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Writer's pictureRalph Goodwin

Musk America PAC Tax Burdens

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NOV 4TH, 2024

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TAXES

WHEN AMERICA PAC CONTRACTS WITH A SPOKESPERSON FOR $1-MILLION

Reportedly Not To Be Awarded Until Nov 30, 2024

One Of The Oldest Civilization Professions Is Taxation

Good Day, We Are intrigued By The Elon Musk $1-Million "Award" To Chosen "Spokesperson Of The "PAC" : I.E.,

Source :  (Reporting by Jack Queen; Additional reporting by Tom Hals; Writing by Luc Cohen; Editing by Noeleen Walder, Chris Reese and Alistair Bell) :

  1. Jack Queen (Reuters) Reports : "Musk lawyer Chris Gober was trying to persuade a Pennsylvania judge that the giveaway was not an "illegal lottery," as Philadelphia district attorney Lawrence Krasner alleged in a lawsuit seeking to block the contest ahead of Tuesday's U.S. presidential election.

    "There is no prize to be won, instead recipients must fulfill contractual obligations to serve as a spokesperson for the PAC," Gober said in the hearing before Judge Angelo Foglietta."

Therefore, Reasonable Questions Arise : In The Matter Of "Contract Law" Of The State Wherein This Contract Is Created.

  1. Queen (Reuters) Continues To Report : " "The only people protected by Pennsylvania law are in Pennsylvania," said Richard Briffault, a professor at Columbia Law School."

  2. Queen Adds "Krasner, a Democrat, sued Musk and his political action committee in state court on Oct. 28 to try to block the giveaway, which he called an illegal lottery that violates state consumer protection laws.

    A lawyer for Krasner's office, John Summers, called Gober's comments a "complete admission of liability."

  3. Further, Queen Reports : "He said Musk had repeatedly used the word "randomly" to describe the giveaway, and that none of the documents Pennsylvania voters filled out to enter the giveaway mentioned being a spokesperson."

Taxation On Income Jurisdiction In The Seven 'Swing / Battleground States" Where Musk's America Pac Creates A Spokesperson Contract :

Both state and federal taxes can apply when an American citizen enters into a contract with a federally registered legal entity and receives financial benefits. Here’s a breakdown:

Federal Taxes

  1. Income Tax: The financial benefit received is generally considered taxable income and must be reported on your federal income tax return.

  2. Self-Employment Tax: If the contract is for services rendered and you are not an employee, you may be subject to self-employment tax.

State Taxes

  1. State Income Tax: Most states impose an income tax on earnings. The specific rate and rules vary by state.

  2. Other State Taxes: Depending on the nature of the contract and the state, other taxes such as sales tax or gross receipts tax might apply.

Additional Considerations

It’s always a good idea to consult with a tax professional to understand your specific obligations based on your circumstances and the state in which you reside or operate.

ADDENDUM : US LOTTERY WINNINGS

In the United States, both federal and state laws regulate the taxation of lottery winnings.


  • Federal Tax: The Internal Revenue Service (IRS) treats lottery winnings as taxable income. The federal government automatically withholds 24% of your winnings, but you might owe more depending on your overall income tax bracket

  • State Tax: State taxation varies widely. Some states, like California and Florida, do not tax lottery winnings, while others impose their own tax rates

Publisher : Ralph Charles Goodwin : Chief Editor

1 250 709 1809

NOV 4TH, 2024

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