The Conservative Cave

Current Events => General Discussion => Topic started by: Chris_ on July 31, 2012, 03:06:36 PM

Title: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: Chris_ on July 31, 2012, 03:06:36 PM
Quote
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.
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: njpines on July 31, 2012, 03:10:16 PM
Americans for Tax Reform (http://atr.org/win-olympic-gold-pay-irs-a7091#ixzz22EU4mWKd)

Progressive taxation strikes again.

That's just insane!!  :thatsright:

 :facepalm2:
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: obumazombie on July 31, 2012, 03:11:11 PM
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.
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: Airwolf on July 31, 2012, 03:47:25 PM
Probably won't matter to most of the kids that get huge endorsments after the games .
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: Kyle Ricky on July 31, 2012, 04:50:48 PM
Typical liberal plan to suck money out of anything.
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: JohnnyReb on July 31, 2012, 06:29:32 PM
Typical liberal plan to suck money out of anything.

Democrat votes can't be bought as cheaply as they once were.
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: Freeper on July 31, 2012, 06:52:03 PM
Come on now, they owe that money for the roads and bridges that made their wins possible.
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: franksolich on July 31, 2012, 06:54:29 PM
Come on now, they owe that money for the roads and bridges that made their wins possible.

Good one.

Awesome.
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: obumazombie on July 31, 2012, 06:57:17 PM
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.
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: Kyle Ricky on July 31, 2012, 07:42:08 PM
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....
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: thundley4 on July 31, 2012, 07:54:54 PM
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.
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: MrsSmith on July 31, 2012, 08:30:38 PM
When my last town wanted paved streets and sidewalks installed, each home & business had to pay for their own...
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: njpines on August 01, 2012, 11:26:25 AM
Hey, those athletes winning multiple medals should redistribute to those who didn't win any.  Darn 1%-ers!! (/OccupyOlympics)
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: ADsOutburst on August 01, 2012, 11:40:49 AM
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!
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: Kyle Ricky on August 01, 2012, 12:42:56 PM
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:
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: RobJohnson on August 01, 2012, 06:20:39 PM
Quote
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.....

Quote
"You did not earn those medals! The government provided the roads and bridges that allowed you to attend practices". Silly athletes!


Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: Freeper on August 02, 2012, 08:01:21 PM
Is this something new? Or have we been taxing them for awhile now?
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: Tess Anderson on August 02, 2012, 08:38:39 PM
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.
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: RobJohnson on August 03, 2012, 02:19:16 AM
We are one of the few nations that has a worldwide income tax. Which sounds like a competitive disadvantage to our athletics to me.
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: formerlurker on August 03, 2012, 05:25:52 AM
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.
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: obumazombie on August 05, 2012, 12:43:47 AM
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.
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: I_B_Perky on August 05, 2012, 08:35:33 PM
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.
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: Chris_ on August 05, 2012, 08:44:07 PM
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.
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: Freeper on August 05, 2012, 09:02:27 PM
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.
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: I_B_Perky on August 05, 2012, 09:07:51 PM
Never mind that 0bama has used those same deductions that whitey gets.

But that is OK cause he is a brotha!!!   :fuelfire: :fuelfire: :fuelfire:


 :-) :-) :-)
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: Delmar on August 05, 2012, 09:09:25 PM
Quote
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.
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: I_B_Perky on August 05, 2012, 09:10:44 PM
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.
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: Chris_ on August 05, 2012, 09:11:41 PM
Not according to the article.
Quote
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).
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: NHSparky on August 05, 2012, 09:13:02 PM
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.
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: Delmar on August 05, 2012, 09:17:47 PM
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.
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: I_B_Perky on August 05, 2012, 09:20:01 PM
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:
Title: Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
Post by: obumazombie on August 05, 2012, 10:59:06 PM
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.