Damon Dash - Damon Dash Opens Up About Tax Troubles
Embattled rap mogul Damon Dash has opened up about the extent of his financial troubles, insisting he owes "way more" than the $2 million (£1.25 million) tax debt already reported.
Jay Z's former business partner hit the headlines in July (11) when it emerged he had been hit with a tax lien from America's Internal Revenue Service (Irs) for $2,984,364 (£1,865,227) in unpaid bills.
Dash has long remained quiet about his cash difficulties, but he decided to come clean about his struggles during a radio interview with Sway Calloway on Friday (05Aug11).
When quizzed about the tax bill, Dash said, "I owe way more than $2 million in taxes. That must've just been the Irs... Nah, nah, I'm f**ked up (financially)."
But Dash insists he isn't broke - his money is just tied up in his various business ventures.
He added, "It's the price of business; it is what it is. I owe taxes: I got to pay... I'm a true businessman. As you know, I believe in my independence, I have no partners, so every dollar I make goes right back into every business I have."
And Dash, who now owns his own Dd172 music and publishing label, admits it will take a while before he can put his tax troubles behind him.
He said, "They (Irs officials) really don't believe that I'm so real about putting all of my money into my business, but that's what I do."
Dash first hit the headlines for his money woes in 2009, when two of his New York properties went into foreclosure and he was accused of owing $2 million in state taxes.