Author Topic: Game Shows and Taxes (Read 10682 times)

CeleTheRef · « **Reply #15 on:** October 28, 2008, 09:53:44 PM »

[quote name=\'Mike Tennant\' post=\'200603\' date=\'Oct 28 2008, 09:12 PM\']
[quote name=\'CeleTheRef\' post=\'200599\' date=\'Oct 28 2008, 02:56 PM\']here in Italy it's much simpler: the network keeps 20% of the cash prize to pay off taxes then deliver the rest in gold coins, because anti-gambling laws prohibits real cash prizes. Technically the network is "selling" you the gold for free, and it doesn't affect your income. Item prizes are not taxed.[/quote]That definitely beats our system, where you get paid in fiat currency that is continually depreciating, and ever more rapidly so as more "money" is invented to bail out more and more politically connected corporations. That annuity you're getting from WOF may not be worth anything by the time you get the last payment of it--think of buying a loaf of bread in Zimbabwe today--but the gold you get from an Italian game show will always be valuable.
[/quote]

and the coin is cool by itself because it has the network logo on it. Here is one http://www.davidemaggio.it/images/gettonedoro.jpg

A few gameshows even tried to give prizes directly in gold coins but phrases like "here is your 100 gold question" interested only pirates and D&D players

vtown7 · « **Reply #16 on:** October 28, 2008, 10:23:34 PM »

[quote name=\'Matt Ottinger\' post=\'200587\' date=\'Oct 28 2008, 12:28 PM\']
Game show winnings are not taxed in Canada, for example.
[/quote]

Our beloved host of Masters of the Obvious is correct - we don't get taxed on winnings up here, which is great. However, I'd like to point out two things:

1. Our shows are more, I think, for the thrill then the cash - I was quite happy to win $600 on Brain Battle for example. (That being said, we've done versions of BAM, Deal and 5th Grader up here, however they were in short hops - only a dozen eps between the three got made).

2. Can anyone name any national English language game shows that are in production right now up here? So most of the population doesn't have to worry

There's a reason I keep trying to get on the French shows!

Ryan

/for those of you keeping score, Canucks do get taxed on American shows - 30% Federal and 7% State on my appearances way way back.

tvmitch · « **Reply #17 on:** October 28, 2008, 10:24:52 PM »

[quote name=\'Mike Tennant\' post=\'200603\' date=\'Oct 28 2008, 03:12 PM\']That definitely beats our system, where you get paid in fiat currency that is continually depreciating, and ever more rapidly so as more "money" is invented to bail out more and more politically connected corporations. That annuity you're getting from WOF may not be worth anything by the time you get the last payment of it--think of buying a loaf of bread in Zimbabwe today--but the gold you get from an Italian game show will always be valuable.
[/quote]
Yes, but, you are always free to take your 65% share of the winnings and invest in some dubloons as soon as you win it.

Scrabbleship · « **Reply #18 on:** October 28, 2008, 10:52:40 PM »

[quote name=\'TLEberle\' post=\'200620\' date=\'Oct 28 2008, 09:53 PM\']
[quote name=\'Matt Ottinger\' post=\'200587\' date=\'Oct 28 2008, 09:28 AM\']Strictly speaking, that's not true. There are all sort of exceptions about income that isn't taxed, and if the federal government wanted to make game show winnings non-taxable, then they certainly have that power. [/quote]For sure, but I contend that most people knew what I meant.

As opposed to...say...this guy:

[quote name=\'jybt\' post=\'200590\' date=\'Oct 28 2008, 10:42 AM\']What I see is that taxing winnings on game shows before you even receive them, then again when 4/15 rolls around, is false advertising[/quote]Sorry, you fail. The advertised prize is in fact $1 million, and that is the prize awarded. It is only after taxes are assessed that the prize amount dwindles. Now, if we were to go to a consumption instead of income tax, this wouldn't be an issue, but you missed the boat, again.
[/quote]

I think we should just not tax game show winnings. Works for Canada and the UK, why wouldn't it work in the US?

PYLdude · « **Reply #19 on:** October 28, 2008, 11:24:12 PM »

[quote name=\'Scrabbleship\' post=\'200625\' date=\'Oct 28 2008, 09:52 PM\']
I think we should just not tax game show winnings. Works for Canada and the UK, why wouldn't it work in the US?
[/quote]

Because of laws in place, perhaps?

clemon79 · « **Reply #20 on:** October 28, 2008, 11:42:52 PM »

[quote name=\'Scrabbleship\' post=\'200625\' date=\'Oct 28 2008, 07:52 PM\']
I think we should just not tax game show winnings. Works for Canada and the UK, why wouldn't it work in the US?[/quote]
Tell me you are not drawing a parallel between the economies and systems of government of those three countries.

Kevin Prather · « **Reply #21 on:** October 28, 2008, 11:51:50 PM »

[quote name=\'clemon79\' post=\'200629\' date=\'Oct 28 2008, 08:42 PM\']
[quote name=\'Scrabbleship\' post=\'200625\' date=\'Oct 28 2008, 07:52 PM\']
I think we should just not tax game show winnings. Works for Canada and the UK, why wouldn't it work in the US?[/quote]
Tell me you are not drawing a parallel between the economies and systems of government of those three countries.
[/quote]
What's the difference? There are game shows in all three countries, aren't there?

/If my tongue was any firmer in my cheek, I'd rip right through it.

tvrandywest · « **Reply #22 on:** October 29, 2008, 03:10:37 AM »

[quote name=\'Scrabbleship\' post=\'200625\' date=\'Oct 28 2008, 07:52 PM\'] I think we should just not tax game show winnings. Works for Canada and the UK, why wouldn't it work in the US?
[/quote]
Because taxing game show winnings is part of Obama's master plan for "spreading the wealth."
Is it a better plan than McCain's continuation of the Bush strategy to "squander the wealth?"

VOTE!!!

Randy
tvrandywest.com

Craig Karlberg · « **Reply #23 on:** October 29, 2008, 03:54:57 AM »

[quote name=\'tvrandywest\' post=\'200637\' date=\'Oct 29 2008, 03:10 AM\']
[quote name=\'Scrabbleship\' post=\'200625\' date=\'Oct 28 2008, 07:52 PM\'] I think we should just not tax game show winnings. Works for Canada and the UK, why wouldn't it work in the US?
[/quote]
Because taxing game show winnings is part of Obama's master plan for "spreading the wealth."
VOTE!!!

Randy
tvrandywest.com
[/quote]

You got that right, Randy.

Seriously, not taxing game show winnings would further complicate our already complex tax code as it is when it was first instituted in 1913. Where would you write off your earned income from if you can't get it from game shows? Maybe small busness charges? Personal investments? Seems to me taxing game show winnings is a necessary part of our lives whether we like it or not & we should accept it as such for now.

chris319 · « **Reply #24 on:** October 29, 2008, 04:28:31 AM »

Here is the national debt:

http://www.brillig.com/debt_clock/

The tax on a Broyhill dining room set or a secretary from the Jasper Cabinet Company won't make much of a dent.

Nowadays I just send my money to:

U.S. Treasury
Baghdad, Iraq

Kevin Prather · « **Reply #25 on:** October 29, 2008, 11:05:09 AM »

[quote name=\'Craig Karlberg\' post=\'200640\' date=\'Oct 29 2008, 12:54 AM\']
[quote name=\'tvrandywest\' post=\'200637\' date=\'Oct 29 2008, 03:10 AM\']
[quote name=\'Scrabbleship\' post=\'200625\' date=\'Oct 28 2008, 07:52 PM\'] I think we should just not tax game show winnings. Works for Canada and the UK, why wouldn't it work in the US?
[/quote]
Because taxing game show winnings is part of Obama's master plan for "spreading the wealth."
VOTE!!!

Randy
tvrandywest.com
[/quote]
You got that right, Randy.
[/quote]
Why did this not surprise me?

DoorNumberFour · « **Reply #26 on:** October 29, 2008, 12:13:07 PM »

[quote name=\'Kevin Prather\' post=\'200649\' date=\'Oct 29 2008, 11:05 AM\']
[quote name=\'Craig Karlberg\' post=\'200640\' date=\'Oct 29 2008, 12:54 AM\']
[quote name=\'tvrandywest\' post=\'200637\' date=\'Oct 29 2008, 03:10 AM\']
[quote name=\'Scrabbleship\' post=\'200625\' date=\'Oct 28 2008, 07:52 PM\'] I think we should just not tax game show winnings. Works for Canada and the UK, why wouldn't it work in the US?
[/quote]
Because taxing game show winnings is part of Obama's master plan for "spreading the wealth."
VOTE!!!

Randy
tvrandywest.com
[/quote]
You got that right, Randy.
[/quote]
Why did this not surprise me?
[/quote]
...What's wrong with it?

tpirfan28 · « **Reply #27 on:** October 29, 2008, 12:46:21 PM »

[quote name=\'PYLdude\' post=\'200626\' date=\'Oct 28 2008, 11:24 PM\']
[quote name=\'Scrabbleship\' post=\'200625\' date=\'Oct 28 2008, 09:52 PM\']
I think we should just not tax game show winnings. Works for Canada and the UK, why wouldn't it work in the US?
[/quote]

Because of laws in place, perhaps?
[/quote]
Nah, they don't want to add paper-created eggcrate "0"s to the National Debt.

tvrandywest · « **Reply #28 on:** October 29, 2008, 01:21:03 PM »

Quote

Because taxing game show winnings is part of Obama's master plan for "spreading the wealth."
VOTE!!!

You got that right, Randy.

Why did this not surprise me?

...What's wrong with it?

It appears you may have tried to extrapolate my political beliefs from the original post. Don't jump to any conclusions. I was going for the joke only, and trying to keep our beloved forum devoid of political commentary. E-mail me if you want to discuss politics; I'm quite passionate on the subject.

Randy
tvrandywest.com

Matt Ottinger · « **Reply #29 on:** October 29, 2008, 02:51:18 PM »

[quote name=\'tvrandywest\' post=\'200655\' date=\'Oct 29 2008, 12:21 PM\']It appears you may have tried to extrapolate my political beliefs from the original post. Don't jump to any conclusions. I was going for the joke only, and trying to keep our beloved forum devoid of political commentary. E-mail me if you want to discuss politics; I'm quite passionate on the subject.[/quote]
And certainly we can all agree that VOTE!!! remains an important and non-partisan message for everybody.