AllHipHop.com News  

MC Hammer Pays Off Financial Debt to IRS

MC Hammer

(AllHipHop News) Oakland bred rapper MC Hammer is reportedly being sued by the United States Government for $779,585 in back taxes owed from his earnings.

The money in contention dates back to 1996 to 1997, during the years in which Hammer was believed to be facing his worst financial problems, since he filed for bankruptcy in 1996.

But according to Hammer, he’s already taken care of the debt.

The rapper took to Twitter to assure fans and naysayers, that has proof that he took care of his debt with the IRS.

“700k … Don’t get too excited .. I paid them already and kept my receipt. Stamped by a US Federal Judge,” Hammer Tweeted from his Twitter account @MCHammer.

Despite his bankruptcy claim in 1996 due to $13 million worth of debt, just half a decade earlier in 1991, Forbes Magazine had estimated the rapper’s net worth at over $33 million dollars.

Hammer, who is known for his hit songs “U Can’t Touch This” and “Too Legit to Quit,” admittedly mismanaged his finances during that period.

“I didn’t just take money and say, ‘I want to be a blessing to myself,'” he said. “I took my money and employed 200 people in my community. I had a payroll of a million dollars a month at times.”

blog comments powered by Disqus

AllHipHop Archives of Culture

Copyright © 1998 to Infinity, AllHipHop.com, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited. Powered by WordPress.com VIP

AllHipHop.com Today