MovieChat Forums > Nicolas Cage Discussion > How has he not paid off all of his taxes...

How has he not paid off all of his taxes?

posted 5 years ago by Poozer91 (626)
22 replies | jump to latest

He used to pick out hit after hit films that if not critically well received, were financial successes. Now he is lucky if one out of ten of his film are just decent. Why has he not paid off all his taxes, he does so many movies each year that he rivals Danny Trejo and Michael Madsen in low-budget, straight to DVD work schedules? You mean to tell me he has been at this for ten years and has not put his financial issues to rest? Finally, why does he not wait to do more commercial and higher budget movies that at least get a theatrical release? It would most likely ensure a bigger paycheck and more roles that would net him a higher paycheck. This guy won and Oscar and use to be such as big star, how has this happened?

[–] JohnnyDoe (1949) 5 years ago

expenses

[–] fc31 (6073) a year ago

No, it is not like that. Some of the rich people like Nicolas Cage don't manage their own finance, they don't even see their bills. Their bills go to their accountants, and their accountants have the power of attorney on their bank accounts, and they pay all the bills.

So very often people like Nicolas Cage don't have any idea how much money they have in their bank accounts, they just keep spending.

When taxes come due, then they found out they don't have enough cash to cover it, that is when their accountants let them know. He had to auction off a lot of his assets at low prices to come up with cash quickly.

I think I read somewhere Nicolas Cage sued his accountants for not giving him enough warning.

[–] PrimeMinisterX (8847) 5 years ago

I've wondered that about the taxes. It does seem like he'd be clear of that by now. If he's not, it's because he's only getting paid a fraction of what he used to, but still, like you say it's been 10 years.

You ask though why he does not "wait to do more commercial and higher budget movies." I'm not sure at this point that he's even being offered those roles. If he was, then it seems like we'd see those films scattered in there among his lower-budgeted fare but we don't.

Producers definitely need to take a chance on him though.

[–] BourbonKing (5787) 2 years ago

Nice isn't smart with money and he buys expensive assets that are money suckers by default

[–] raymondoz2007 (2098) 2 years ago

hes a nut.

[–] AlexJohan (390) 5 years ago

I have never met nor do not know Nicolas Cage but I know for a fact he still owes money to the IRS. He owes interest on interest as well. I know a person who used to work for him in up until 2019. His current Las Vegas apartment is a rental as well and not very high society.

I have been told that Nicolas Cage actually makes more money on residual checks than his acting gigs.
For Primal (2019) he was paid $ 100.000.- His agent takes 20%, IRS takes 40%, not much left.

However he might turn his career around with the Untitled Joe Exotic Project.

In conclusion Nicolas Cage blew a fortune and has nothing left.

[–] CheekyMonkey (584) 5 years ago

i kinda feel sorry for the guy... especially now with corporations and banks getting massive bailouts... hopefully he can get a good enough deal on the joe exotic project to right his situation...

he's very talented... underused in proper movies...

[–] exithereplease (3553) 5 years ago

...I was just thinking about this 2 hours ago and it brought me here to moviechat.

It is a little weird.

[–] ebhaynz (3750) 5 years ago

I think his taxes are paid off, at the most he owed 6 or 7 million.
There's a lot of speculation that Nick is worth about 15-20 million this sounds about right.

[–] Poozer91 (626) 5 years ago

Well if all of his taxes are paid off then he should be more selective in his filmography, because nearly all the movies he does now are low budget crap.

[–] ebhaynz (3750) 5 years ago

maybe his career has suffered too much over these last 10 years? Plus the whole landscape of movies has changed as well.

[–] PaladinNJ (21762) 5 years ago

Trump is worth billions, yet he still owes the IRS back taxes because most of his wealth is tied up and not liquid. Maybe Cage is in the same boat.

Or maybe it's as simple as he spends more than he makes on his lifestyle.

[–] BourbonKing (5787) 4 years ago

He owes so much because he bought so many assets that are taxable. Even worse, he purchased taxable assets in European countries where being a foreign owner can add even more taxes. Add to this the fact that he wasn't very keen on his finances and probably ignored the the realities of financial responsibilities he has probably been leveraged to the hilt with tax fines.

[–] Poozer91 (626) 4 years ago

I guess, but I was he as irresponsible and lavish with his finances as Johnny Depp? I mean that guy had an island, multiple castles, yachts with a full time staff, and admitted that he easily spent over 30,000 a month on wine alone. The worst I heard Cage had is a collection of sports cars and a comic book collection. But the guy was in some of the biggest films of all time and a lot of them. Right now he works like a dog and it has been 10 years.

[–] BourbonKing (5787) 4 years ago

They have both been financially reckless to a certain extent. Nic also bought a castle in Spain IIRC and he was fined by the government over taxes and failing to upkeep it.

[–] AviAAksenazi (670) 3 years ago

He took a massive hit in 2009 and had to sell a lot of his investments at staggering losses. He is still paying off back taxes.