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Too much win...too much fail
Well damb...A few things here fellas...
Whoever said show money is not taxed is ABSOLUTELY INCORRECT. Show money is a form of income and unless that artist has residency in one of the few states that do not have income tax, they are DEFINITELY TAXED! The issue is that unlike most of us who get their taxes taken out before they ever see their check, show money is left to the artist to report to the IRS as income so that proper taxes can be assessed. This is the problem that many rappers that have tax issues down the road (waddup Young Buck) run into. They get a check for 10k for a show, and spend 10k. 3-5k of that 10k belongs to the man.
Second, that's the value of metals TODAY. By the time an artist gets a piece of jewelry, it has already been bought and held, likely for months at that point. So it's not worth (to the seller) what gold is worth TODAY. Also, without getting too much into distribution channels, jewelers buy jewelry from certain channels that buy precious metals in bulk. A lot of times, jewelry that is sold to these rappers were other pieces of jewelry that was melted down and reformed. Basically, there's a lot of recycling. ALSO, the range of precious metals is HUGE. There's a BIG difference, both in quality and price, between an top notch diamon and a flawed diamond. Same goes for gold, silver, and platium. (Before anyone says some monkey ****, yes, I know diamond is a mineral, not a metal...get off it). 20k gold is MUCH more expensive than 10k gold...
Finally, a lot of people have already touched on this, but a lot of times, jewelry is rented and or borrowed for promotional reasons.
In a nutshell, how do rappers afford chains?? 1) they dont 2) they can afford crappy quality 3) the IRS is essentially "loaning" it to them...they'll come around and collect soon enough. Even my man Nas got hit up by unc sam...
its all good til u not on people hooks nomoreToo much win...too much fail
That chain is friggin hilarious awesome, ridiculous, and all at the same time.
Can someone explain this
THISfirst off, hows noone notice how off that professor is? lol gold is currently 17-1800 an oz. 800$/oz was at best a year or 2 ago price.
2nd big concerts ex. hob, livenation/ticketmaster is "untaxed" but the artist owes taxes on it at the end of the fiscal year tax day (april) which they will be responsible for.
what some ppl here are talkin about are lil simple promoters/club appearances where rappers can come, hang out, do couple songs and leave with a few thousand to 10-20k cash (untaxed and for the most part untaxable by the govt) depending on the level of artist.
Gucci's been caking offa club appearances and cash payments in the south 4-5 nights a week for few years so hes been making good money..tho not sure he spends it on that jewelry.
THIS
1. walls of text w/ confident delivery = truth to those who don't know
2. yes. that's what I'M talking about. if it's hand to hand. cash for appearance/club show...then they spend that on jewels, drugs, bottles, strip clubs, etc. and the IRS has NO possible way of finding out. it's simple economics for one, and i've seen it first hand. but whatevs.
alright. you're 100% correct.There is no such thing as non taxable income in America. Not paying taxes is not the same. Yes....when you get paid cash it's almost impossible for the IRS to find out but that doesn't mean to don't have to pay taxes. It just means you are responsible for reporting it when you file your taxes. You pay taxes for EVERYTHING. You pay when you win something, get something free, you inherit something. The IRS wants their cut.
IRS aint gonna write off a rolex as a "business expense" b.dont they use all their receipts for work related expenses since they have an image to maintain? jewlery clothes haircuts things of that nature?
Thats what always gets me.alright. you're 100% correct.There is no such thing as non taxable income in America. Not paying taxes is not the same. Yes....when you get paid cash it's almost impossible for the IRS to find out but that doesn't mean to don't have to pay taxes. It just means you are responsible for reporting it when you file your taxes. You pay taxes for EVERYTHING. You pay when you win something, get something free, you inherit something. The IRS wants their cut.
those facts are correct...but **** that. situational intelligence can be more beneficial than facts.
ATTENTION TO ANYONE WHO PLANS TO BECOME A RAPPER: When you get show money in cash, buy anything you want that can't be linked to you tax wise and never spend it on things like mortgage, credit cards, etc.Young Buck did this...and got in trouble. Being famous doesn't make you smart...you can learn from these mistakes and live like this for forever and a day without any consequences. the end. that's all i was trying to say this whole time. i'm out.
Edit: and btw i never used the term nontaxable. that means the ability to be taxed. i said it's NOT taxed. which means unless you ******g tell on yourself or buy the things i said DON'T buy it's not taxed. so you're not really saying anything debunking my point. ...now i'm out
alright. you're 100% correct.There is no such thing as non taxable income in America. Not paying taxes is not the same. Yes....when you get paid cash it's almost impossible for the IRS to find out but that doesn't mean to don't have to pay taxes. It just means you are responsible for reporting it when you file your taxes. You pay taxes for EVERYTHING. You pay when you win something, get something free, you inherit something. The IRS wants their cut.
those facts are correct...but **** that. situational intelligence can be more beneficial than facts.
ATTENTION TO ANYONE WHO PLANS TO BECOME A RAPPER: When you get show money in cash, buy anything you want that can't be linked to you tax wise and never spend it on things like mortgage, credit cards, etc.Young Buck did this...and got in trouble. Being famous doesn't make you smart...you can learn from these mistakes and live like this for forever and a day without any consequences. the end. that's all i was trying to say this whole time. i'm out.
Edit: and btw i never used the term nontaxable. that means the ability to be taxed. i said it's NOT taxed. which means unless you ******g tell on yourself or buy the things i said DON'T buy it's not taxed. so you're not really saying anything debunking my point. ...now i'm out
why you sorry? that **** was funny.I'm sorry, but I had to laugh out loud when I read that
dont they use all their receipts for work related expenses since they have an image to maintain? jewlery clothes haircuts things of that nature?
alright. you're 100% correct.
those facts are correct...but **** that. situational intelligence can be more beneficial than facts.
ATTENTION TO ANYONE WHO PLANS TO BECOME A RAPPER: When you get show money in cash, buy anything you want that can't be linked to you tax wise and never spend it on things like mortgage, credit cards, etc.Young Buck did this...and got in trouble. Being famous doesn't make you smart...you can learn from these mistakes and live like this for forever and a day without any consequences. the end. that's all i was trying to say this whole time. i'm out.
Edit: and btw i never used the term nontaxable. that means the ability to be taxed. i said it's NOT taxed. which means unless you ******g tell on yourself or buy the things i said DON'T buy it's not taxed. so you're not really saying anything debunking my point. ...now i'm out
thanks to QE3, da european meltdown, countries left and right abandoning da dollar as a world reserve currency....gold is 1800 an oz
damb, i guess that makes sense, rather have cash anyway, wouldnt rent one tho it aint a tv