The Smiths are relative latecomers in the list of Hollywood family dynasties. The Coppolas. Denzel and David Washington. The Warner Brothers. The Barrymores. The Wayans. The Curtis/Leigh clan. The Gyllenhaals. The Hustons. The list goes on and on. One of the more notable families in recent popular culture has been the Baldwins. Every family has its troubles. Celebrity families are not exempt from problems.

The Baldwin Brothers have built a massive acting career cumulatively. Alec, Stephen, Daniel and Billy have stacked a long term career amongst themselves. Each of their daughters is either in the fashion or entertainment industries. It would certainly appear that the next generation of the Baldwin dynasty is blazing their trails outside their famous fathers' shadows.

The eldest brother, Alec, has faced an unfortunate, tragic experience in 2022 on the set of Rust. The FBI has officially stated that their conclusions and Alec Baldwin's statements conflict. Despite Alec's legal woes, he has managed to keep his net worth around $60 million. William Baldwin's net worth is said to be $1 million. In contrast, Daniel has a net worth of $600,000. In a series of financial missteps, Stephen Baldwin was worth -$2 million. His story could be a cautionary tale.

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Taxes Got Stephen Baldwin Into Trouble Financially

The public is awash with tales of celebs that have stood at the pinnacle of stardom and later filed for bankruptcy. While the stories vary in circumstances, one thing is clear. Filing taxes is extremely important. In 2012, Stephen Baldwin was arrested for not filing NY state taxes for three consecutive years starting in 2008. In a 2012 CNN interview with Don Lemon, Baldwin explained that while he was ultimately responsible, his accountants did not handle his taxes appropriately

Numerous celebrities have been arrested and spent time in jail for tax evasion. Baseball star, Pete Rose, spent five months in jail in 1990. Wesley Snipes spent three years in jail for his $7 million tax bill. Singer, Lauryn Hill, spent three months in jail. Her tax bill was around $1 million. Rapper Ja Rule was sentenced to a little over two years for failure to pay taxes.

Stephen Baldwin accepted responsibility for the lapse in filings and stated that he actually knew the arrest was coming. Baldwin said that he was grateful that he was able to communicate with the State of New York despite being arrested. Stephen Baldwin believed that he made an example. Baldwin accused New York State officials of using his celebrity status amplify its message that not paying state taxes will not be tolerated.

Baldwin ultimately satisfied his tax bill. However, it was not the only reason Baldwin found himself in financial trouble.

Related: Will The Rust Tragedy, And Alec Baldwin's Charges, Lead To Changes On Film Sets?

Baldwin Was Hit With Economic Woes Like Everyone In 2008

If you were an adult in 2008, it is likely you remember the economic problems that overshadowed everyone and everything. In 2009, it was no different for Stephen Baldwin. During this time, Stephen Baldwin left mainstream Hollywood in order to produce more faith-based content. It is no surprise that Baldwin's income changed significantly.

Baldwin filed for bankruptcy in 2009. His $1 million tax bill was just one of his debts. Baldwin faced around $700,000 of credit card debt. He owed $1.2 million dollars in mortgages for a house that was valued under that.

His financial struggles were not over despite him overcoming his tax struggles. Baldwin had not made his mortgage payments, owing over $800,000 in mortgage payments. Some suggest the foreclosure was a calculated event by Baldwin due to his business relationships.

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What's In Store for Stephen Baldwin?

Baldwin is a born again Christian who is very vocal about his beliefs. In 2018, however, his character was questioned after he was caught having an affair with a masseuse named Ruth Anselmi. When approached by paparazzi, Baldwin refused to comment on the affair and instead turned to verbal attacks.

Daily Mail captured footage of Baldwin and Anselmi together, however Baldwin responded to the accusation by saying "you guys are crazy" to the paparazzi. When the questions continued, Baldwin said "Brother, watch what you're saying now, now you're breaking the law potentially, so be careful."

His wife Kennya did not make any public statements regarding the accusations. Public reaction to the news was mixed. Baldwin fans commented that the woman was lying and set up Baldwin. While many critics suggested that Baldwin was just another in the long line of Christian celebs caught in a scandal.

Hailey Bieber and dad Stephen Baldwin
via: TheThings

According to IMDB, Baldwin has a few upcoming projects. Wayfaring Stranger is a faith based film about a child who befriends a musician in the grips of alcoholism. This film is currently in post-production.

Stephen and Daniel Baldwin are teaming up for A Walking Miracle. Daniel Baldwin is listed as the director while Stephen is cast as Paster Paul in his brother's film. William Baldwin is also set to star in A Walking Miracle. This project is currently in post-production. It set to film in Montreal, Canada. The budget is estimated to be $5,000,000. It is set to be released in April 2023.

Stephen Baldwin and daughter Hailey Bieber have also improved their relationship a great deal. She has him to thank for introducing her to her husband, and Justin Bieber has helped Stephen with his financial problems. Fans are glad that the two have set aside their differences and are getting along.