IF YOU LOOK CAREFULLY, YOU'LL SEE AMY POEHLER'S HEAD EXPLODE: Somewhere beyond mere joy, beyond "my team just won the World Series," beyond the birth of a child ... that's where you've got to place this manic video of today's Oprah audience finding out it was Favorite Things Day.
The Favorite Things are listed here.
It was totally insane. I happened to be home and turned it on and OMG. It was interesting to note that when the items were the brownie and lasagna pans, the cheering was much quieter but I think the audience was prompted to cheer no matter what-the smaller, less valuable items definitely had some forced cheering. But seriously, people's heads might have exploded. And there's more on Monday!
ReplyDeleteWatching it now and just finished saying the same thing to my wife before coming over here.
ReplyDeleteJust heard a HAYUGE reaction for a panini press. Come on!
I think Oprah's self aggrandizing has only gotten more hilarious as the years have gone on.
ReplyDeleteI assume these people have to report this as income? Isn't this going to be a bit of a bummer for some people come April 15? I didn't total it up -- isn't it about $10K worth of stuff? Oprah should gross everybody up!
ReplyDeleteThank god, it's the last one before Oprah leaves us all alone.
ReplyDeleteJewelry, 7-day cruise, high end Nikon camera, fancy bags/shoes/cashmere sweaters and throws, and the aforementioned panini press? I think it was waaaaay over $10k.
ReplyDeleteThe big lull in the product placement orgasmatron was when Jay-Z's book was offered up. Now, I know a kid or two who - on having a particularly good Christmas - is a little disappointed by the strategic pause brought on by a sweater. It's understandable, but it's still rude on the kid's part. Oprah moved on pretty quickly from that.
ReplyDeleteShe's not leaving; she'e expanding. OWN!
ReplyDeleteActually, I meant as in the city.
ReplyDeleteIs there a single better illustration of the extent to which we live in a culture dominated by materialism? It's hard to imagine anything else that would elicit this type of response (a sports championship is the only one that's comparable, I think). What was the deal with her opening by talking about meditation -- intentional irony? They should have called it, "Buddha's Favorite Things."
ReplyDelete(I've heard, BTW, that Oprah picks up the tax bill. I am unclear on the legality of that, because if someone pays your taxes, isn't that also income? Seems like an endless spiral. Maybe one of the resident tax lawyers here can comment on that.)
Actually, now that I think about it, all of this stuff would be considered gifts, and the donor pays the gift tax, not the donee. And there's an annual exclusion of something like $13K, so as long as the total value of what each recipient gets is below that amount, there wouldn't be any tax at all. Right?
ReplyDeleteNot a tax lawyer, but I also thought it was a gift (although if you receive any other gifts during the year, this may put you over the top.) The endless spiral is the "gross-up" Chuck mentions above, and is not uncommon. It does stop at some point.
ReplyDeleteTo the best of my (limited) knowledge, there isn't a limit on the value of gifts one may receive in a year without being taxed. I think the only limit is on what one can give without paying a gift tax, and I believe it's $13K per recipient, with no limit on the number of recipients. But I could be wrong.
ReplyDelete<span>To the best of my (limited) knowledge, there isn't a limit on the value of gifts one may receive in a year without being taxed. I think the only limit is on what one can give without paying a gift tax, and I believe it's $13K per recipient, with no limit on the number of recipients. But I could be wrong.</span>
ReplyDeleteThe gross up on 10K @the 35% bracket is $5384.61. (10,000 / 0.65 - 10,000)
ReplyDeleteYes you could spiral up, but all you want to do is insure that the recipient gets the full original amount after taxes
I guess the real issue here is whether the "favorite things" are considered gifts or not. If they are, then the recipients don't pay income tax on them, making the gross up rule inapplicable.
ReplyDeleteI know there was a controversy a few years ago when Oprah gave her whole audience cars, and people got stuck paying the taxes on them. I think, though, that those cars were considered "prizes" and not "gifts," thereby making them taxable income. I believe the people who got cars were chosen from a pool of people whose friends and families had written letters on their behalf stating why they deserved a new car, so they were considered to have won a contest. Because the studio audience for favorite things is random and not pre-determined or based on any specific criterera, I think the situation is different.
<span>I guess the real issue here is whether the "favorite things" are considered gifts or not. If they are, then the recipients don't pay income tax on them, making the gross up rule inapplicable.
ReplyDeleteI know there was a controversy a few years ago when Oprah gave her whole audience cars, and people got stuck paying the taxes on them. I think, though, that those cars were considered "prizes" and not "gifts," thereby making them taxable income. I believe the people who got cars were chosen from a pool of people whose friends and families had written letters on their behalf stating why they deserved a new car, so they were considered to have won a contest. Because the studio audience for favorite things is random and not pre-determined or based on any specific criterera, I think the situation is different.</span>
<span>She's not leaving; she'e expanding. OWN!</span>
ReplyDeleteI think that there are a few cases where people have left for more lucre elsewhere which does constitute leaving their current public "alone". I'm thinking of David Beckham leaving to play in the US, which upped his stature here (though he's not in the MLS championship, which is tonight, if anyone is noticing?) but made him much less a part of the UK/Europe football scene. And Howard Stern, who is undoubtedly making more money in Pay RadioLand, but whose fame and column-inches have certainly shrank a lot since then.
So I say OWN away, unless this is more successful than I think it's going to be, she's leaving us alone. At least until her comeback in (projected) 2013.
That's what I was wondering. I'd be the one in the audience looking depressed and punching in numbers. Mostly because I don't want a lot of that crap.
ReplyDeleteParanoid tax person above was me.
ReplyDeleteDVR alert: Part 2 airs today!
ReplyDeleteHmm, in the past I know it's been selected (but a surprise to the audience) - I think a few years back they were all teachers. Don't know about this year.
ReplyDelete