The Wheel (Of Fortune)

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palmettopirate
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The Wheel (Of Fortune)

Post by palmettopirate »

My wife called me into the great room last night. Sher was watching The Wheel. They are giving away one of those Latitude Buffett homes this week for a lucky puzzler solver. Big tax bill comes with it of course.
Every day you wake up you get another chance to do it right.

SMLCHNG
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Re: The Wheel (Of Fortune)

Post by SMLCHNG »

I saw that on FB, too.. Fun but lots of $ for taxes, so not much of a prize. :)

palmettopirate
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Re: The Wheel (Of Fortune)

Post by palmettopirate »

Yep, that unearned income will get you every time. Ask a lottery winner. :)
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surfpirate
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Re: The Wheel (Of Fortune)

Post by surfpirate »

SMLCHNG wrote:
October 30, 2018 8:25 pm
I saw that on FB, too.. Fun but lots of $ for taxes, so not much of a prize. :)
I don't understand this logic.
Who cares if it's taxed as income? A $350,000 prize taxed at 50% is still $175k more than zero.
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SMLCHNG
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Re: The Wheel (Of Fortune)

Post by SMLCHNG »

surfpirate wrote:
November 2, 2018 12:11 am
SMLCHNG wrote:
October 30, 2018 8:25 pm
I saw that on FB, too.. Fun but lots of $ for taxes, so not much of a prize. :)
I don't understand this logic.
Who cares if it's taxed as income? A $350,000 prize taxed at 50% is still $175k more than zero.
I would care. Possible change in tax bracket for the year.

surfpirate
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Re: The Wheel (Of Fortune)

Post by surfpirate »

SMLCHNG wrote:
November 2, 2018 9:21 pm
surfpirate wrote:
November 2, 2018 12:11 am
SMLCHNG wrote:
October 30, 2018 8:25 pm
I saw that on FB, too.. Fun but lots of $ for taxes, so not much of a prize. :)
I don't understand this logic.
Who cares if it's taxed as income? A $350,000 prize taxed at 50% is still $175k more than zero.
I would care. Possible change in tax bracket for the year.
So? For one year you're in a higher tax bracket? You still financially win. I don't understand.
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SeattleParrotHead
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Re: The Wheel (Of Fortune)

Post by SeattleParrotHead »

I've always thought that it would be pretty good if I was paying a million bucks per year in taxes, cuz that would mean that I must have a million or so for my self. Even better to pay TEN million..... :roll: I wish I paid lots and lots!
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palmettopirate
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Re: The Wheel (Of Fortune)

Post by palmettopirate »

surfpirate wrote:
November 2, 2018 12:11 am
SMLCHNG wrote:
October 30, 2018 8:25 pm
I saw that on FB, too.. Fun but lots of $ for taxes, so not much of a prize. :)
I don't understand this logic.
Who cares if it's taxed as income? A $350,000 prize taxed at 50% is still $175k more than zero.

I agree. It's just worth pointing out. Believe it or not there are people who don't understand who this works with regard to taxation. I have a cousin who won a Ford Explorer several years ago. She sold it to pay the taxes and pocketed what was left.
Every day you wake up you get another chance to do it right.

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