Friday, March 17, 2006

T_x money does not grow on _pple trees

"P_t, I'll t_ke the porcel_in dog." The six worst words ever muttered on _ g_me show. Not only do you win ugly decor, but now you h_ve to p_y t_xes.

Mich_el P_ul L_rson, of "Press You Luck" f_me, simply p_id $28,000 in t_xes on his $110,237 winnings. He h_d it e_sy since he won c_sh.

But wh_t _bout prize winners? G_me show winners used _ll the tricks to reduce Uncle S_m's cut. M_rri_ge. Selling prizes. Re-_ppr_ising th_t porcel_in dog _nd p_ying t_xes on its re_l v_lue. Or simply rejecting prizes _ll together.

Those t_x bills were enough of _ p_in, but im_gine h_ving your house remodeled on "Extreme M_keover: Home Edition." Not only do you get _ t_x bill for the incre_sed v_lue of the house, but you get the t_x bill th_t keeps on giving — property t_x. Yes. You get to p_y property t_x on your winnings every ye_r. Th_t's why the f_milies _lso get _ lump sum c_sh p_yment from the producers.

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