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01-01-2014, 02:45 AM
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#26 | | nuggets mod
Join Date: Feb 2002 Location: richmond
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Originally Posted by AzNightmare  If she can't afford to pay the taxes, she can still keep the $10k, right? | As far as I know, all prizes basically get added to your income.
So if you make 50K, after taking those prizes, it'll look like your income for the year is 217K (50+157+10). Then she would get taxed accordingly at, lets say 40%, which is 80+K in taxes (majority of the coming from the car). So unless she has the extra $ lying around to pay that off, she would have to sell the car. She would still be net positive, but it's not exactly like just winning a $157K
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01-02-2014, 08:56 AM
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#27 | | Willing to sell body for a few minutes on RS
Join Date: Aug 2002 Location: Vancouver
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Originally Posted by meme405 Our system here in Canada is much better. | You don't hear that very often... 
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01-02-2014, 09:48 AM
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#28 | | I told him no, what y'all do?
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Originally Posted by nabs If I won... I would gladly pay the 50k in taxes for that car. lol. | good deal for 50K to be this guy  
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01-02-2014, 10:30 AM
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#29 | | I contribute to threads in the offtopic forum
Join Date: Jun 2006 Location: not vancouver
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| Quote:
Originally Posted by meme405
Our system here in Canada is much better.
| Everyone pays less tax individually, in the states. People who win money (free money) should be taxed - I'd rather my income be taxed at a lower rate and winnings taxed than be taxed higher on my income.
Everyone (should) has income, only a small few have 'winnings' - I prefer a system where the majority are better off (lower taxes) than a few that benefit (gamblers, lottery winners)
No, our system is not better
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01-02-2014, 11:21 AM
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#30 | | Performance Moderator
Join Date: Jun 2001 Location: Richmond
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I'm pretty sure he meant in this ONE facet our system here in Canada is better.
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01-02-2014, 01:43 PM
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#32 | | Witness protection
Join Date: Apr 2001 Location: GVRD
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so, the game show trick is to find the poorest contestants and find the most expensive car possible for a grand prize knowing there is no way they can pay for the taxes and the show cashes in on the publicity and ratings bonanza... egh.
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01-02-2014, 02:18 PM
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#33 | | MOD MOD MOD MOD MOD
Join Date: Dec 2003 Location: vancouver
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Originally Posted by Eff-1 | Quote:
Originally Posted by thumper so, the game show trick is to find the poorest contestants and find the most expensive car possible for a grand prize knowing there is no way they can pay for the taxes and the show cashes in on the publicity and ratings bonanza... egh. |
well.. By the link posted by Eff-1 it seems as though she CAN afford the taxes and wishes to keep the prize money, which is freaking sweet!
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01-02-2014, 02:32 PM
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#34 | | I have named my kids VIC and VLS
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I'm sure any bank would loan the money to pay the tax off
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01-02-2014, 03:31 PM
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#35 | | RS has made me the bitter person i am today!
Join Date: Feb 2013 Location: Vancouver
Posts: 4,859
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"They basically shut down the operating room to watch the show," she said.
| LOL WUT? Quote:
Originally Posted by Hondaracer I'm sure any bank would loan the money to pay the tax off
Posted via RS Mobile | Yes, most likely they would, but unless this lady is willing to put herself over 50k in debt to keep the car, then she has to sell it off to pay the taxes.
Even if she manages to sell the car off for damn near MSRP, her win really only adds up to around 100k. Not saying that isn't good money, but kinda lame how she probably won't enjoy the car she won....
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