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Metropolis Reality Forums « Oprah car winners hit with hefty tax »

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   Oprah car winners hit with hefty tax
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   Author  Topic: Oprah car winners hit with hefty tax  (Read 443 times)
AoM
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    Biomajorbeth
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Oprah car winners hit with hefty tax
« on: Sep 23rd, 2004, 9:05am »
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NEW YORK (CNN/Money) - Leave it to Uncle Sam to spoil the party.  
 
 
When Oprah Winfrey gave away 276 cars last week to the audience of her show, images of people laughing, jumping, crying -- some hysterically -- filled the airwaves and the give-away became stuff of legend. Late night talk show hosts and newspaper columnists are still talking about it.  
 
But now some of those eager prize-winners have a choice: Fork over $7,000 or give up the car.  
 
According to a spokeswomen for Harpo Productions Inc., Oprah's company, the recipients must pay a tax on the winnings, just like any prize.  
 
For a brand new Pontiac G-Six, the model given away on the show, the sticker price is $28,500. The $28,500 would need to be claimed as income so, depending on the individuals tax bracket, the tax could be as high as $7,000. And that was after Pontiac agreed to pay most of the local charges, including state sales tax and licensing fees.  
 
The Harpo Spokeswomen said winners had three choices. They could keep the car and pay the tax, sell the car and pay the tax with the profits or forfeit the car.    
 
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    Biomajorbeth
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Re: Oprah car winners hit with hefty tax
« Reply #1 on: Sep 23rd, 2004, 9:06am »
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Yeah she really helped out these people....they weren't $7000 in debt before she came along...I bet they are loving her now...they coulda bought a used car for less than that...not to mention the insurance rates...poor folks
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293041687 293041687     jezzieflanigan
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Re: Oprah car winners hit with hefty tax
« Reply #2 on: Sep 23rd, 2004, 3:14pm »
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OMG. Can't Oprah shoulder all of the tax?
 
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    Biomajorbeth
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Re: Oprah car winners hit with hefty tax
« Reply #3 on: Sep 23rd, 2004, 4:22pm »
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Well she certainly could, whether she should or would is up for debate...I think she shoulda thought of this before the whole promotion quite honestly...her lawyers certainly should have...this doesn't look very good for her...does this big giveaway to people in need and they come out worse for it...*shrug*  all for ratings, she doesn't care about those people
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Re: Oprah car winners hit with hefty tax
« Reply #4 on: Sep 23rd, 2004, 5:19pm »
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This is a no brainer.  Assuming you were in the highest tax bracket and the tax was $7,000, . . . . Sell the car, pay the tax, and you would still have about $20K to purchase a new car!  Wink
 
 
 
 
No good deed goes unpunished.
« Last Edit: Sep 23rd, 2004, 5:21pm by Bumper » IP Logged

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    Biomajorbeth
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Re: Oprah car winners hit with hefty tax
« Reply #5 on: Sep 23rd, 2004, 5:43pm »
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That's too easy bumper!!
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29289456 29289456   rhune_1971   Rhune1971
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Re: Oprah car winners hit with hefty tax
« Reply #6 on: Sep 23rd, 2004, 7:33pm »
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I'm with Bumper.  Selling the car and paying the taxes would still afford them a nice car, and something better than they had before.  It's a shame stuff like this happens though.  I had wondered if this was going to crop up when I first read about the give-away.
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Re: Oprah car winners hit with hefty tax
« Reply #7 on: Sep 24th, 2004, 10:20am »
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I never thought of this because prize winnings are not taxed in Canada.
 
I would have to agree with Bumper.  They are still several thousand dollars richer and where else will you get a new car for $7000.  Many had old cars that they may be able to sell to offset this charge and they may be able to take out a loan against the vehicle. If they don't want the debt then they will have to sell the car.
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Re: Oprah car winners hit with hefty tax
« Reply #8 on: Sep 24th, 2004, 10:20am »
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Many of us would like that kind of problem.
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293041687 293041687     jezzieflanigan
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Re: Oprah car winners hit with hefty tax
« Reply #9 on: Sep 24th, 2004, 11:35am »
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Let's see if Oprah and Pontiac will ever work together again.  Smiley
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Re: Oprah car winners hit with hefty tax
« Reply #10 on: Sep 24th, 2004, 11:47am »
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But Oprah got more popular, more oooh and ahhed...
 
I just got a longevity check at work... got taxed 30 percent... oh well its cash that I didn't originally have....
 
 
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29289456 29289456   rhune_1971   Rhune1971
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Re: Oprah car winners hit with hefty tax
« Reply #11 on: Sep 24th, 2004, 11:50am »
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It's not Pontiac's fault at all...
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    Biomajorbeth
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Re: Oprah car winners hit with hefty tax
« Reply #12 on: Sep 24th, 2004, 12:20pm »
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DIdn't i read some where the Pontiac actually paid all the licenscing fees and the state taxes?   That was above and beyond..no i don't blame Pontiac Smiley
 
When in Doubt blame Oprah Smiley
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29289456 29289456   rhune_1971   Rhune1971
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Re: Oprah car winners hit with hefty tax
« Reply #13 on: Sep 24th, 2004, 12:28pm »
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Both Pontiac and Oprah were trying to do something nice.  There should have been more checking into the legal/tax ramifications of what they were intending to do, but either way neither Oprah nor Pontiac are mean or greedy or horrible for giving cars to these people.
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    Biomajorbeth
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Re: Oprah car winners hit with hefty tax
« Reply #14 on: Sep 24th, 2004, 12:47pm »
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sorry Rhune, I can't buy that...it was a gimmick...true it was a gimmick that got cars to people who needed them, but it was a gimmick none the less...it cost her nothing and it gained her tons of media attention...
 
Pontiac Donated those cars
Pontiac paid the fees and some of the taxes
This didn't cost Oprah a dime and she reaps all the benefits...sorry that doesn't sit too well with me
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