DMX has been facing tough times in both in his personal and financial life and was charged with tax evasion by the authorities. He also lagged behind in child support payments and had run up some large debts. DMX’s net worth in 2018 is estimated at -$10.0 million, and he was sentenced to one year in prison by a New York judge on March 28, 2018. Keep reading to learn more about the troubled rapper.
It was terrible news for rapper DMX in the Federal District Court in Manhattan, New York City, when he heard the judge’s verdict on a tax evasion case against him on Wednesday, March 28, 2018.
The prosecutors had asked for a five-year prison term for DMX. But the judge sentenced him to one year in prison and said it was important that the rapper be punished for a “particularly brazen and blatant” crime.
Even though his real name is Earl Simmons, he goes by his professional name DMX. He has made some of the edgiest and grittiest albums in the last two decades. But how much is the tainted rapper worth?
According to sources, DMX’s net worth is at -$10.0 million, and he is in debt! So, despite selling over 70 million albums worldwide and appearing in a slew of movies and TV shows, DMX has no money right now!
DMX’s Net Worth Compared to Other Rappers
|Name of the Artist||Net Worth|
|Sean Combs||$825.0 million|
|Dr. Dre||$800.0 million|
|Ice Cube||$160.0 million|
|Kanye West||$160.0 million|
|Ice T||$40.0 million|
|Chuck D||$18.0 million|
|DMX||– $10.0 million|
A Bunch of Hit Singles
- DMX’s musical career began with the release of his demos, Unstoppable Force and Three Little Pigs, in 1991; he became well known as a talented rapper with the release of his major-label single, “Get at Me Dog,” in February 1998.
- Since then, DMX has released eight albums; songs that have made him popular include “Ruff Ryders Anthem,” “Party Up,” “What These Bitches Want,” “Who We Are,” “Shorty Was the Bomb,” “Where Tha Hood At,” “Lord Give Me a Sign,” “We in Here,” “X Gon’ Give It to Ya,” and “What’s My Name?”
The Unraveling of DMX
- The rapper filed for bankruptcy three times; first in 2009, then again in July 2013, and the last time was in 2016.
- DMX has fathered 15 kids with nine different women; this is one of the biggest reasons behind his financial misfortune.
- In 2016, DMX reportedly owed creditors over $2.0 million and filed for Chapter 13 in a bid to save his New York home.
- According to court documents, he owed $950,000 to Compass Bank, $1.4 million in family support, $304,796 in back child support payments, and $230,898 in support.
- At that time, DMX claimed that he did not own any automobiles, household goods, furniture, jewelry, electronics, guns, or clothing worth anything at all; he also claimed that he didn’t own any stake in copyrights or trademarks for any of his music in the previous 10 years of his career.
- DMX had listed his Mount Kisco, New York home as his only asset, which was worth an estimated a $350,000.
Accusations of Tax Evasion
- In 2017, DMX was charged with evading income taxes and obstruction of the Internal Revenue Service (IRS) in carrying out its duties.
- Federal prosecutors said that DMX owed $1.7 million in unpaid taxes and penalties due on the income he brought in between 2002 to 2005.
- The rapper did not file taxes from 2010 to 2015 even though he earned at least $2.3 million during this five-year period.
- DMX’s tax evasion charges included maintaining a “cash lifestyle,” using other people’s bank accounts, and demanding that a $125,000 fee from the TV show, Celebrity Couples Therapy, be paid to him without withholding taxes.
- At the time he had filed for bankruptcy, DMX had also provided a wrong figure for his gross income.
Hope Is a Wonderful Thing
The rapper’s lawyer had played some of DMX’s songs in court on Wednesday, March 28, 2018, so that the judge could listen and “genuinely” understand his client.
The judge listened politely but still handed down a sentence of one year in prison for the beleaguered rapper.
Now, it is up to DMX to take this time to reflect and plan his way out of all this legal and financial trouble he finds himself in. After all, he’s got the music in him!