Is AOPA Forgetting about the little guy?

"Jordan" wrote in message ...
Americans get taxed on material prizes as well as cash? Wow! It makes
winning a new car or house or plane or whatever a burden to the wrong
person!

Certainly, it's just like any other income. You get taxed on the value. What's
really absolutely stupid is that if you win a "new" car, you get taxed on the MSRP
irregardless of what the going rate is, or the fact that this "new" car depreciates
70% in the first few feet it's driven.

Don't forget about state income taxes, local property taxes where assessed,
and sales tax yup in most states...

I don't enter contests so it's not a problem... But for me, with the winning
of something being considered to be the last dollars earned for the year, it
is taxed at the top rate, add on property and sales tax, and it costs me
almost as much as if I went out and purchased it... Not worth it to me since
if I intended to purchase I would structure the deal to be for business and
create a tax reduction....
denny
"Ron Natalie" wrote in message Americans get taxed on
material prizes as well as cash?