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Tom Brady owes the IRS over 60 grand for winning Super Bowl.

:boohoo: Poor Tom Brady.
















:roll:
 
Unrepresented said:
The argument I'm making is that both are subjective positions, and ultimately the bias of the observer will determine the narrative rather than objective facts.
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Okay, you can argue that. So, we've sorted out that government needs money to run and people have different perceptions of that. I've got nothing else to add, and totally agree.

But, to back up, the government is taking way too much of our earnings, it is way bigger and into way more things than it was ever meant to be, and a few Trillion dollars a year should be enough to run it without running up the debt as much as it has in the past 15 years or so.
 
Anthony60 said:
Okay, you can argue that. So, we've sorted out that government needs money to run and people have different perceptions of that. I've got nothing else to add, and totally agree.

But, to back up, the government is taking way too much of our earnings, it is way bigger and into way more things than it was ever meant to be, and a few Trillion dollars a year should be enough to run it without running up the debt as much as it has in the past 15 years or so.
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Your second paragraph seems in contradiction to your first paragraph.
 
sawdust said:
Apparently you aren't a math major. The truck is probably a fifty thousand dollar truck. I don't have an issue with the truck being taxed as a capital gain. I do have a problem with the tax which exceeds the gift tax limit, which last time I checked was eight grand. If the final recipient of the truck paid thirteen grand in tax and got a fifty thousand dollar truck in return, we wouldn't be talking about this. The tax code is phuqued.
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Apparently you can't read. From *YOUR* link:

Americans for Tax Reform said he will have to pay $42,000 on his share of the $97,000 for playing in the championship, and another $18,500 for giving away the red Chevy Colorado pickup truck he won for being MVP to fellow player Malcolm Butler, who caught the game-winning interception.

He isn't paying $60,000 for a $50,000 truck. Try again.
 
sawdust said:
Apparently you aren't a math major. The truck is probably a fifty thousand dollar truck. I don't have an issue with the truck being taxed as a capital gain. I do have a problem with the tax which exceeds the gift tax limit, which last time I checked was eight grand. If the final recipient of the truck paid thirteen grand in tax and got a fifty thousand dollar truck in return, we wouldn't be talking about this. The tax code is phuqued.
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I think the truck was valued at 34,000. Property is taxed at the FMV on date of receipt, just like cash - it has to be that way or we'd all just get paid in merchandise or gold or something, tax free. So it's wages to Brady. Some companies I've worked with gross up the value of goods like this to cover the tax - would require Chevy to give the truck plus about $22,000 in cash.

And Brady can with his wife give $28,000 tax free to anyone ($14,000 each x 2), times an unlimited number of individuals. So if the guy is married, Tom and wife can give $56,000 to the couple, which would cover the value of the truck gift tax free. If not, the remaining $6,000 will go against Brady's lifetime $5,430,000 lifetime exemption, $10.86 million for the couple, or he'll owe about $2400 in gift tax on the truck.
 
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Cephus said:
Apparently you can't read. From *YOUR* link:

Americans for Tax Reform said he will have to pay $42,000 on his share of the $97,000 for playing in the championship, and another $18,500 for giving away the red Chevy Colorado pickup truck he won for being MVP to fellow player Malcolm Butler, who caught the game-winning interception.

He isn't paying $60,000 for a $50,000 truck. Try again.
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No, it's just been a few days since I read it and didn't remember the numbers. Thanks for looking it up. I didn't even remember the guy he wanted to give the truck to.
 
Cephus said:
Apparently you can't read. From *YOUR* link:

Americans for Tax Reform said he will have to pay $42,000 on his share of the $97,000 for playing in the championship, and another $18,500 for giving away the red Chevy Colorado pickup truck he won for being MVP to fellow player Malcolm Butler, who caught the game-winning interception.

He isn't paying $60,000 for a $50,000 truck. Try again.
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You mean a person can't give something away that was given to him as a gift? Since when? There's a h--- of a lot of people in trouble who give Christmas gifts away that they don't want if that's true!
 
Anthony60 said:
Not at all. How do you get that?
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You agree that government spending and their related debt levels are subjective, then start again approaching the argument as if they weren't.
 
sawdust said:
No, it's just been a few days since I read it and didn't remember the numbers. Thanks for looking it up. I didn't even remember the guy he wanted to give the truck to.
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How can you not have seen it, it's in the link YOU POSTED!
 
leoborn said:
You mean a person can't give something away that was given to him as a gift? Since when? There's a h--- of a lot of people in trouble who give Christmas gifts away that they don't want if that's true!
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He has to pay the taxes for the truck he received, regardless of what he does with it. If he chooses to give it away to someone else, he's still responsible for the taxes as he was the one that received it initially.
 
leoborn said:
You mean a person can't give something away that was given to him as a gift? Since when? There's a h--- of a lot of people in trouble who give Christmas gifts away that they don't want if that's true!
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He earned the truck as part of his job, so wages - a bonus.

And so long as that recycled gift is worth less than $14,000, no worries! :peace
 
The taxes paid are unfair. Why?
 
Cephus said:
How can you not have seen it, it's in the link YOU POSTED!
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I'm going to assume you know the difference between having seen and remembering the numbers.
 
No wonder Brady threw two pics; trying to avoid the IRS penalty.
 
Peter King said:
Why would this be wrong, Income is income, winnings are winnings and if everyday people have to pay it then so should start like Brady.
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Read the thread.
 
Unrepresented said:
I've been reading it. I see no flaw in his argument.
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Then you have no problem or understanding of the gift tax, the power of the government to target individuals for rates that some see as unreasonable, no understanding of who actually pays taxes and who doesn't, and the amount that HINI already pay the government based on class envy. Please leave me alone.
 
sawdust said:
Apparently you aren't a math major. The truck is probably a fifty thousand dollar truck. I don't have an issue with the truck being taxed as a capital gain. I do have a problem with the tax which exceeds the gift tax limit, which last time I checked was eight grand. If the final recipient of the truck paid thirteen grand in tax and got a fifty thousand dollar truck in return, we wouldn't be talking about this. The tax code is phuqued.
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...just a point of correction, capital gains are gains on investments made in capital assets, with a holding period of over one year. The truck is personal property (in this case) not a capital asset; Brady had NO investment in the truck; and, he couldn't dump the thing fast enough.

Getting a truck as a bonus is earned income, taxed just like all earned income.
 
sawdust said:
Then you have no problem or understanding of the gift tax, the power of the government to target individuals for rates that some see as unreasonable, no understanding of who actually pays taxes and who doesn't, and the amount that HINI already pay the government based on class envy. Please leave me alone.
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Life is filled with injustices. Millionaires paying a small percentage of their millions doesn't even scratch the daily top million list.
 
Unrepresented said:
You agree that government spending and their related debt levels are subjective, then start again approaching the argument as if they weren't.
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I agree that government needs money to run, and that people have different perceptions of that. Doesn't mean that if someone perceives that our government isn't spending enough or hasn't put us in enough debt they are correct. They can think what they want, and be very wrong.
 
sawdust said:
Read the thread.
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Why, it is still not going to cause me to disagree with taxation on those kinds of things. In fact I also support taxation on lottery and casino winnings.
 
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