No, seriously, folks. One of my points always has been that most people don’t know what they’re paying in taxes. I do this test all the time. I go ask somebody that seems to be doing well, “Do you know what you’re paying in taxes?” No, I usually get a refund. You what? “Oh yeah, I get a big refund. I get a big refund every year.” Well, you don’t know how much you’re paying in taxes? “No, it’s withheld from the check. I’m doing okay.” So you don’t even know how much you’re paying in taxes? No wonder when tax cuts come along people don’t get revved up about it because they don’t even know — and especially if they’re goofing up, and I do mean “goofing up,” if they’re goofing up arranging their affairs so they get a big refund, they really have no idea how shafted they’re getting, or being. I’ve run into so many people get a big refund check. “I can’t tell you how I’m screwing the government. Look at my refund! Ha-ha! Look what they have to give me back.” The truth is, look at how much of your own money they kept all year, and they gave it back to you with no interest, and you think you screwed them? You try not paying them for one month and find out what the interest is gonna be. You don’t pay ’em for a month. You think you’re screwing the government, you’re getting shafted by the government in more ways than you can count on Sunday.
So when any time people have to sit down and write to Internal Revenue Service and fill in the blank and then write out the number: “Seven thousand one hundred twenty-five dollars,” then the car is free, and then they say, “Wait a minute, the car isn’t free, actually cost 28, $30,000. $7,000? I have to pay in taxes? That’s un-American!” Yeah, I’m fully convinced if we could just once, for one year, make sure every taxpayer had to right the check either once a year or four times a year, we’d have a whole different mental attitude in this country about taxes and the feds know it. That’s why this withholding is never going to go away, because you don’t miss what you’re never going to see, that’s the theory. There of course is an option for these poor people in the Oprah show: just put it on their credit card and
By the time you calculate the value of this “free” car, you’ll be counting the amount of money it cost you. That is why, my friends, and I’m going to tell you a little secret, just as a human being. I guess one of these people, you know what’s a good idea here? One of these people in Chicago that doesn’t want the car, donate it to Dan Rather. He may need a new home. No, I’m just kidding about that, but I could bring forth the sources to back me up on this, because I understand how this stuff works. I cannot believe. Just me personally, I would never give anybody a gift that’s going to cost them anything. Never. If I give people a gift that has tax consequences, I give them enough to pay the taxes — and I pay the gift tax on it myself. If I’m going to give somebody a gift, it’s a gift a hundred percent. Gift tax is a whole ‘nother thing, and it gets worked out later on in your life and so forth, but, you know, when I give somebody something that’s sizable, that has tax consequences, they don’t pay the tax on it.
For example if I were to give somebody let’s say a valued employee I wanted to get rid of for a couple weeks, I wanted to send them to Hawaii. I would not just give them the air fare to get there, I’d give them the air fare, I’d give them the hotel, I’d give ’em meal money, and I’d give ’em whatever taxes. A gift is a gift. I just can’t give a gift that costs people money. I just don’t do it. But it happens, this is, in effect you know what these people are? They’re like game show winners. Game show winners, they have to be reported to the IRS as these people will be. The IRS is going to be asking for their money at some point. Absolutely. If you win a certain amount of money at Vegas, they have to report to the IRS that you walked out — honor system, too. In some cases they withhold some of it, depending on the size of it. Yes, the government requires in some cases 20% or 30% of it be withheld just to make sure.
You know, GM bought these cars, actually, for these guests of Oprah. The liberal thing to do would be for Oprah to pay the taxes for these people as gifts to each one of them.
We did some research and CNN back on the 13th of September had a story that Oprah was going to pay. Who was it?
Now, you may be wondering, “How is this possible?” Let’s take it one on one. Let’s say I give you a $30,000 car and I also want to make sure that you don’t pay the taxes on it. So you probably think, “Okay, I give you the car and $7,000.: Wrong. Not how it works because that would mean I’m giving you $37,000, not 30, that
You can give away a maximum of twenty — what is it? $11,000 per person now. So $22,000 a couple. So in this case, I would be allowed to give you $7,000 tax-free, no damage to me, and no damage to you. In other words, say I wanted to give you 50 grand. You wonder how this happens. “How do people give away 50 grand without paying taxes on it?” Well, the giver, the grantor, is charged against his gift exemption that adds up over the years and is settled way on down the line at death with the estate and this kind of thing. But beyond this limit of $11,000 a person,
The liberal thing to do would be for Oprah to find somebody
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