BoxRec

Some say Joe Louis owed around 1 million dollars to the IRS in back taxes.................Anyone know if this is correct and if someone owes back taxes do they have to pay interest on the money they owe? Does the IRS do that?

1.25 million and yes interest was accruing...they even took the $600 his mom left him when she died..public outcry made the IRS stop collecting in the 60's but they never erased the debt owed..
Pretty sad really when you think of all the purses he donated and fundraising he did during the war.

The interest is what killed him, that and the change in the higher marginal rate.

I think he effectively fought for free in his last few fights and they refused to let him knock off the huge purses he gave away to the War Relief. Made worse by the fact he was paying interest on his earnings too.

Article here explains it better than I could:

https://www.mackinac.org/V1997-22

THX FOR THE ARTICLE......... curiously nowadays when the average citizen owes money to the IRS do they have to pay interest on what they owe? ......PLS POST............... ....