Posted on 06/04/2019 5:16:43 PM PDT by yesthatjallen
Former “Jeopardy!” champion James Holzhauer will likely have to pay $1.2 million in taxes on his $2.462 million winnings amassed during his 32-game winning streak, according to the sports media analytics company The Action Network.
Holzhauer, a professional gambler from Nevada, will have to pay both federal and California state taxes, where the decades-old program is broadcast. California has the dubious distinction of having the nation's highest tax rate at 13.3 percent. When adding the federal and state taxes up, they will take away 47.6 percent of Holzhauer's lump sum, The Action Network reported.
Holzhauer said he received his check this week with taxes already withheld.
Ken Jennings is still the all-time "Jeopardy" earnings champ, taking home more than $2.5 million in winning 74 straight games in 2004.
Holzhauer did set a new record during his run for most money won in the single game during the show's episode that aired April 17 when he won $131,127.
The Holzhauer run came as longtime "Jeopardy" host Alex Trebek is battling Stage 4 pancreatic cancer.
Trebek, 78, recently shared that he is responding the chemotherapy treatment well. He says his doctors say he's in "near remission" and “they hadn’t seen this kind of positive results in their memory.”
And who says we are not indentured slaves to the state?
It’s what they do with the money that outrages a man.
I’ll take “Class Warfare” for $200, Alex...”
I swear to God I’ll tell off the next leftist who whines about the “wealthy” not paying their fair share!
Same as if one won the lottery in California
They tax it when you make it. They tax it when you spend it. They tax it when you own property. They tax it when you use energy. They tax it when you are lucky enough to make money on an investment. They tax it when you use a vehicle, open a business or get lucky at the track. And then, if by some small miracle, you happen to have something left...they tax it when you die...
The way it is going no one in cali will be a winner .
“I see you have some money their. Give it to me.” —Your Government
Let me tell you how it will be
There’s one for you, nineteen for me
‘Cause I’m the taxman, yeah, I’m the taxman
Should five per cent appear too small
Be thankful I don’t take it all
‘Cause I’m the taxman, yeah I’m the taxman
If you drive a car, I’ll tax the street,
If you try to sit, I’ll tax your seat.
If you get too cold I’ll tax the heat,
If you take a walk, I’ll tax your feet.
Don’t ask me what I want it for
If you don’t want to pay some more
‘Cause I’m the taxman, yeah, I’m the taxman
Now my advice for those who die
Declare the pennies on your eyes
‘Cause I’m the taxman, yeah, I’m the taxman
And you’re working for no one but me
George Harrison and the Beatles. Forgot to give credit
Wouldn't we be better off if bookies were still in charge of betting?
With this Jeopardy situation, is there a way to avoid it? Can the money be stashed in an annuity or something, and taken out a reasonable amount each year? It seems horribly unfair that once-in-a-thousand-lifetimes winners should have their winnings hijacked by the tax man.
The lottery is tax free in California. You pay federal taxes but not state.
Is he a democrat? Then he will absolutely love to pay a very high tax rate.
Taxes everywhere, on everything. That's bad enough. But government at all levels wastes it, and even worse, promise it's going for one thing when it's wasted on a different thing! That is what gets everyone pissed off about taxation - it's without representation.
They put a tax on a bridge when it's built, saying it's temporary for a few years until it's paid off. Then they make it permanent long after the bridge is paid for. Then they jack up the toll constantly, while spending it on non-bridge adventures.
Same for pothole taxes supposedly for fixing roads. Yet the roads are not fixed, and additional bond issues are passed. Repeatedly, and the roads are still not fixed.
Etc etc etc, taxation on everything while they lie and abuse the money.
Of course he will. Taxes on contest winnings are 50%. I’ve experienced it. (Not to his degree!)
They tax everything but the air you breathe...oh wait...carbon taxes...never mind...
I think he threw the game with his last bet...didn’t want all the attention of the first place guy...name escapes me...me made a ton of money.
That fact amazes me - the government runs a lottery, then takes taxes out of the winnings that they generate
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