Taxes on Game Show Winnings

[clemon79]

[quote name=\'jybt\' post=\'202764\' date=\'Dec 3 2008, 07:59 AM\']
They had better do it...

Do you now see what taxes do to this show? They'd better remove them...stat.[/quote]
Or.

Else.

What.

[jybt]

[quote name=\'Matt Ottinger\' post=\'202774\' date=\'Dec 3 2008, 11:54 AM\']
[quote name=\'Kevin Prather\' post=\'202772\' date=\'Dec 3 2008, 12:36 PM\']And please correct me if I'm wrong, which I well may be, but I've always operated under the assumption that money you donate to a charity is tax-exempt. Meaning if you win $105,000, and donate away $100,000 to a charity, you only have to pay taxes on the $5,000 you kept. Is this true, or is there more to it?[/quote]
There's more to it (mostly with regard to limits based on your total income), but essentially you're right, and that's a point that completely eluded me the first time around.  That makes the original statement even more wrong.
[/quote]

That's what she had said, and if she knows what the taxes are, she would know how much she needed...

[quote name=\'clemon79\' post=\'202777\' date=\'Dec 3 2008, 12:07 PM\']
[quote name=\'jybt\' post=\'202764\' date=\'Dec 3 2008, 07:59 AM\']
They had better do it...

Do you now see what taxes do to this show? They'd better remove them...stat.[/quote]
Or.

Else.

What.
[/quote]

Or else someone will end up having a goal of $200,000, get offered 235K with $500,000 / $500, go on because $235,000 is not their goal after taxes, though they would have taken it if it wasn't taxed, and win $500. And the community will go into uproar.

[Joe Mello]

[quote name=\'Matt Ottinger\' post=\'202774\' date=\'Dec 3 2008, 12:54 PM\']There's more to it (mostly with regard to limits based on your total income)[/quote]
This would probably be a good article for the archives, since I'm interested in learning how prize money is awarded.  

But to get back to the stupid point--Cheryl Jackson, as noble as the intentions were, was just like any other player who planned to play to a set goal.  Unfortunately for her, her goal was way too high and she paid for it.  While taxes may have come into play, I believe that a) she probably didn't do the math correctly, b) couldn't take the blinders off to realize that the charity would love $90,000 just as much as $100,000.

Of course the fact of the matter is that this is just another opportunity for jybt to complain about people making the suboptimal play on DoND because they aren't as prescient as he is.

[clemon79]

[quote name=\'Joe Mello\' post=\'202779\' date=\'Dec 3 2008, 10:32 AM\']
I believe that a) she probably didn't do the math correctly, b) couldn't take the blinders off to realize that the charity would love $90,000 just as much as $100,000.[/quote]
I don't believe for a plug second that she had entirely altruistic intentions behind turning down that deal. At best she said "if I can go another step or two, I can give Oprah her money *and* have a nice chunk for myself." AT BEST.

Of course the fact of the matter is that this is just another opportunity for jybt to complain about people making the suboptimal play on DoND because they aren't as prescient as he is.

jybt wouldn't know an optimal play on DoND if it bit him in the ass.

[Matt Ottinger]

[quote name=\'jybt\' post=\'202778\' date=\'Dec 3 2008, 01:13 PM\']
[quote name=\'Matt Ottinger\' post=\'202774\' date=\'Dec 3 2008, 11:54 AM\']There's more to it (mostly with regard to limits based on your total income), but essentially you're right, and that's a point that completely eluded me the first time around.  That makes the original statement even more wrong.[/quote]That's what she had said, and if she knows what the taxes are, she would know how much she needed...[/quote]

Yes, because the one thing we've learned from Deal or No Deal is that all the contestants are smart when it comes to money.

If she was offered $172K, she had enough money to make a $100K charitable donation.  So she kept going for some other reason.  It's really as simple as that.

[Jimmy Owen]

The solution is to get more game shows on the air, and thus increase the tax revenue potential. Maybe have a game show called "Bailout" where various corporate heads compete to get loans, etc.

[clemon79]

[quote name=\'jybt\' post=\'202778\' date=\'Dec 3 2008, 10:13 AM\']
Or else someone will end up having a goal of $200,000, get offered 235K with $500,000 / $500, go on because $235,000 is not their goal after taxes, though they would have taken it if it wasn't taxed, and win $500. And the community will go into uproar.[/quote]
Correctly, because they would be greedy asshats. Why is this worthy of threats that start with "they had better"?
[quote name=\'Jimmy Owen\' post=\'202791\' date=\'Dec 3 2008, 11:39 AM\']
The solution is to get more game shows on the air, and thus increase the tax revenue potential. Maybe have a game show called "Bailout" where various corporate heads compete to get loans, etc.[/quote]
You could use the panel from American Inventor. Let Rick Wagoner explain to Pat Croce and George Foreman why he should get a handout.

"Our next car will cook cheeseburgers in the glovebox."

"I votes yes."

[Dbacksfan12]

[quote name=\'jybt\' post=\'202764\' date=\'Dec 3 2008, 10:59 AM\']Like it's going to save it...it looks like it's off the schedule for good unless they decide to bring it back.[/quote]And now its time for Game Show Forum's FAVORITE game show....Masters of the Obvious!!!

[Fedya]

[quote name=\'Jimmy Owen\' post=\'202791\' date=\'Dec 3 2008, 11:39 AM\']
The solution is to get more game shows on the air, and thus increase the tax revenue potential. Maybe have a game show called "Bailout" where various corporate heads compete to get loans, etc.[/quote]
No offense, but wouldn't "Bailout" just be a ripoff of Debt?

(At least it would get Randy another announcing gig.)

[Speedy G]

No offense, but wouldn't "Bailout" just be a ripoff of Debt?

Sure, but I wouldn't mind just to have those CEO's stand behind scoreboards with their company's debt showing.

/You'd have to shoot the show in HD to get the numbers to fit on the screen

[Kevin Prather]

[quote name=\'Speedy G\' post=\'202826\' date=\'Dec 3 2008, 05:24 PM\']
/You'd have to shoot the show in HD to get the numbers to fit on the screen
[/quote]
Made me laugh.

[MikeK]

[quote name=\'Speedy G\' post=\'202826\' date=\'Dec 3 2008, 08:24 PM\']/You'd have to shoot the show in HD to get the numbers to fit on the screen[/quote]
That's good for the first contestant.  How do you fit the other players' readouts on-screen?

[chad1m]

[quote name=\'MikeK\' post=\'202840\' date=\'Dec 3 2008, 09:16 PM\']That's good for the first contestant.  How do you fit the other players' readouts on-screen?[/quote]We'll have to renew the popularity of the lower-third ticker.

[TLEberle]

[quote name=\'MikeK\' post=\'202840\' date=\'Dec 3 2008, 06:16 PM\']That's good for the first contestant.  How do you fit the other players' readouts on-screen?[/quote]"Does everyone here know how scientific notation?"
Crowd: "Yes!"
"Then it's time to play Corporate Bailout! Executives, this first toss-up is for $1 million off your debt..."

[DrJWJustice]

[quote name=\'BMaurice06\' post=\'202720\' date=\'Dec 2 2008, 08:43 PM\']
I listened to Steve Beverly on Stu's Show day before Thanksgiving, and he believes that taking the tax off game show winnings will at least be some help in stabilizing the economy.  My question is, will Barack Obama and his team go for that idea right off the bat or will there be some opposition in the upcoming Congress?  Y'all must know how the political cesspool of Washington, DC goes.
[/quote]

The Perfesser ought to leave public policymaking to politicians and policy analysis to those of us who are professors of political science (or have degrees at any level in the subject) who are trained on how to do it.