Michael Jackson estate is undergoing a fight with the IRS for $702 billion dollars in debt and penalties charges. Jackson's estate is said to owe $505 million with additional $197 million in penalty charges. Turns out the net-worth of Michael Jackson was reported at $7 million dollars, while the IRS reported Jackson's net-worth being $1.125 billion dollars (Nope, that's not a typo). Reports on the forms show that Michael Jackson likeness was valued at $2,105 dollars while the IRS reported Jackson's likeness to be $434.264 million. Many estates undergo audits because of the natural High value of estates.
Have you ever seen a million dollars? Let alone $702 billion dollars? I don't even picture myself making that amount of money in my lifetime. I found it unbelievable that our government is in such debt when there may be the possibility that Jackson's estates owe anywhere near $702 billion dollars. The amount of money that Jackson has made in a lifetime, I think it's sad that lies have been reported on forms to lower the amount of estate taxes that need to be paid. I'm glad that the estate is being audited. If the IRS is able to collect even millions of the billions owed maybe our government would be in better shape than it is in. End of the day, I pay the thousands I owe in taxes and I only make NOTHING compared to the worth of Jackson's estate.
I hadn't read about this! You're right, that's a crazy amount of money that our government could most definitely use!
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