Floyd “Money” Mayweather’s 2015 taxes are now 15 months overdue. The modern day fighting icon filed a petition for a reprieve from his obligations until after his Aug. 26 bout against Connor McGregor. In 2015, Mayweather made nine figures in one night for his highly-anticipated match against Manny Pacquiao.
In an interview with Stephen A. Smith, Mayweather said his car collection was worth $15 million. He even owns a $20,000 golf cart. According to Bleacher Report, he never wears the same pair of shoes twice. However, the petition said that his valuables are difficult to convert directly into cash.
“Although the taxpayer has substantial assets, those assets are restricted and primarily illiquid,” Mayweather’s petition said, according to the legal website Law360 and ESPN.com’s Darren Rovell. “The taxpayer has a significant liquidity event scheduled in about 60 days from which he intends to pay the balance of the 2015 tax liability due and outstanding.”
Although the exact amount of what Mayweather owes is unknown, what is known is that he made $222 million on the night of the Pacquaio fight and he’s projected to make around the same amount in the McGregor fight next month.
The petition also asks the government to reduce the penalty fee on his late taxes. Rovell said Mayweather owes 7.5 percent in penalties on top of what he already owes.
The theory of American taxes is quite simple. Usually, the more you make, the more you owe, unless you know how to set up your finances in a way that you won’t owe a boatload of taxes. In the latter case is where financial literacy plays a huge role. He reportedly has a personal barber who flies with him in his private jet, he doesn’t wear the same pair of underwear through a given day, and all of his funds are in one checkings account. Mayweather has obviously proven he knows how to maximize his income, but understanding how to manage the money still seems like a work in progress.