Boxing News 2014: Like Pacquiao, Mayweather Could Be Hit by IRS If He Pushes With New York Licence for Maidana Rematch
By Vittorio Hernandez | July 9, 2014 8:39 AM EST
Unbeaten American boxer Floyd Mayweather had previously rejected the growing clamour for a match with Filipino champion Manny Pacquiao. One of the reasons he cited was that the eight-division title holder is only using him to raise money for his tax problems with the Philippine government.
Floyd Mayweather Jr. (L) of the U.S. punches at Marcos Maidana of Argentina during their WBC/WBA welterweight unification fight at the MGM Grand Garden Arena in Las Vegas, Nevada, May 3, 2014. REUTERS/Steve Marcus
With Money May's plan to secure a New York promoter's licence to be able to hold his rematch with Argentinean boxer Marcos Maidana on Sept 13, Mayweather may find himself also facing the IRS.
The Daily Mail reported that if Mayweather would pick the Madison Square Garden or the Barclays Center as the site of his bout with Maidana, he would have to pay a U.S. income tax and another 8.82 per cent state tax deduction from his guaranteed purse, and 4 per cent more New York City tax.
If the purse would be at $50 million, that would mean less $6.5 million for the boxer who loves to flaunt his millions by spending sprees on diamonds, watches , jewellery and cars for his girlfriends.
But if he holds the fight in Nevada, the state and the city of Las Vegas does not collect extra taxes. However, he might be forced to secure the New York licence because he broke ties with Oscar de la Hoya's Golden Boy Promotions which has been fronting for his MGM Grand fights in the gambling capital.
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