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IT staff would rather pocket $100k than blast off into space Expand / Collapse
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Posted Friday, November 18, 2011 10:13 AM
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Cash, any time. I could pay off my mortgage and be financially secure with that sort of money, and the peace of mind that would bring would be worth far more to me than the brief excitement of seeing the Earth from 65 miles up.
Post #1208511
Posted Friday, November 18, 2011 10:20 AM


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Definitely the trip to space for me :)

Taking the cash is a bad plan because the government will steal about 60% of it in the form of taxes. So the actual amount you receive is far less than the actual prize value. With cash, the Government "wins" the prize; with trip to space, *you* get to enjoy it fully.
Post #1208517
Posted Friday, November 18, 2011 10:28 AM


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The taxes you may have to pay vary from country to country as well as by income level. In Canada taxes aren't a concern since prize money isn't considered part of income and is not taxable. We get taxed enough on our earned income. I believe this is treated very different in the US and in the UK.





Francis
Post #1208529
Posted Friday, November 18, 2011 10:47 AM


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LadyRuna (11/18/2011)
Definitely the trip to space for me :)

Taking the cash is a bad plan because the government will steal about 60% of it in the form of taxes. So the actual amount you receive is far less than the actual prize value. With cash, the Government "wins" the prize; with trip to space, *you* get to enjoy it fully.

I don't know fore sure, but I think that even if you receive a non-cash prize or large gift, you owe taxes. For example, if you wish a new car as part of a door prize, you owe taxes on that.
Post #1208543
Posted Friday, November 18, 2011 10:50 AM


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Eric M Russell (11/18/2011)
LadyRuna (11/18/2011)
Definitely the trip to space for me :)

Taking the cash is a bad plan because the government will steal about 60% of it in the form of taxes. So the actual amount you receive is far less than the actual prize value. With cash, the Government "wins" the prize; with trip to space, *you* get to enjoy it fully.

I don't know fore sure, but I think that even if you receive a non-cash prize or large gift, you owe taxes. For example, if you wish a new car as part of a door prize, you owe taxes on that.



That's definitely a case of call your local tax expert. We could certainly get 1000 different correct answers on that matter!
Post #1208545
Posted Friday, November 18, 2011 10:51 AM


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Eric M Russell (11/18/2011)
[quote]LadyRuna (11/18/2011)
Definitely the trip to space for me :)

Taking the cash is a bad plan because the government will steal about 60% of it in the form of taxes. So the actual amount you receive is far less than the actual prize value. With cash, the Government "wins" the prize; with trip to space, *you* get to enjoy it fully.

I think that's why every such contest prize typically has a cash value associated with it.
Post #1208547
Posted Friday, November 18, 2011 11:33 AM


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I have an idea. Since taxes may be a big concern, perhaps it best that everyone withdraw from the contest. I would be happy to be the default winner and "take one for the team"



Francis
Post #1208577
Posted Friday, November 18, 2011 1:57 PM


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fhanlon (11/18/2011)
I have an idea. Since taxes may be a big concern, perhaps it best that everyone withdraw from the contest. I would be happy to be the default winner and "take one for the team"


You can have mine... stupid law 101. Can't participate in ANY effing contest around the world.
Post #1208676
Posted Friday, November 18, 2011 2:34 PM
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Think about it,

"The DBA who went to Space!"

It means bragging rights to your family, friends, children, and grandchildren for them to reach higher and achieve their best! Alan B. Shepard league.

Shepard took the chance of going the lost in space route and in those days rockets were less reliable then today. There's always a risk in everything you do including crossing the street at the wrong time.

....paying off your house ? er.. really ? YAWWWN, who will remember that ?

Strap me up to that big firecracker and let's go up to visit the Aurora Borealis.


Space Joe


Post #1208695
Posted Friday, November 18, 2011 5:13 PM


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Fire me UP! To hell with the money. Great, I own my home now. And hit by the beer truck on the way to work. I'd rather be the dead space monkey then the dead home-owner.

I just want to know if they'll let me take my parachute... "thanks for the trip guys... mind popping the door?"

Agreed on the tax thing, but you might end up paying taxes on the 'gift' anyway, which is another reason for cash association to prize winnings. Just gotta roll with it.

I understand far too well why a lot of people would take the cash. The money would pay for all my dental surgery in one go... however, when am I ever going to see a chance like this again if I won? No, no. I'll take that once in a lifetime adventure. @SpaceDBA for the win!



- Craig Farrell

Never stop learning, even if it hurts. Ego bruises are practically mandatory as you learn unless you've never risked enough to make a mistake.

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