The Conservative Cave
Current Events => General Discussion => Topic started by: Chris_ on July 31, 2012, 03:06:36 PM
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U.S. Olympic medal winners will owe up to $9,000 to the IRS
American medalists face a top income tax rate of 35 percent. Under U.S. tax law, they must add the value of their Olympic medals and prizes to their taxable income. It is therefore easy to calculate the tax bite on Olympic glory.
Because the U.S. is virtually the only developed nation that taxes “worldwide” income earned overseas by its taxpayers, our Olympic athletes face a competitive disadvantage that has nothing to do with sports.
Americans for Tax Reform (http://atr.org/win-olympic-gold-pay-irs-a7091#ixzz22EU4mWKd)
Progressive taxation strikes again.
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Americans for Tax Reform (http://atr.org/win-olympic-gold-pay-irs-a7091#ixzz22EU4mWKd)
Progressive taxation strikes again.
That's just insane!! :thatsright:
:facepalm2:
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Americans for Tax Reform (http://atr.org/win-olympic-gold-pay-irs-a7091#ixzz22EU4mWKd)
Progressive taxation strikes again.
They should only generate a tax if they are sold.
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Probably won't matter to most of the kids that get huge endorsments after the games .
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Typical liberal plan to suck money out of anything.
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Typical liberal plan to suck money out of anything.
Democrat votes can't be bought as cheaply as they once were.
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Come on now, they owe that money for the roads and bridges that made their wins possible.
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Come on now, they owe that money for the roads and bridges that made their wins possible.
Good one.
Awesome.
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Good one.
Awesome.
In this case, they really didn't build that (the gold medal), they just earned it. Maybe owebuma thinks they didn't earn it. Maybe owebuma thinks someone else earned it.
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Come on now, they owe that money for the roads and bridges that made their wins possible.
Yeah, if I remember correctly, our tax money paid for the roads and bridges in England as well as here in U.S....
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Yeah, if I remember correctly, our tax money paid for the roads and bridges in England as well as here in U.S....
I don't know about that, but our taxes are paying for infrastructure works in China. That is according to Elizabeth Warren.
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When my last town wanted paved streets and sidewalks installed, each home & business had to pay for their own...
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Hey, those athletes winning multiple medals should redistribute to those who didn't win any. Darn 1%-ers!! (/OccupyOlympics)
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Yeah, if I remember correctly, our tax money paid for the roads and bridges in England as well as here in U.S....
Don't forget, someone had to build that water for the swimmers to swim in!
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Don't forget, someone had to build that water for the swimmers to swim in!
Yes, that is right. I totally forgot about the water :thatsright:
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WASHINGTON, D.C. — While 529 hardworking athletes proudly represent the United States in the 2012 Olympics, any medals and money they earn wearing red, white and blue will be taxed by the IRS. According to research done by the Americans for Tax Reform Foundation, U.S. Olympic athletes are liable to pay income tax on medals earned and prizes received at the London games.
American medalists face a top income tax rate of 35 percent. Under U.S. tax law, they must add the value of their Olympic medals and prizes to their taxable income. It is therefore easy to calculate the tax bite on Olympic glory.
Read more: http://atr.org/win-olympic-gold-pay-irs-a7091#ixzz22L7HBBOA
I love the article comments.....
"You did not earn those medals! The government provided the roads and bridges that allowed you to attend practices". Silly athletes!
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Is this something new? Or have we been taxing them for awhile now?
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They also tax Nobel Prize winners, why Obama "regifted" his. Rubio has introduced a bill to exempt Olympic winners from these taxes that is gaining traction.
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We are one of the few nations that has a worldwide income tax. Which sounds like a competitive disadvantage to our athletics to me.
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I don't know about that, but our taxes are paying for infrastructure works in China. That is according to Elizabeth Warren.
Lizzie wants us to be China, she gushes over them at every opportunity.
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Lizzie wants us to be China, she gushes over them at every opportunity.
Just like Anita Dunn the former White House Communications Director, who admires Mao.
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I wonder if they can take all their training expense off on their taxes?
Something about taxing their medals just don't sit right with me.
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I wonder if they can take all their training expense off on their taxes?
Something about taxing their medals just don't sit right with me.
Good question. Obama would just trash them for using "loopholes" in the tax code. You know, standard tax deductions and business expenses... the sort of thing that typical white people use to avoid paying their fair share.
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Good question. Obama would just trash them for using "loopholes" in the tax code. You know, standard tax deductions and business expenses... the sort of thing that typical white people use to avoid paying their fair share.
Never mind that 0bama has used those same deductions that whitey gets.
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Never mind that 0bama has used those same deductions that whitey gets.
But that is OK cause he is a brotha!!! :fuelfire: :fuelfire: :fuelfire:
:-) :-) :-)
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The US Olympic Committee awards prize money to its medal winners - $25,000 (£16,000) for gold, $15,000 (£10,000) for silver, and $10,000 (£6,000) for bronze.
This money is considered taxable income by the US Internal Revenue Service (IRS).
http://www.bbc.co.uk/news/magazine-19101429
I think they just get taxed on the cash prize that goes along with the medal.
Maybe they would be taxed if they sold the actual medal too?
edit: I see that the prize money was addressed in the link. That's what I get for not reading it first.
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http://www.bbc.co.uk/news/magazine-19101429
I think they just get taxed on the cash prize that goes along with the medal.
Maybe they would be taxed if they sold the actual medal too?
I didn't know they got money. I thought since they was supposed to be amateurs, they just got the medal.
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Not according to the article.
they must add the value of their Olympic medals and prizes to their taxable income
I think the current market value of gold is about $1,500 an ounce right now. If they sold the medal, they would be taxed on it and required to complete a 1099 (again, thanks Obama).
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Lizzie wants us to be China, she gushes over them at every opportunity.
That's because she's never been there.
One-child policy, choking air pollution, shitty wages, shittier working conditions, and despite her claim that they spend 9 percent of their GDP on infrastructure versus our 3 percent, in real dollar terms we're blowing them out of the water.
And oh yeah--code. In China? Surely you jest. Oh, and what percentage of their population has running water, sewer, and electricity?
https://www.cia.gov/library/publications/the-world-factbook/geos/ch.html
Even with as many power plants as they're building, they still are 10 years away from full rural electrification...they are number 1 in the world in terms of production and consumption of electrical power, but per capita--they're about 1/4 of the average American.
http://factsanddetails.com/china.php?itemid=324&catid=13&subcatid=85
Yeah, real paradise you're pimping there, Granny Warren.
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I didn't know they got money. I thought since they was supposed to be amateurs, they just got the medal.
Now that you know that there's money in it, you better start practicing if you want to be ready for the 2014 Olympics in Sochi, Russia.
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Now that you know that there's money in it, you better start practicing if you want to be ready for the 2014 Olympics in Sochi, Russia.
Well unless they got beer drinking or steak eating as an Olympic event, I'm pretty much out of the running. :cheersmate: :cheersmate:
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Well unless they got beer drinking or steak eating as an Olympic event, I'm pretty much out of the running. :cheersmate: :cheersmate:
I'm an olympic caliber olympic event spectator.