Kanye West is facing a new issue after losing his deals and partnerships due to his antisemitic comments.
After losing his billionaire status, a shocking revelation disclosed that West's apparel company owes a whopping amount in unpaid tax to the state of California.
According to NBC News, Yeezy Apparel received separate tax lien notices from the state in July 2021, February 2022, and September 2022. The company's total debt is over $600,000.
Tax experts have since explained why this amount could be a sign of more serious issues happening within the company.
USC Gould School of Law Professor Edward McCaffery said, as quoted by Rolling Stone, "Multiple California tax liens, adding up to $600,000, that's certainly a sign of either extreme incompetence or extreme cash problems. That is kind of an Amber Alert for the financial health of the enterprise."
Unfortunately, the debt could also put him in more financial trouble amid his struggles with his current cash flow. For what it's worth, he told Tim Pool during his appearance in his podcast that his banks froze $75 million.
He also admitted to having around $50 million in taxes.
Kim Kardashian's ex-husband said he is not the most financially literate person. Thus, his problems made him wonder whether he could still try again in the 2024 US Presidential election if he is imprisoned for tax evasion.
California's government website said the lien may be imposed if a company or taxpayer does not respond to its communications.
Despite the revelation, Yeezy Apparel's record reveals that the company is in good standing and active.
Kanye West's Net Worth
Forbes announced in the article "Billionaire No More: Kanye West's Antisemitism Obliterates His Net Worth As Adidas Cuts Ties" that West is no longer the richest rapper and that he is no longer a billionaire.
The website has since changed his net worth from $2 billion to $400 million.
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"Removing Ye from the Billionaires' list caps off a years-long saga between the rapper and Forbes. Ye always felt his net worth was undervalued. When he first made a list in 2020, with an estimated $1 billion fortune, Ye wasn't happy," the magazine said.
Although West loses more deals and a huge amount of money, "Sneaker Law" author Kenneth Anand divulged that the rapper and his company could still pursue another partnership with a major brand that is willing to take a risk amid the disgraced rapper's controversies.
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