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Nicolas Cage owed a tremendous amount of money in taxes, around $6 million, approximately. Even though he never filed for bankruptcy, he did manage to pay off his debt by reducing his expenses, boosting his income by making three to four movies a year and moving to a no-income-tax state, Las Vegas.
Nicolas Cage is a famous American actorknown for his eccentric personality and his willingness to take on unusual roles.Apart from being a highly respected actor, he is a popular figure among fans and critics alike,as he continues to be one of the most sought-after actors in Hollywood.
Also read:Nicolas Cage Lost His Dominance on Box Office After He Demanded $20,000,000 For His War Movie That Lost Over $100 Million
Nicolas Cage Owed The IRS Millions of Dollars in Taxes
According to Nicolas Cage, he owed the IRS around $6 million in taxes because the real estate market crashed. He lost his money because he was overly invested in real estate and he couldn’t get out in time. He also stated that it was quite a tough time for him. Moreover, during an interview withCBS News, he said that,
“I was over-invested in real estate. It wasn’t because I spent $80 on an octopus. The real estate market crashed, and I couldn’t get out in time. I paid them all back, but it was about $6 million. I never filed for bankruptcy. It was dark. Work was always my guardian angel. It may not have been blue chip, but it was still work.”
The IRS’s $6 million tax lien againstNicolas Cagein 2009 marked the peak of his financial difficulties. To pay off his debt, Cage was compelled to minimize his expenses on several things. He also relocated to Las Vegas, Nevada, to lower his tax burden because there is no state income tax there. He even took on a lot of work, starring in two or three movies yearly.
Also read:“I’m sometimes traumatized by it”: The One Thing Nicolas Cage Will ‘Never Do’ in Movies Again
As of 2023,Cage has paid off all his debts to the IRS.He is an inspiration to others who are struggling with financial problems,and his story shows that it is possible to overcome even the most difficult challenges.His narrative shows that it is possible to overcome even the most hard obstacles, making him an example to others who are facing financial difficulties.
Nicolas Cage’s Rise and Fall in the Hollywood Industry
Nicolas Cage is one of the most unique and unpredictable actors in Hollywood.He has acted in a variety of movies, including high-profile action blockbusters and well-regarded dramas. Cage is renowned for his dramatic and exaggerated acting, which has brought him both recognition and criticism.
However, Cage started to have a downturn in his career in the late 1990s and early 2000s. He starred in several financially disastrous films, such asThe Wicker Man, Windtalkers,andCon Air. Cage’s hammy and exaggerated performances in these movies drew criticism as well.
Also read:“I want people to go ‘What the f–k was that?’”: Nicolas Cage Explained Why He Takes ‘Bad Roles’ That Got Him a Mean Comment from Sean Penn
Cage started to have more and more financial issues. He was unable to make his mortgage payments because he overspent on real estate and other ventures. As a result, Cage was the target of a $6 million tax lien issued by the IRS in 2009. However, Cage persisted in performing despite his diminishing career and financial difficulties.
He continued to play a range of parts in pricey and inexpensive movies. After that Cage started to appear in many critically and commercially successful independent films. Critics also complimented Cage’s subtle and quiet performance in many of the movies. Currently, the actor has a stable net worth of $25 million.
Rajdeep Majumder
Content Writer
Articles Published :674
On top of all things music and pop culture, Rajdeep has a vested interest in the world of film and television. As a dedicated writer, he stays informed about the day-to-day happenings in Hollywood as well as the world of manga. Currently, Rajdeep has accumulated more than 600 published articles on FandomWire under his byline. Looking ahead, he can envision himself leaving a mark in the highly competitive and rapidly evolving world of entertainment journalism.
