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Will Smith had fame, millions of dollars and a Grammy when his music career began to lose momentum. By the late 1980s, the rapper had found success with DJ Jazzy Jeff, but he spent much of his earnings and did not pay his taxes. The problem ended with a multimillion-dollar debt to the U.S. Internal Revenue Service (IRS) and a financial crisis that put his future at risk.
The actor himself recalled that the agency was demanding about $2.8 million from him and that he was nearly broke. What seemed like a hard blow to overcome ended up coinciding with an unexpected opportunity, even though he still had no acting experience.
That is how Smith ended up starring in The Fresh Prince of Bel-Air, known in Spanish as El príncipe del rap. The sitcom premiered in 1990, ran for six seasons and became a turning point in his career.
Why Will Smith Accumulated a $2.8 Million IRS Debt
Before becoming a Hollywood star, Smith had major success with songs like Parents Just Don´t Understand, which won a Grammy for best rap performance in 1989. The money allowed him to live lavishly, with cars, motorcycles, expensive clothes and big spending.
However, the picture changed when the follow-up album did not perform as expected and Smith had spent much of the money he had left, so he did not pay his taxes either, he said in an autobiographical video posted on his YouTube channel.
The actor said he had not grasped the consequences of that decision until the IRS came to collect the money and took his belongings. In an interview with 60 Minutes, Smith recalled that the debt was around $2.8 million and that he had only $2.83 left.
How an IRS Debt Led Will Smith to Star in a Hit TV Series
Amid financial troubles, the rapper began hanging around tapings of The Arsenio Hall Show, where he met Benny Medina, a music industry executive who was developing an idea for a TV comedy. Medina introduced him to producer Quincy Jones, who saw potential in the artist to star in the project.
In December 1989, Will arrived at a meeting at Jones’ house, where Brandon Tartikoff, then head of NBC, was also present. There he received the script and had to prepare for an improvised audition with no prior acting experience. However, he landed the lead role in The Fresh Prince of Bel-Air, a series that premiered in 1990 and remained on the air for six seasons.
Getting the role did not mean Smith could freely spend his new income, since for the first three years of the series the IRS withheld 70% of his checks to cover the tax debt. According to the 60 Minutes interview, by the end of that period he was able to get back to a stable financial footing.