The Wheel (Of Fortune)

[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.

[SMLCHNG]

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

[palmettopirate]

Yep, that unearned income will get you every time. Ask a lottery winner.

[surfpirate]

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.

[SMLCHNG]

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]

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.

[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..... I wish I paid lots and lots!

[palmettopirate]

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.