how do rappers afford chains Vol. taxes

jbpkickz

jbpkickz

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so i was in economics today and my professor was talking about how to price of gold is about 900 a oz and platinum is thousands an ounce. so he shoes us an oz of gold and it looks to be about pea size. with artists really not selling that many records, how can they afford to pay thousands for jewelry?, are they all rockin brian pumper jewels?
 
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they still do a few shows a week so im guessing thats how some still manage to get money, im pretty sure a few got bang bang stuff and alot are rocking them gold plated chanel,versace joints now too
 
show money...

its UN taxed, so its easy to spend it on crazie stuff that cant be tracked... Jewels, clothes blah...

like drake said... Throw the checks in the bank and spend the cash in gucci...
 
damb, i guess that makes sense, rather have cash anyway, wouldnt rent one tho it aint a tv
 
Most of what you see on television, award shows, music videos - are props.
Not necessarily fake - but not necessarily owned by that artist.



Most celebrities don't pay for their own clothes etc. because labels value the heavy promotion.


On a similar note:
If you Donald Trump wearing a rolex (that is fake) - no one would suspect a thing
Same goes for hip hop artist and their jewelry
 
TeamJordan79 said:
rent-a-chains
or
jewelers let em wear it to promote their product
Click to expand...

THIS IS EXACTLY WHAT IT IS...

ITS CHEAPER FOR THEM TO RENT IT WITH INSURANCE THAN TO OWN IT.

JEWELERS THEN TAKE THE PIECES BACK AND RECYCLE THE DIAMONDS OR REMELT THE GOLD...

LONG STORY SHORT THEY ARE NOT SPENDING MANSION MONEY ON THEIR NECKS OR PINKY RINGS
 
Can someone explain this


e49801848c6f319a61aa36cb661652d1.jpg
 
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SoLo PoLo said:
show money...


its UN taxed, so its easy to spend it on crazie stuff that cant be tracked... Jewels, clothes blah...

like drake said... Throw the checks in the bank and spend the cash in gucci...
Click to expand...

Show money is really not taxed? I find that hard to believe.


jbpkickz said:
damb, i guess that makes sense, rather have cash anyway, wouldnt rent one tho it aint a tv
Click to expand...

You rent TVs?
 
ScarsOrScabs said:
SoLo PoLo said:
show money...


its UN taxed, so its easy to spend it on crazie stuff that cant be tracked... Jewels, clothes blah...

like drake said... Throw the checks in the bank and spend the cash in gucci...
Click to expand...

Show money is really not taxed? I find that hard to believe.


jbpkickz said:
damb, i guess that makes sense, rather have cash anyway, wouldnt rent one tho it aint a tv
Click to expand...

You rent TVs?
Click to expand...
lol naw i dont have good enough credit to rent, straight cash homie
 
Depends what you mean by "quality."

A lot of those pieces are hollowed out, some of the metals are varying ratios of different alloys, and the diamonds range vastly on the scale of purity. 
 
bkzkurse said:
Most of what you see on television, award shows, music videos - are props.
Not necessarily fake - but not necessarily owned by that artist.
Most celebrities don't pay for their own clothes etc. because labels value the heavy promotion.
On a similar note:
If you Donald Trump wearing a rolex (that is fake) - no one would suspect a thing
Same goes for hip hop artist and their jewelry
Click to expand...

Not true at all. Too often I see blog posts and threads even here where people are analyzing artists jewelry saying that its fake. Yung Berg for example.
 
ScarsOrScabs said:
Show money is really not taxed? I find that hard to believe.
You rent TVs?
Click to expand...
believe it. show money is not taxed. it's between the promoter and the artist unless we talking tour contracts w/ a conglomerate like live nation. think about it...if you had a few friends promote a party saying 2 Chainz is performing all you have to do his hit up his booking people, find out the price, and pay him right before he goes on. no contracts, no taxes.
 
niquefreak94 said:
ScarsOrScabs said:
Show money is really not taxed? I find that hard to believe.
You rent TVs?
Click to expand...
believe it. show money is not taxed. it's between the promoter and the artist unless we talking tour contracts w/ a conglomerate like live nation. think about it...if you had a few friends promote a party saying 2 Chainz is performing all you have to do his hit up his booking people, find out the price, and pay him right before he goes on. no contracts, no taxes.
Click to expand...

Yup hence the reason why many rappers stay in tax trouble.

Chains really aren't that expensive if you're getting the work done by a good jeweler and not getting anything tooo brolic. Plus most of the jewels rappers buy are 10k with colored stones which keeps the cost down.
 
A few things here fellas...

Whoever said show money is not taxed is ABSOLUTELY INCORRECT. Show money is a form of income and unless that artist has residency in one of the few states that do not have income tax, they are DEFINITELY TAXED! The issue is that unlike most of us who get their taxes taken out before they ever see their check, show money is left to the artist to report to the IRS as income so that proper taxes can be assessed. This is the problem that many rappers that have tax issues down the road (waddup Young Buck) run into. They get a check for 10k for a show, and spend 10k. 3-5k of that 10k belongs to the man.

Second, that's the value of metals TODAY. By the time an artist gets a piece of jewelry, it has already been bought and held, likely for months at that point. So it's not worth (to the seller) what gold is worth TODAY. Also, without getting too much into distribution channels, jewelers buy jewelry from certain channels that buy precious metals in bulk. A lot of times, jewelry that is sold to these rappers were other pieces of jewelry that was melted down and reformed. Basically, there's a lot of recycling. ALSO, the range of precious metals is HUGE. There's a BIG difference, both in quality and price, between an top notch diamon and a flawed diamond. Same goes for gold, silver, and platium. (Before anyone says some monkey ****, yes, I know diamond is a mineral, not a metal...get off it). 20k gold is MUCH more expensive than 10k gold...

Finally, a lot of people have already touched on this, but a lot of times, jewelry is rented and or borrowed for promotional reasons.

In a nutshell, how do rappers afford chains?? 1) they dont 2) they can afford crappy quality 3) the IRS is essentially "loaning" it to them...they'll come around and collect soon enough. Even my man Nas got hit up by unc sam...
 
apthekid said:
A few things here fellas...
Whoever said show money is not taxed is ABSOLUTELY INCORRECT. Show money is a form of income and unless that artist has residency in one of the few states that do not have income tax, they are DEFINITELY TAXED! The issue is that unlike most of us who get their taxes taken out before they ever see their check, show money is left to the artist to report to the IRS as income so that proper taxes can be assessed. This is the problem that many rappers that have tax issues down the road (waddup Young Buck) run into. They get a check for 10k for a show, and spend 10k. 3-5k of that 10k belongs to the man.
Second, that's the value of metals TODAY. By the time an artist gets a piece of jewelry, it has already been bought and held, likely for months at that point. So it's not worth (to the seller) what gold is worth TODAY. Also, without getting too much into distribution channels, jewelers buy jewelry from certain channels that buy precious metals in bulk. A lot of times, jewelry that is sold to these rappers were other pieces of jewelry that was melted down and reformed. Basically, there's a lot of recycling. ALSO, the range of precious metals is HUGE. There's a BIG difference, both in quality and price, between an top notch diamon and a flawed diamond. Same goes for gold, silver, and platium. (Before anyone says some monkey ****, yes, I know diamond is a mineral, not a metal...get off it). 20k gold is MUCH more expensive than 10k gold...
Finally, a lot of people have already touched on this, but a lot of times, jewelry is rented and or borrowed for promotional reasons.
In a nutshell, how do rappers afford chains?? 1) they dont 2) they can afford crappy quality 3) the IRS is essentially "loaning" it to them...they'll come around and collect soon enough. Even my man Nas got hit up by unc sam...
Click to expand...

i promise you, if it's a simple promoter to artist deal then it goes untaxed. if it's a conglomerate/contract deal it is. for club type shows the promoters genrally pay in cash w/ no official record of the transaction. almost like a drug deal (i know that's illegal stuff, i'm just making a point) that's why show money like THAT generally gets spent on bs stuff like bottles at the club, jewelry, and clothes. things that don't have to be included as official assets. once again, same thing as a drug dealer who works at what-a-burger. if he wants to buy a car or a house he better be using that what-a-burger cash because that drug money is untaxed. that's why money laundering happens.

Edit: Moral of the story: you can stay out of tax trouble if you buy your assets with TAXED money: contracted shows, promotion deals, record sales, record company checks, etc.
 
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SoLo PoLo said:
show money...

its UN taxed, so its easy to spend it on crazie stuff that cant be tracked... Jewels, clothes blah...

like drake said... Throw the checks in the bank and spend the cash in gucci...
Click to expand...
Ask Young Buck is show money untaxed. Taxes are "supposed" to be paid on shows. No idea where you got this from.
 
hometownhero said:
Ask Young Buck is show money untaxed. Taxes are "supposed" to be paid on shows. No idea where you got this from.
Click to expand...

Also ask Young Buck why he paid for things like mortgage, cars, credit cards, etc. with hand to hand show money.
once again, i've been apart of these types of transactions on both ends and can promise you if you're not an idiot (given, most rappers are) you'll be fine.
 
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