rick-57355
Lifetime Total
1+
IMDb Member
3 years, 11 months
Reviews
The Millionaire (1955)
The math of $1000000 given tax free in 1957
Great show and pretty well written back then with gifts given to people from various social classes and facing a variety of problems, economic and otherwise. Holds up well even in the year 2020. It is currently broadcast on MeTV Tuesday through Saturday at 3 a.m. CST.
So, here is a question some of you may have wondered about. If the beneficiaries we're receiving $1,000,000 (with the taxes having already been paid) on it, how much did the donor have to ultimately pay to gift a net of 1,000,000?
In 1955 the year "The Millionaire" was first broadcast, the highest tax bracket was 91% and the lifetime exemption was around $60,000. So 91% of $940,000 equaled $855,400. That is the taxable amount on $1,000,000 back in 1955. So, that amount plus the $1,000,000 gift to the beneficiary meant that the donor had to pay a grand total of $1,855,400. Very generous indeed!
So, here is a question some of you may have wondered about. If the beneficiaries we're receiving $1,000,000 (with the taxes having already been paid) on it, how much did the donor have to ultimately pay to gift a net of 1,000,000?
In 1955 the year "The Millionaire" was first broadcast, the highest tax bracket was 91% and the lifetime exemption was around $60,000. So 91% of $940,000 equaled $855,400. That is the taxable amount on $1,000,000 back in 1955. So, that amount plus the $1,000,000 gift to the beneficiary meant that the donor had to pay a grand total of $1,855,400. Very generous indeed!