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Vancouver Off-Topic / Current Events The off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.

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Old 01-01-2014, 03:45 AM   #26
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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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Old 01-02-2014, 09:56 AM   #27
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Our system here in Canada is much better.
You don't hear that very often...
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Old 01-02-2014, 10:48 AM   #28
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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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Old 01-02-2014, 11:30 AM   #29
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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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Old 01-02-2014, 12:21 PM   #30
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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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Old 01-02-2014, 01:04 PM   #31
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I came across this article that does a good job of breaking down the taxes she'll owe.

Tacoma woman wins biggest 'Price is Right' prize but faces huge tax bill - Local - MyNorthwest.com

The killer part is in the state of california, taxes have to be paid the moment you win before you can accept your prize. This article breaks down one contestant's experiences on The Price is Right after winning a new car:

Can You Afford Free? Taxes Spoil the Game Show Win | AccountingWEB
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Old 01-02-2014, 02:43 PM   #32
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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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Old 01-02-2014, 03:18 PM   #33
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Originally Posted by Eff-1 View Post
I came across this article that does a good job of breaking down the taxes she'll owe.

Tacoma woman wins biggest 'Price is Right' prize but faces huge tax bill - Local - MyNorthwest.com

The killer part is in the state of california, taxes have to be paid the moment you win before you can accept your prize. This article breaks down one contestant's experiences on The Price is Right after winning a new car:

Can You Afford Free? Taxes Spoil the Game Show Win | AccountingWEB
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Originally Posted by thumper View Post
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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Old 01-02-2014, 03:32 PM   #34
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I'm sure any bank would loan the money to pay the tax off
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Old 01-02-2014, 04:31 PM   #35
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"They basically shut down the operating room to watch the show," she said.
LOL WUT?

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I'm sure any bank would loan the money to pay the tax off
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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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