Everybody remember Dione Warwick? She was a very successful singer in the 60's and 70's, but by the 1990's she was on late night TV, doing a Psychic Hotline. A hotline that promised a look at your future not limited to but including looks at your love life and FINANCIAL FUTURE!.
Dionne Warwick, the singer and actress who was a regular at the top of
the Billboard chart for four decades, owes more than $10 million in back
taxes and has only $10 left at the end of each month after paying
expenses, according to a petition filed in U.S. Bankruptcy Court in New
Jersey last week.
The 72-year-old five-time Grammy Award winner, who lives in a
3,200-square-foot home in South Orange and won awards for songs like
"I'll Never Fall in Love Again," "That's What Friends are For" and
"Raindrops Keep Falling on My Head," pays $5,000 a month for
The East Orange native also pays $4,000 for a personal assistant and
another $11,940 in other monthly expenses, the bankruptcy petition
Warwick, who filed Chapter 7 bankruptcy Thursday, has $25,500 in
assets and $10.7 million in liabilities, according to the court papers.
Among the valuables listed in her bankruptcy petition: Two fur coats
and two sets of diamonds earrings that have a combined value of $13,000;
gowns and everyday clothing worth $5,000; and artwork and paintings
Warwick owes nine years of back taxes, totaling $7 million, to the
federal government and $3 million to the state of California, according
to the bankruptcy petition.
Kevin Sasaki, Warwick's publicist, said in a statement today that
"due to several consecutive years of negligent and gross financial
mismanagement" she realized the "current necessity to file personal
Warwick lives off of her performance income, which varies from month
to month, and a monthly $14,000 pension from the Screen Actors Guild,
said her attorney, Daniel M. Stolz. She also receives $1,000 in
royalties a month, according to the petition.
Stolz said Warwick paid more than $1 million toward back taxes she
owes, but because of interest and penalties, her tax liability
"continued to mushroom."
The real problem is that LAST paragraph.
The government of a country FOUNDED because of onerous tax rates and collections and PUNISHMENTS, should NEVER be able to inflate $"X" in Tax Debt to 10 TIMES that amount of Tax Debt via Bureaucratic Fiat! We should not be running the IRS at ALL for collections and enforcements wearing jackboots and flack jackets, much less like this.
That sh1t needs to stop, and we need a fair tax, flat tax, SOMETHING other than the stupid plan we currently endure.