Jeopardy James Lost Half His Winnings To Pay $1.2 Million In Taxes And That Ain't Right
Holzhauer, 34, made $2,462,216 in 33 appearances, including the $2,000 prize he received for finishing second in his last show last Monday. But, the IRS is also winning big, too.
All winnings on game shows are considered ordinary income, taxed up to 37 percent by the IRS. And most states have state income tax, too. Even though Holzhauer is a resident of Nevada, the game show took place in California, which means he must pay taxes in that state.
Combined, federal and California state taxes will put Holzhauer’s net winnings at $1.29 million — a 47.6 percent cut, sports and betting website The Action Network reported.
Forget whatever you’re currently bitching about and protesting in the streets for regarding this country. This is the worst part about the United States of America. Paying taxes SUCKS. And that’s not even me getting political. I understand we have to be taxed…..but I think everyone would agree that seeing the money taken out of their paycheck absolutely blows. And I get pissed off when I pay my measly Ohio state taxes when I bring home $1,000 every two weeks from my day job. I can’t imagine what Jeopardy James felt like forking over $1.2 million of his winnings to the IRS and the state of California. He lives in Nevada for God’s sake! But the show was in California, so that’s going to be another 13.3%. Hey, that’s America! Right, Trebek?
It turns out Jeopardy James wasn’t getting that rich after all. I mean, he had to do 33 appearances and only made a million bucks? Sounds like a minimum wage job. He wasn’t winning anything…he was just working. And this is why there has to be something done about game show winnings. Obviously I’m joking about the million dollars being chump change, but winning on game shows has turned out to be a pretty dangerous game for some people. Jeopardy operates in cash, which is great. But those people that win on shows like The Price is Right end up owing thousands of dollars for shit they never would’ve bought in the first place.
Preach, Chris Rock! Like if I were on The Price is Right, I would love to get on the show and bid $1 and play a game and spin the wheel and all that jazz, but I wouldn’t pay $1,000 right now for a $20,000 boat, let alone 40% of that in taxes. I just don’t need a boat. Or a new car. Or a kitchen appliance. I saw the other day that someone won $57,000 worth of prizes on the show, and then they had to pay $20,000 in taxes. That’s not really winning anything, in my opinion. Were you really going to go out and buy a jetski and take a trip to Australia? That’s like getting 40% off at Kohl’s and thinking you’re saving money. THAT AIN’T RIGHT!