Money, Honey: Elvis Presley and TaxesPosted by Elvis Presley's Graceland on Apr 14, 2016 | 10 comments
Just pity all those millionaires, they never can relax
Because they’re always worryin’ about their income tax
Why waste time on high financin’?
I’d rather spend it on good romancin’
What if my pockets are empty as can be?
Who needs money? Not me.
– “Who Needs Money?” Elvis Presley
In so many ways, Elvis Presley was like everyone else. He loved his family, he enjoyed his career, he had fun with his friends, he loved music and he gave back to his community.
Here in the United States, tax day is April 18 this year. And while Elvis was the king, he still had to pay his taxes, like his fellow Americans. But his receipts and deductions were definitely a little more unusual than that of the average Joe. Besides, how many of us can claim couture jumpsuits as office attire?
But before he was a star, he was like a lot of other blue collar workers in Memphis. Check out his very first tax return from 1953:
In 1953, Elvis’ refund was for a whopping $5.10. In 2016 dollars, that equals $45.18.
Just four years later, though, Elvis had purchased Graceland. Elvis wasted no time turning the mansion into a home fit for a rock star. Here’s one invoice for the gates of Graceland:
Of course, as Elvis’ career blossomed, so did his bank account – and the amount he paid to Uncle Sam. For example, in 1958, Elvis’ income was $1,001,727.89, with an income tax of about $360,000. In 1961, his income was $902,610 from movies and $775,078 from music publishing and recording.
In today’s money, Elvis’ 1958 income equals about $8,342,735, and his income tax equals $2,998,204. His income from films in 1961 would be about $7,164,088 in today’s money, and his income from music would equal about $6,151,856 in 2016.
In 1962, Elvis made $902,000 from movies and $775,000 from music and recording, and he paid out more than $800,000 in income taxes. In 2016 dollars, that’s $7,111,518 in income from films, $6,110,229 in income from music and $6,307,333 paid in taxes.
Of course, Elvis had expenses like no on else.
Check out the invoice below for his gorgeous jumpsuits. In 1973, Elvis made $3,860,000 from personal appearances, $4,214,000 from music and recording and $143,000 from his films. He paid $2,959,000 in income taxes.
In today’s money, that’s $21,482,035 from personal appearances, $23,452,149 from music and $795,837 from movies, and $16,467,705 paid in taxes. Elvis would’ve paid $28,883.88 for those same jumpsuits in 2016.
Elvis definitely enjoyed a few shopping sprees, too.
In just one week in July 1975, he spent $85,680 in jewelry from his jeweler, Lowell Hays, who was on tour with him at the time. In 2016 dollars, that equals about $390,471.
It wasn’t all for himself; many of the pieces he purchased were gifts. Here’s one of the receipts from that week:
Fascinated by Elvis’ life?
Honestly, who isn’t?
If you want to learn more about the King of Rock ‘n’ Roll, visit Graceland. You’ll tour his mansion and airplanes, and you can also take a stroll through the Elvis Presley Automobile Museum. See you at Graceland!