For the second year in a row, Jay-Z has been crowned 2010’s “Hip-Hop Cash King” byForbes, earning a ridiculous $63 million over the past 12 months.

The mag’s opening sentence describes Hov’s status among hip-hop’s elite best: “Four years ago Jay-Z issued a lyrical taunt to his fellow rappers: ‘What you call money, I pay more in taxes.’ Turns out his line was more than just a boast.”

Couldn’t put it any better than that.

According to Forbes, the hip-hop superstar’s income puts him the 35% tax bracket, which means when tax season rolls around, he’ll be paying $22 million to the IRS. That’s more than the total earnings of any other rap star besides this year’s second-ranked star, Diddy.

“Jay-Z is in a league of his own right now,” Ryan Schinman, chief of Platinum Rye, the country’s largest buyer of music and talent for corporations, told Forbes. “There are very few artists of any genre, not just hip-hop, who’ve created such brands for themselves.”

His earnings are thanks to 2009’s The Blueprint 3, investments in his 40/40 nightclub chain, the Broadway show “Fela!”, and his stake in NBA’s New Jersey Nets. However, his biggest money maker came from the Blueprint 3 Tour, which grossed over $1 million per concert this year.

Last year, he topped the list with earnings of $35 million.

The report says that the top 20 earners on this year’s Cash Kings list total around $300 million in earnings, despite a troubled economy and a music industry continuing its downward spiral.

Bad Boy Entertainment mogul, Diddy, comes in a #2 this year, earning $30 million, thanks to his deal with Diageo vodka, the parent company behind Ciroc, as well as roles in television and film. Additionally, his new Diddybeats headphones, his line established by Dr. Dre, is another item in his portflio.

The Forbes “Hip-Hop Cash Kings” list is determined by earnings estimates calculated between June 2009 and June 2010, which include income from record sales, digital downloads, touring, films, TV shows, endorsements, books and other entertainment ventures.

Weird, 50 Cent didn’t even make this year’s list, after earning $20 million in 2009 to come in at #4, and $100 million in 2008 to top the list.

The full list of the list’s top 20 is as follows:

1. Jay-Z – $63 million

2. Diddy – $30 million

3. Akon – $21 million

4. Lil Wayne – $20 million

5. Dr. Dre – $17 million

6. Ludacris – $16 million

7. Snoop Dogg – $15 million

8. Timbaland – $14 million

9. Pharrell – $13 million

10. Kanye West – $12 million

11. Drake – $9 million

11. T.I. – $ 9 million

12. Swizz Beatz – $9 million

14. Eminem – $8 million

14.50 Cent – $8 million

14. Young Jeezy – $8 million

17. Common – $7 million

18. Soulja Boy – $7 million

18. T-Pain – $7 million

20. Lil Jon – $5 million

20. Gucci Mane – $5 million

20. Rick Ross – $5 million

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