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Lil Kim is a Debt Millionaire

by Minority Fortune

Unfortunately, the closest Lil Kim’s name will ever get to the word “millionaire” is in relation to her debt with the IRS. Now the female rap artist stands to forever taint her legacy and be remembered as the former rap artist in monumental amounts of debt. We’re not just talking about sudden debt here either.

Lil Kim’s financial woes have been going on for over a decade now. What started as a few thousand in 2002 has escalated to a whopping million dollars! SOHH shares the following:

The rapper’s financial woes appear to have taken a turn for the worse amid allegations she was racked up more than $1 million in unpaid taxes. The Lady Marmalade hitmaker, real name Kimberly Jones, has been hit with a new $8,6348 tax demand from U.S. authorities. The bill takes Jones’ total debt owed from 2002 to 2009 up to $1,026,862. It was previously reported that the hip-hop star owes thousands in unpaid taxes to three different states, California, New York and New Jersey.

After the news hit media, Lil Kim’s PR team quickly tried to discredit the information circulating the web, calling it “embellished”. Here’s a snippet of the PR release:

Regarding Lil’ Kim, we would like to inform fans,media, and the general public, that LIL’ KIM has hired professional attorneys to handle this matter(embellished by all standards via the media), and that she,along with her team of legal experts are working cooperatively and diligently with the I.R.S and federal authorities to amicably resolve the situation.

Federal and state debts are rarely “embellished”. If that was the best that they could do, they shouldn’t have bothered to address the media, as they 1) admit that there is a debt 2) they aren’t able to bring the balance current and have to work on an existing plan.

Lil Kim has been living in La-La Land for over a decade now. In order to keep up the wealth façade, she’s clearly spending her way to the poorhouse, as we’ve written about before.

We’ve peeped game with these hardly wealthy celebs a long time ago. The IRS cannot accept AMEX or VISA as payment for taxes. While they can use plastic to “buy” their designer bags and scrape to rent a decent home, they do not have the money to make good on taxes. So, once a celeb is in trouble with the IRS, it’s likely one of two scenarios: 1) Bad financial team 2) Broke. However, if you’ve been in the situation for over a decade, it’s definitely the latter.

IRS Taxes is like the sun. It’s never going away. So, just because you can’t see it doesn’t mean it’s gone. Time to start liquidating assets ASAP, Lil Kim!

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*Image courtesy of That Grape Juice.
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