Kanye West says the IRS wants millions from him for tax evasion. The hip-hop artist recently lost a big chunk of money due to his separation from brands like Balenciaga, Adidas, and GAP. The singer’s network dropped so quickly that he lost his billionaire status despite minting money through music and fashion for years.

Now, the artist has also reached a divorce settlement with their ex-wife, Kim Kardashian, after a long process. As per the settlement, he will be paying $200k per month for child support apart from other expenses. But adding to that, the Gold Digger singer already has his $75 million frozen and claims of owing a huge amount in taxes, as per the IRS.

Kanye West on owing sizeable amounts to the IRS and having a lack of financial knowledge

While Ye already has a burden of other controversies, he also has the IRS knocking on his door. The artist says that he owes $50 million in taxes as per the information. He appeared on Tim Pool’s podcast where he said, “I’m talking about literally finding out that they were trying to put me in prison this morning.” It took him six hours to figure out how much he owed them. The department has apparently frozen a total of $75 million from four of Ye’s bank accounts.

Although the Donda singer also agreed to not having much financial literacy and was unaware of tax calculations, like many of the citizens. This incident has made him learn more about finances and how an investment or the flow of money works. According to Forbes, Ye’s net worth has already come down from $2 billion to $400 million. The amount still may continue to vary as the celebrity is known for spending big as quickly as he earns.

Currently, the rapper is busy running for the Presidential campaign after losing in 2020. Although he claims that the only reason he is running is that he hopes the federal government will look into his frozen accounts and help him. It is to be seen how Ye will manage to get out of this situation now.

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