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Jeffrey “Jeff” Randall Allen, also known as ‘Player 831’ beat out 999 other contestants to win MrBeast’s first ever ‘Beast Games’ with a life-changing $10 million grand prize. Allen, an Ohio-born father of two who now resides in California, received the lump-sum payout via wire transfer immediately after his victory aired. But as with any massive winnings, a hefty portion of that prize will ultimately belong to federal and state tax authorities, leaving Allen with far less than the headline amount once the IRS and California’s Franchise Tax Board take their shares.
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Sounds about right! Hopefully he stores some wealth in bitcoin
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It simply illustrates the downsides of fiat world
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Yeah it does would it not be the same if we had govs in a bitcoin world they will still want to tax the same
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It's P2P so it would go directly to the recipient and then I wish govt good luck taxing it
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Would they not just put you in jail as they know he won and got the prize? So pay or in jail you will stay would unfortunately happen?
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I'm not a lawyer but to my knowledge, it's count as a taxable event only from the moment you convert to fiat and govt can't tax you for something they don't have a decree on or at least when they can't calculate its current tax amount and the profit that corresponds to it...