Wesley Snipes made over $19-million in 1997.
I know—I’ve seen his Tax Return from that year.
It’s all over The Smoking Gun website, now that Snipes has been indicted on 8-counts of tax evasion. Seems Snipes got off on the wrong track with the IRS when he bought into the notion his earnings weren’t really taxable under an obscure tax code (Section 861) invoked by outlaw tax preparer Douglas Rosile, who is also the target of the IRS’ ire.
Snipe’s amended 1997 tax return requested a refund of $7-million in taxes.
I don’t know what kind of jungle fever overtook Wesley Snipes’ sensibilities, but casting his lot with the likes of Rosile is going to derail the actor’s money train—he’s now facing a possible sentence of 40-years in prison.
Talk about Hard Luck.
Can you imagine paying $7-million in taxes?
I’ll bet some of you listening this morning have paid more than that in taxes. Paying $7-million in taxes is a good problem to have, because it means your income in that year was also north of $19-million.
$19-million minus $7-million leaves $12-million to fritter away.
And then there’s always next year.
What was Snipes thinking?