Friday, September 24, 2004
oprah, irs fundraiser
the wsj writes that although oprah's car give-away was well-intentioned, it may wind up costing recipients around between $6,000 and $12,000 in extra taxes this year, and:
"even if Pontiac were to pay not only the sales tax but all the various income taxes that the recipients will owe on the value of their new cars, there would be taxes due on the value of any 'free' tax payments too, a calculation known as a gross up."although oprah's liberal views would, under normal circumstances, likely fall in favor of the gift tax, in this case she probably laments the unfairness of the situation... but alas, we can't have it both ways.
Labels: ideology
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