Should Obama put a heavy tax on all the awards that his rich buddies in show business keep getting also, along with the tax on our Olympians??

by hazel Posted 2012/08/06 04:59:33

Related Topics: Obama, Money, Tax, Business

38 votes
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	YES the wealthy friends of OBAMA should have to pay a tax on every award	21 votes	55%
	No! They earned their awards in show business	0 votes	0%
	I have a different answer	17 votes	45%

Obamas uber rich friends in show business make so much money ,then they are given awards for their talent.....Should. the awards they get be taxed as well?

+11

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Rodney 2012/08/06 05:04:30

I have a different answer

+7
I think we should make it mandatory that every loon that says they or someone else should pay more be made to do JUST that. Bet Billy Maher would shut his piehole then. hahaha
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ProudPr... to Barefoo... 2012/08/06 13:59:48

LOL OK allow me to rephrase - royalties and cash awards are taxable. Whether the taxes that are required to be paid are actually paid or not is a different question. I agree with you that if people who make a lot of money pay little or nothing in taxes that is unfair and even if they do it legally it bespeaks a lack of character and a disregard for our obligations as citizens of the United States. And when its a candidate for President who made a ton of money and paid very little in taxes, and then he goes out of his way to keep his tax returns and financial records a secret, that raises serious questions of character.

And no, it doesn't have anything to do with President Obama. He did not write the current tax code as it applies to awards, nor has he ever proposed anything to change the current tax code.

As far as Hollywood support, I guess you've forgotten about these people:

LOL OK allow me to rephrase - royalties and cash awards are taxable. Whether the taxes that are required to be paid are actually paid or not is a different question. I agree with you that if people who make a lot of money pay little or nothing in taxes that is unfair and even if they do it legally it bespeaks a lack of character and a disregard for our obligations as citizens of the United States. And when its a candidate for President who made a ton of money and paid very little in taxes, and then he goes out of his way to keep his tax returns and financial records a secret, that raises serious questions of character.

And no, it doesn't have anything to do with President Obama. He did not write the current tax code as it applies to awards, nor has he ever proposed anything to change the current tax code.

As far as Hollywood support, I guess you've forgotten about these people:

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Barefoo... to ProudPr... 2012/08/07 05:56:22

+1
LOL...Actually I don't keep up with them, I only know the obama supporters because they are always in your face! :)

One line in your comment really stuck out at me....and that is a question I have been asking......instead of loading us with all these other taxes that he wants why hasn't he...." nor has he ever proposed anything to change the current tax code. " ?!?!?!?! I am all for a flat/consumption tax....10% straight off the top for everyone from welfare to the richest man in the nation...no loopholes, no credits..just take it and be done if we are going to have to pay the Federal Reserve (you do know that is where it is going, yes?) and then for those who get their income another way and then some the other taz. i think it would be much better for our nation and the "1%" will be paying a heck of a lot more. :)

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Kevin 2012/08/06 05:14:58

I have a different answer

considering that whole business about Olympic athletes having to pay taxes on their medals is erroneous, the answer is no.

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hazel to Kevin 2012/08/06 05:16:23

+5
you have lost your mind they do have to pay tax

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sbtbill to hazel 2012/08/06 06:16:22

Yes, they do but it seems highly unlikely it will be at the 35% rate for most. If all they earned was the 25,000 they only thing it would do is qualify them for the earned income tax credit. Course if the prize is the small change then they might get the 35% rate and should.

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Kevin to hazel 2012/08/06 15:52:18

I said the story is erroneous. It makes a number of assumptions, neglects deductions, and ignores some basic facts like all prize (Olympic or otherwise) money is income subject to tax. The medals themselves, however, while they may be subject to a tax technically are not really taxed. If you don't believe me, go ask the IRS.

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ProudPr... to Kevin 2012/08/06 12:40:46

+2
They don't pay taxes on the actual medal, but they also receive a cash award (I believe its something like $25K for gold, $10K for siler, and $5K for bronze, but I could be off on the numbers). It's the same as winning a Nobel Prize - the actual medal is not taxed, but the prize money is.

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Kevin to ProudPr... 2012/08/06 15:53:35

+1
Yes, that's what I was saying. But my main point is that these news stories about this tax "issue" are fundamentally erroneous and misleading.

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ProudPr... to Kevin 2012/08/06 16:23:09

+2
I agree. The law in question has existed as is without complaint for the last 25 years, but now that President Obama is president, it's suddenly a crisis, even though President Obama has absolutely nothing to do with the law or its enforcement.

And the funniest part, I think, is that they're once again fighting to protect tax cuts for the rich. Do they ever do anything else?

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Kevin to ProudPr... 2012/08/07 05:03:32

As of late, no, and that's the damn problem.

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Hula girl - Friends not Fol... 2012/08/06 05:08:43

I have a different answer

+2
An actor does not get a monetary reward with their awards they only get the trophy. Their reward comes in better movie parts and better pay.

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hazel to Hula gi... 2012/08/06 05:10:59

+3
Arent the OSCARS GOLD PLATED

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Barefoo... to hazel 2012/08/06 05:19:51

+1
oh good lawd ...so people's children....

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Chi~Cat to hazel 2012/08/06 05:25:18 (edited)

+2
The official word from the Academy of Motion Picture Arts and Sciences is that the current Oscar statuette is made of britannia metal, a pewter-like alloy which is plated in copper, nickel silver, and 24-karat gold, stands 13 1/2" tall, and weighs 8 1/2 pounds. The base of the statuette is made of metal.

They are made in Chicago:
http://www.mirror.co.uk/news/...

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ProudPr... to hazel 2012/08/06 12:42:49 (edited)

+1
The physical award itself isn't taxable. If there is any cash award associated with a given award it is. That applies to olympic medals, Nobel Prizes, winning the U.S. Open, etc.

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Linda to Hula gi... 2012/08/06 06:33:34

No, they pay taxes on every award and any gift they get.

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Hula gi... to Linda 2012/08/06 08:03:21

+1
Have you been to the Oscars? I have but didn't see anyone talking about paying taxes on their trophy. Ever dated any actors or have friends as directors that have those little gold plated trophies? They don't pay taxes on an award that is just a trophy.

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Linda to Hula gi... 2012/08/06 08:46:34

Yes they do. Look it up or look at my original post above.

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Hula gi... to Linda 2012/08/06 09:41:29 (edited)

+1
Wrong. There is no Cash award at the Academy Awards...it's just recognition. I've been to the awards. I have a many celebrity friends and clients and they sure don't get money.

If they take the freebie gifts that has nothing to do with the Awards themselves and many don't even take them as also don't like the endorsement that the products then try to use their name just for getting something in a bag.

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Linda to Hula gi... 2012/08/06 10:11:05

Wrong. No one said they get cash awards but they are taxed for the gifts they receive.

http://voices.yahoo.com/are-t...
http://www.consumerismcomment...

When you finally make it big and you receive an invitation to the Academy of Motion Picture Arts and Sciences Awards (the Oscars), pay attention to the gift bags you receive. The Academy will give your name to the IRS to let them know that you’ll owe taxes on the gift [MSN Money

Responsibility for paying taxes on the latest gifts, handed out in March, falls on the recipients. They will be getting tax forms from the Academy as reminders…

The same goes for the Emmy Awards this weekend. The celebrities’ gift bags may be worth up to $33,000, and the recipients will owe tax to the government. So what’s in these coveted gift baskets?

Celebrity gift baskets typically come packed with the latest electronics, designer clothes and jewelry and gift certificates for fancy dinners, four-star hotel stays, spa treatments and cosmetic surgery procedures… Each massive swag bag — packed in a rolling footlocker for ease of transport — includes a couture iPod case worth $395, Stud Monkey jeans that sell for $280 and a VIP stay at Caesars Palace in Las Vegas valued at $8,500.

There are some who protest — not to the taxes, but to the extravagant gifts:

...

Wrong. No one said they get cash awards but they are taxed for the gifts they receive.

http://voices.yahoo.com/are-t...
http://www.consumerismcomment...

When you finally make it big and you receive an invitation to the Academy of Motion Picture Arts and Sciences Awards (the Oscars), pay attention to the gift bags you receive. The Academy will give your name to the IRS to let them know that you’ll owe taxes on the gift [MSN Money

Responsibility for paying taxes on the latest gifts, handed out in March, falls on the recipients. They will be getting tax forms from the Academy as reminders…

The same goes for the Emmy Awards this weekend. The celebrities’ gift bags may be worth up to $33,000, and the recipients will owe tax to the government. So what’s in these coveted gift baskets?

Celebrity gift baskets typically come packed with the latest electronics, designer clothes and jewelry and gift certificates for fancy dinners, four-star hotel stays, spa treatments and cosmetic surgery procedures… Each massive swag bag — packed in a rolling footlocker for ease of transport — includes a couture iPod case worth $395, Stud Monkey jeans that sell for $280 and a VIP stay at Caesars Palace in Las Vegas valued at $8,500.

There are some who protest — not to the taxes, but to the extravagant gifts:

Officials at Sundance — whose annual Park City film festival has become connected with a celebrity gift-house free-for-all — hope new attention from the IRS dissuades celebrities from accepting piles of swag that has nothing to do with their work.
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Hula gi... to Linda 2012/08/06 19:18:03

+1
Gifts aren't awards. They are not taxed on the awards...that's their prize.

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Linda to Hula gi... 2012/08/06 20:03:18

Gifts are a part of the awards. They are taxed, therefore this question is moot. The awards themselves aren't worth anything other than what they represent. That means more money in the box office and that is taxed. I think celebrities are taxed plenty for their awards. Ask your so called friends/celebrities if they aren't taxed for the goodies they get and taxed on the money they make from better paying roles due to getting an AWARD.

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Hula gi... to Linda 2012/08/06 21:39:31

+1
No they are not. Gifts are given by the many manufacturers to have the winners/attendees use their products. The awards are given by the Academy and have nothing to do with the gifts. They are not attached to each other and are not about the award. The gifts were never part of the awards and have only been given in the later years to get the winners use their products so they benefit by saying star such and such uses their products.

I don't care what sites you attach. I know first hand. I have been to the Academy Awards. I have friends that have won awards. Some could care less about getting the bags and most are just filled with cosmetics and odds and ends. I have been to many of the Dove Awards and am a voting member of CMA. The gifts are just that and if they are taxes that's their responsibility if they are honest and want to claim them.

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Linda to Hula gi... 2012/08/06 10:11:15

http://www.forbes.com/sites/r...

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ProudPr... to Linda 2012/08/06 12:44:20 (edited)

+1
Just to clarify - the value of the actual statuette actors (and directors etc.) receive is not taxable, and the Oscars do not come with a cash prize. When someone wins a physical award, like an Olympic Medal or a Nobel Prize, the actual object isn't taxable, but any cash awarded with it is. It has been this way since Ronald Reagan amended the tax code in 1986.

On the other hand, the perks they get, like the "gift bags" that often contain $1000 jewelry and other valuable "baubles" are taxable. That's why each year Joan Rivers or whoever will always tell you how much this year's "goody bag" is worth.

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Linda to ProudPr... 2012/08/06 13:04:27

+1
Your right Proud. I guess I didn't make myself clear enough.. I was talking just about the freebies they receive. The one above was talking about the medals and money. When Hollywood wins an award, their popularity increases and they make more money, therefore pay taxes on what they earn though the award. This question is assuming that Hollywood doesn't pay taxes for any award which is not true..

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☆astac☆ 2012/08/06 05:05:43

YES the wealthy friends of OBAMA should have to pay a tax on every award

+3
Hell, we should identify all his supporters and tax them even more

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Rodney 2012/08/06 05:04:30

I have a different answer

+7
I think we should make it mandatory that every loon that says they or someone else should pay more be made to do JUST that. Bet Billy Maher would shut his piehole then. hahaha

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