When Adam D. from Killswitch Engage won over $50,000 in prizes on The Price is Right, the metal world went crazy – now that the high of that experience has come down for the guitarist himself, reports are now saying he will likely have to give it all away. Not because he wants to, but because the tax laws are such that he would end up having to paradoxically pay more money than he could afford in order to hold onto the money he initially won.
According to Metal Injection:
“Adam D. has remained relatively mum on the subject until his recent appearance on Jamey Jasta’s podcast. Adam revealed that because the taxes on his winnings will likely be over 30%, that he will most likely choose to sell all his winnings because he can’t afford to pay the taxes on them. That’s right. If you receive a gift that is valued over $800, you are expected to pay tax on it. Adam also revealed he has yet to receive his prizes, as part of the contract is that producers have two months to get him his winnings, which would likely be purchased from a local dealer and shipped to him.”
This information comes from a podcast the mighty musician recently appeared on to spill the beans. While he seems to have no regrets regarding the appearance itself, Adam D. does also appear to be frustrated that he has to sell off what he earned due to laws that, arguably, shouldn’t even apply in a situation like this. I think we all share your pain, Adam!
