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Nicolas Cage Says He'll Pay $14 Million Debt to IRS; Finances in Ruin

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LOS ANGELES (CBS) Nicolas Cage says he plans to pay back all of the $14 million that he owes to the Internal Revenue Service.

The Oscar-winning actor said bad business management was to blame for defaulting on his income taxes and he filed a $20 million lawsuit in October 2009 against his former business manager, Samuel Levin, according to Reuters.

Cage alleged in court filings that he was led down a path of financial ruin. He claimed that Levin was negligent in not paying the taxes he owed and that Levin placed his money in speculative and risky real estate investments, according to the same report by Reuters.

The government recently placed a number of liens on Cage's finances including a nearly $6.3 million tax lien on his real-estate holdings for taxes owed from 2002-2004. An additional lien was filed for $6.7 million for a 2008 tax bill, according to People Magazine.

"Over the course of my career I have paid at least $70 million in taxes," Cage told People. "Unfortunately, due to a recent legal situation, another approximate $14 million is owed to the IRS."

"However, I am under new business management and am happy to say that I am current for 2009," he said. "All taxes will be paid including any to-be-determined state taxes."

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