As many people know, the actor and comedian Chris Tucker has had a bit of a tough time with the Internal Revenue Service over the years. It appears that over seven years, Chris Tucker ran up a $14 million tax bill, and that led to a number of tax liens, including the most recent one that was for roughly $2.5 million and brought his tax debt to the supposed $14 million mark.
Thankfully, it appears that Tucker is on the upswing after he apparently settled his tax debt with the IRS. That doesn’t mean that the tax lien didn’t do any damage to Tucker, nor does it mean that anyone could get away with having tax debt — even if it isn’t for the monumental sum of $14 million.
The point is that tax liens are very harsh and restrictive punishments that put people under enormous pressure. A tax lien essentially notifies creditors that you are financial poison. Any property you own or attempt to own will have this lien attached to it, alerting creditors to your tax debt and your financial situation.
One thing to note about a tax lien is that even though it is a harsh reality for an individual, it still doesn’t grant the IRS power to seize any of your assets to pay off your tax bill (like the liquidation process of a bankruptcy would). It is merely a note that says the IRS is owed something, and the lien is supposed to compel the individual to pay off their tax debt.
Source: Forbes, “Serious Lessons From Comedian Chris Tucker’s $14 Million IRS Bill,” Robert W. Wood, Sept. 2, 2014
