I can’t wait to read about some dude who thinks he’s famous, to get thrown out.
And he didn’t even have to wear boxing gloves—he just came up with the numbers.
Money Mayweather shelled out $5.6 million, while Pacquiao desperately wanted to avoid him he decided to set up camp in Baguio City.
He’s no Golden Boy or Hitman or Sugar Shane but he packs a KO punch more powerful than the three combined.
He’s the IRS. The Tax Man. And when he comes knocking, well, you better be ready.
Mayweather had no choice, the Associated Press reported that he “agreed” to pay $5.6 of his reported $10-million purse to settle back taxes.
Whether Mayweather paid it or not, the Tax Man was going to get his due.
Another website reported—which AP confirmed—that as early as three weeks before his comeback, the IRS already wrote the Nevada State Athletic Commission that they were going to nab more than half of his purse to pay for his back taxes since 2007.
Ouch.
I guess that’s why Mayweather didn’t want to talk about the $600,000 penalty he paid during the weigh-in because minus the back taxes, the penalty, the trainer’s fee plus other expenses, he’d be left with what?
Pacquiao, too, had to avoid the Tax Man. And this is one case where he’s lucky to get good advice.
According to Bob Arum, had Pacquiao trained in the US he would have to pay taxes, not for his earnings in his fight, but for his “worldwide earnings.”
Wow. Is that why the US is rich?
Uncle Bob wrote in the Las Vegas Sun that “If one-sixth of his (Pacquiao’s) days spent in America in 2007, plus one-third of the days spent in our country in 2008, are added to 100 percent of the days he was here in 2009, and if the resulting figure equals or exceeds 183 days (roughly six months, or half a year), that would establish what IRS calls a “substantial presence” and subject his worldwide income to U.S. taxes.”
Uncle Sam sure got an insatiable appetite.
When I learned that Pacquiao will start training for the Cotto fight in the Philippines I thought he was going to choose Cebu again, like he did with the Miguel Cotto fight.
Then, Pacquiao’s move in Cebu wasn’t because he was avoiding the Tax Man, but because he reportedly wanted to woo Cebuano fans back. Early that year, he got booed during the Z Gorres vs. Fernando Montiel fight, while one fan had a message for him about his political plans.
That was then.
Pacquiao’s reason for choosing Cebu—the people—is the same reason Freddie Roach rejected it.
“Too many people,” Roach said.
I remember things got too crazy in the first few days of Pacquiao’s camp at the Wakee Salud Gym since everybody wanted to get in. When they hired guards, these guys let their friends in, while those who couldn’t, watched Pacquiao from the gates.
Roach got so pissed he threatened to leave Cebu if some semblance of order wasn’t put up.
Now that Baguio City can learn from the lessons of the Cebu Camp, things might just be a bit better. The mayor there asked his citizens to give Pacquiao some space, Deputy National Security Advisor Chavit Singson promised to send his goons…I mean security detail…to handle the peace.
And Roach? Well, Roach promised he’d be the bad guy. In an interview with Romy S. Kho at the wild card gym, Roach said, “I guess it would have to be me to throw out the governors, mayors, and other famous people.”
Boy I can’t wait to read about some dude who thinks he’s famous, to get thrown out.
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